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Free AccessGovernment and NBP Doing Their Best To Avoid Further PLN Depreciation In 2022
- PM Morawiecki mentioned in a news conference yesterday that Poland is set to lower VAT on fuels to 8% (from current 23%) and to cut VAT on food staples, gas and fertilizers to 0% for 6 months starting February 1.
- The tax cuts will cost budget 15 to 20bn PLN.
- It seems that both the Polish government and the NBP are doing their best also to avoid further PLN depreciation as a weaker zloty keeps supporting inflation expectations.
- Even though the NBP has changed its strategy regarding its communication on policy outlook in recent meetings, PLN still carries political risk premium due to the on-going dispute with EU bloc.
- Yesterday, Poland’s Senate also delayed the confirmation vote for two MPC members for the Feb 2/3 session.
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.