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(Updates after Polish rate hike)
By Krisztina Than and Gergely Szakacs
BUDAPEST, Oct 6 (Reuters) - The zloty jumped over
1% to a three-week high against the euro after the National Bank
of Poland unexpectedly raised interest rates, joining its
central European peers in tightening monetary policy to fend off
rising inflationary pressure.
At 1344 GMT, the zloty was 1.4% stronger versus the euro,
with the NBP"s surprise 40-basis-point increase in its benchmark
rate to 0.5% reversing its early losses and immediately lifting
the Polish currency into the black for 2021.
All of the analysts in a Reuters poll had expected rates to
remain on hold on Wednesday. Most economists had not expected
the NBP to start raising rates before the first quarter of 2022.
"It is very surprising that the MPC did not wait until
November, despite insisting that there was no risk that
inflation was temporary, so they had either contradicted their
rhetoric of previous months or changed their views entirely,"
said Piotr Bielski, head of research at Santander Bank Polska.
"The key question is whether this signals further gradual
increases or whether there will be a pause after this hike, not
a small one after all," he said. "I would assume, however, that
it is the latter, we raise rates substantially, and then we will
see how the situation is."
The Polish index of banking stocks gained as much as
4.2%.
Other central European currencies and stocks mostly fell on
Wednesday as global sentiment soured with a jump in oil prices
fuelling inflation concerns.
Amid a strong recovery, consumers in Central Europe are
facing some of the highest inflation in the European Union,
prompting interest rate hikes in the Czech Republic and Hungary
since June, including the biggest move up by the Czech central
bank in 24 years.
The Romanian central bank also hiked rates on Tuesday.
The Hungarian forint was down 0.3%, trimming its
early losses, while the Czech crown was 0.2% weaker,
Both units had been supported by the tightening stance of their
central banks.
However, the forint has retreated after gains that started
on Friday when Deputy Central Bank Governor Barnabas Virag
flagged a further 15-basis-point rate hikes.
"The forint"s drop is likely due to a rise in core yields,
we had seen the forint weaken when global yields rise," a dealer
in Budapest said, adding that although the central bank"s
promise to continue its tightening provided support for the
forint, this faded amid the global gloom on Wednesday.
The leu held steady but some analysts said it may
resume its falls amid uncertainty after Romania"s parliament
toppled the nine-month-old minority government of Prime Minister
Florin Citu.
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