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POLAND: FinMin Delays Decision On Releasing Subsidy To Main Opposition Party

POLAND
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  • Finance Minister Andrzej Domanski kicked the can down the road on the controversial issue of the transfer of the main opposition Law and Justice (PiS) party's share of state subsidy. The official asked the National Electoral Commission (PKW) to provide a further interpretation of its decision ordering him to release the funds, arguing that the document he received from the institution was incoherent and hence difficult to implement.
  • NBP's Ludwik Kotecki said that there is room for lowering interest rates by 50-100bp this year and reaffirmed his view that the MPC will start discussing loosening monetary policy in March. He said that inflation will accelerate to more than +5% Y/Y, perhaps as much as to +5.5% Y/Y, in the coming months, but will decline from Q2. In his opinion, GDP growth may be slower than expected in 2025 and 2026, and in any case should not amplify inflationary pressures.
  • Sejm Speaker Szymon Holownia announced that the upcoming presidential election will be held on May 18, with a potential run-off scheduled for June 1. Money.pl reported that Holownia met with PKW chair yesterday to discuss possible ways to avoid a constitutional crisis that could be triggered if an electoral complaint is submitted to a contested chamber of the Supreme Court, but the two officials failed to come up with any solutions.
  • President Andrzej Duda requested that the government protects Israeli Prime Minister Benjamin Netanyahu from potential arrest and allows him to visit the country for the 80th anniversary of the liberation of the German concentration camp Auschwitz Birkenau, according to a report circulated by Bloomberg. Netanyahu's visit would put the government in an awkward position, creating a dilemma whether to act on the arrest warrant issued by the International Criminal Court (ICC).
  • The Finance Ministry will offer PLN6bn-10bn of OK0127, WS0429, PS0130, WZ0330, IZ0831 and DS1034 bonds at an auction today. The size of the auction was revised from PLN6bn-11bn pencilled in the preliminary issuance plan.
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  • Finance Minister Andrzej Domanski kicked the can down the road on the controversial issue of the transfer of the main opposition Law and Justice (PiS) party's share of state subsidy. The official asked the National Electoral Commission (PKW) to provide a further interpretation of its decision ordering him to release the funds, arguing that the document he received from the institution was incoherent and hence difficult to implement.
  • NBP's Ludwik Kotecki said that there is room for lowering interest rates by 50-100bp this year and reaffirmed his view that the MPC will start discussing loosening monetary policy in March. He said that inflation will accelerate to more than +5% Y/Y, perhaps as much as to +5.5% Y/Y, in the coming months, but will decline from Q2. In his opinion, GDP growth may be slower than expected in 2025 and 2026, and in any case should not amplify inflationary pressures.
  • Sejm Speaker Szymon Holownia announced that the upcoming presidential election will be held on May 18, with a potential run-off scheduled for June 1. Money.pl reported that Holownia met with PKW chair yesterday to discuss possible ways to avoid a constitutional crisis that could be triggered if an electoral complaint is submitted to a contested chamber of the Supreme Court, but the two officials failed to come up with any solutions.
  • President Andrzej Duda requested that the government protects Israeli Prime Minister Benjamin Netanyahu from potential arrest and allows him to visit the country for the 80th anniversary of the liberation of the German concentration camp Auschwitz Birkenau, according to a report circulated by Bloomberg. Netanyahu's visit would put the government in an awkward position, creating a dilemma whether to act on the arrest warrant issued by the International Criminal Court (ICC).
  • The Finance Ministry will offer PLN6bn-10bn of OK0127, WS0429, PS0130, WZ0330, IZ0831 and DS1034 bonds at an auction today. The size of the auction was revised from PLN6bn-11bn pencilled in the preliminary issuance plan.