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Research: Policymakers Ready to Support Pln

Quotes from HSBC Global Research:

-The PLN is one of the most sensitive currencies to the "risk on - riskoff" phenomenon. The euro zone crisis constitutes a strong downside risk for the PLN despite a resilient Polish economy and a central bank keeping a tightening bias.

-However, the PLN can count on policymakers. The government and central bank are sensitive to currency weakness. The government announced that EU funds will be sold directly in the FX market like in 2011 when about EUR 11bn has been exchanged. This is a complete U-turn compared to the strategy announced at the beginning of the year.

-The Polish central bank may also join the government's interventions if the downside pressures on the PLN intensify. A weak PLN would indeed complicate the central bank's task to reduce inflation toward its target of 2.5%. A stable currency is also an important anchor for the bond market.

The material has been provided by Instaforex Company - instaforex.com
TAGS: Research:  Policymakers  Ready  to  Support  Pln 
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