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Zloty Weakens Before Inflation as Hausner Sees January Rate Cut

Dec. 13 (Bloomberg) -- The zloty declined for the second day before Polish inflation figures for November are published and as policy maker Jerzy Hausner predicted a third interest rate cut in as many months in January.

The zloty weakened 0.1 percent to 4.0914 against the euro at 10:07 a.m. in Warsaw, reducing this week appreciation’s to 0.7 percent, the biggest gain among 31 major currencies tracked by Bloomberg. The yield on 10-year notes edged up 2 basis points, or 0.02 percentage point, to 3.89 percent.

Poland’s inflation rate is expected to fall to a two-year low of 2.9 percent in the 12 months to November from 3.4 percent in October, according to the median forecast from a Bloomberg survey of 32 economists before the data are published at 2 p.m. The central bank will probably cut rates next month as a “deep” economic slowdown threatens to lower inflation below the bank’s tolerance limit, Hausner said in an interview yesterday.

“If inflation appears lower than market consensus, it may spur a decline in shorter bond yields, as well as a slight weakening of the zloty,” Jakub Borowski, Warsaw-based chief economist at Kredyt Bank SA, wrote in e-mailed note today.

To contact the reporter on this story: Konrad Krasuski in Warsaw at

To contact the editor responsible for this story: David McQuaid at

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