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Glapinski Speech in Focus

POLAND
  • NBP Governor Glapinski speaks later today after Wednesday’s rate decision. The bank raised rates by 75bps to 6.00%, alongside expectations. The accompanying statement was broadly inline with the May communications, flagging that FX intervention remains a possibility and that future decisions hinge on the Ukraine was and data. Glapinski speaks at 3pm local time (1400BST/0900ET)
  • Rzeczpospolita reports that the PiS will likely submit a draft bill delaying local elections to 2024, thereby extending the current term of local governments across the country.
  • In a front page piece for DGP Daily, local governments are reportedly facing a fast decline of operational surpluses due to “soaring” inflation rates, with the largest cities seeing a decline in operational surplus from PLN 10.6bln last year, to just PLN 830mln this year. The piece writes that this raises the risk of the worst case scenario, in which cities and towns have trouble repaying their debts.
  • DGP write that Poland should receive the first tranche of recovery funds from the EU in late 2022, according to sources. The source added that the European Commission will still require Poland to meet the policy milestones, but adds that no one will want to weaken the Polish economy when the war against Ukraine persists over the border.
  • The parliamentary public finance committee meets later today and are due to discuss the draft bill on support for mortgage loan holders.
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