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FX-Loan Court Rulings Surged to Record High In June

POLAND
  • Polish courts passed a record number of 193 rulings in cases related to Swiss franc mortgage loans in June, Rzeczpospolita reports, citing data from Votum Robin Lawyers law firm (BBG).
  • In the past few weeks, we have seen that a rising number of Polish policymakers have been pushing the NBP to start a tightening cycle with a symbolic 10/15bps hike to curb the inflationary pressures.
  • However, the majority of the board is still in favor of keeping interest rates low in order to stimulate the economic recovery as the uncertainty remains elevated (i.e. Delta variant).
  • Hence, the NBP is not expected to follow its CEE peers and will keep its benchmark rate steady at 0.1% on Thursday July 8.July CPI print in addition to the NBP summer inflation projections will be key for policy outlook.
  • Governor Glapinski will hold an online press conference on Friday 2pm (London time).
  • Today, Finance Minister Tadeusz Koscinski and Deputy Finance Minister Jan Sarnowski hold online news conference on new tax plan (12pm, London time).

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