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Poland c. bank raises rates unexpectedly

Banking

Photo by muchomoros/Shutterstock.com

Poland's central bank raised its key interest rate unexpectedly on Wednesday, citing higher inflationary pressures in the coming quarters, according to a Polish news agency PAP.

The Monetary Policy Council increased the reference rate by 40 basis points to 0.50%, the National Bank of Poland said.

Economists had expected the bank to leave the rate unchanged. Policymakers also decided to hike the required reserve ratio from 0.5% to 2.0%. Rising prices of energy and agricultural commodities may push inflation higher in the coming quarters, the bank said.

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