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Equities and PLN Remain Vulnerable To Geopolitical Risks

POLAND
  • Polish Lower House of Parliament approved copper tax cut bill yesterday; the bill would cut copper tax by 30% from Jan. 1 to Nov. 30.
  • The bill now needs to go to Senate, before President Duda signs it into law.
  • Yesterday, NBP member Grażyna Ancyparowicz mentioned in an interview this morning that NBP is likely to raise its policy rate by 50bps at the February's meeting (Feb 8).
  • Poland Financed 51% of 2022 Borrowing Needs After Auction (PAP/BBG).
  • Poland remains vulnerable to geopolitical risks as the Russia-Ukraine standoff continues and keeps weighing on risky assets; equities (WIG20) are down nearly 10% since their January peak.

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