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    Poland’s Monetary Policy Council Maintains Interest Rates Amid Economic Uncertainty

    In a recent statement released after its November meeting, Poland’s Monetary Policy Council (MPC) opted to maintain the country’s interest rates at 5.75 percent. The decision, made by the Central Bank’s rate-setting body, defied analysts’ expectations of a 25 basis points reduction.

    The MPC cited uncertainty surrounding future economic policies and their potential impact on inflation as the primary reason for maintaining the status quo. The council acknowledged recent adjustments in the National Bank of Poland’s (NBP) interest rates but expressed concerns about the unpredictability of fiscal and regulatory policies. According to the MPC statement, the council deemed the current interest rate level conducive to meeting the NBP’s inflation target in the medium term. They emphasized that a quicker decrease in inflation could be achieved with support from an appreciation in the zloty exchange rate.

    The statement underscored the council’s commitment to closely monitoring incoming information related to inflation prospects and economic activity. The NBP affirmed its dedication to taking necessary measures to ensure macroeconomic and financial stability, aiming particularly to bring inflation down to the NBP’s target of 2.5 percent in the medium term. Additionally, the Central Bank hinted at the possibility of intervention in the foreign exchange market if needed, signaling a proactive stance in response to market developments.

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    Elon Musk Slams Warsaw Mayor’s Cross Ban: “How embarrassing”

    Billionaire entrepreneur Elon Musk has used his platform, X.com, to criticize Warsaw Mayor Rafał Trzaskowski's recent decree banning crosses in municipal offices.