CEEMEA Week Ahead: BoI to Cut by 25bp, NBP, NBR and CBE on Hold; CPI Across the Region

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CEEMEA Week Ahead: BoI to Cut by 25bp, NBP, NBR and CBE on Hold; CPI Across the Region

Economics Research

3 July 2026 | 3:57PM BST

CEEMEA Week Ahead: BoI to Cut by 25bp, NBP, NBR and CBE on Hold;

CPI Across the Region

In the coming week, there will be MPC meetings in Israel (Monday), Poland (Wednesday), Kevin Daly

+44(20)7774-5908 | kevin.daly@gs.com

Romania (Wednesday), and Egypt (Thursday). Additionally, June CPI data will be released Goldman Sachs International

in Hungary (Tuesday), Czech Republic (flash release on Tuesday, final release on Friday), Clemens Grafe

Ukraine (Thursday), Egypt (Thursday), and Russia (Friday). +44(20)7774-3435clemens.grafe@gs.com|

Goldman Sachs International

In Israel, we and consensus expect the BoI to lower its policy rate by 25bp to +3.50%. Andrew Matheny

Inflation continues to run in the lower half of the BoI’s +1.0-3.0% target range and the +44(20)7051-6069andrew.matheny@gs.com|

Shekel remains close to record-strong levels (despite the recent depreciation), giving the BoI Goldman Sachs International

Farouk Soussaroom to deliver another cut. In Poland, we and consensus expect the NBP to keep its policy +44(20)7051-9349 |

rate on hold at +3.75%, as NBP Governor Adam Glapinski stated after the June MPC that farouk.soussa@gs.comGoldman Sachs International

the MPC sees no reason to discuss rate changes at present. We continue to forecast that the Ludovica Ambrosino

NBP will keep its policy rate on hold until Q1 2027. In Romania, we and consensus expect +44(20)7051-9222 | marialudovica.ambrosino@gs.com

the NBR to keep its rate at +6.50%, a repeat of the May MPC meeting, as the rise in inflation Goldman Sachs International

has primarily been due to two factors beyond the control of monetary policy (the removal of Basak Edizgil