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POLAND: Dep FinMin Says PLN Appreciation Not Desirable But Gov't Won't Intervene

POLAND
PolandCEEMEAEM BulletBulletEmerging Market News
  • Deputy Finance Minister Jurand Drop told PAP newswire that a further appreciation of the zloty would not be desirable, but the ministry is not planning to take active steps to contain it, while the recent move in the exchange rate is not a risk to the current growth forecasts at this point. These comments come after EUR/PLN attacked the 4.20 figure for the first time since 2018 and continues to hover just above there. Should the government choose to intervene, it could take action through a conversion of funds from EU aid in the market rather than through the NBP.
  • Bloomberg and Radio Zet reported that Michal Solowow, who tops the list of the richest Poles, and Wirtualna Polska media group have emerged as potential suitors for Warner Bros Discovery Inc.'s TVN. Solowow has reportedly placed a preliminary bid, while Wirtualna Polska are still considering whether to join the race with the support of another player, which according to Radio Zet might have ties to billionnaire Rafal Brzoska. Bloomberg noted that the deal could be worth around PLN5bn. The government recently added TVN to a list of strategically important enterprises, grating itself the right to veto a potential acquisition, amid speculation that the group could be purchased by a Hungarian suitor with ties to Viktor Orban.
  • Statistics Poland will release 2024 GDP data at 09:00GMT/10:00CET, with consensus looking for a 2.8% expansion.
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  • Deputy Finance Minister Jurand Drop told PAP newswire that a further appreciation of the zloty would not be desirable, but the ministry is not planning to take active steps to contain it, while the recent move in the exchange rate is not a risk to the current growth forecasts at this point. These comments come after EUR/PLN attacked the 4.20 figure for the first time since 2018 and continues to hover just above there. Should the government choose to intervene, it could take action through a conversion of funds from EU aid in the market rather than through the NBP.
  • Bloomberg and Radio Zet reported that Michal Solowow, who tops the list of the richest Poles, and Wirtualna Polska media group have emerged as potential suitors for Warner Bros Discovery Inc.'s TVN. Solowow has reportedly placed a preliminary bid, while Wirtualna Polska are still considering whether to join the race with the support of another player, which according to Radio Zet might have ties to billionnaire Rafal Brzoska. Bloomberg noted that the deal could be worth around PLN5bn. The government recently added TVN to a list of strategically important enterprises, grating itself the right to veto a potential acquisition, amid speculation that the group could be purchased by a Hungarian suitor with ties to Viktor Orban.
  • Statistics Poland will release 2024 GDP data at 09:00GMT/10:00CET, with consensus looking for a 2.8% expansion.