NBH to cut rates by 25 bps
None of the CEE currencies performed well yesterday. While the Czech koruna got close to a technical barrier at 26.0 EUR/CZK because of negative regional sentiment, in Poland, a new macroeconomic forecast weighted on the zloty. The FinMin cut its 2013 real growth forecast to 1.5 % y/y (down from 2.2 %) and announced the 2012 general government deficit at 3.9 % of GDP, instead of 3.5 % estimated earlier. The most stifling atmosphere has been – as usual – in Hungary, where the forint tested a technical barrier at 300 EUR/HUF yesterday on concerns about new policy measures suggested by the NBH.
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KBC