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Government Prepping Spending Cuts of “Several Dozen Billion”

POLAND
  • Business Insider this morning cites sources in reporting that the finance ministry are targeting savings of “several dozen billion zlotys”, with PM Morawiecki making the final decisions over what spending areas are trimmed. The policy switch looks to convince markets that it is ending the loose fiscal stance.
  • Polish markets reopen after being closed Friday, with focus still on the short-term trajectory of monetary policy after last week’s unchanged NBP decision. Early Friday, Kotecki voiced his opposition, claiming that the lack of a rate hike last week “looks like surrender” and that he now sees a very high risk of the PLN weakening.
  • Kotecki spoke again over the weekend, stating the most recent inflation projection seems overly optimistic due to a “dubious” assumption of a sharply cooling labour market in the coming months.
  • The NBP post their inflation report at 1pm local time (1200GMT) and hold a press conference one hour afterwards.
  • A DGP survey this weekend shows over half of respondents sees soaring prices as a “top concern” (52%), while 12% see rising credit costs as their main worry.
  • Draft legislation could be published this week targeting a cap on natural gas prices for both households and ‘sensitive’ industries including schools and hospitals, according to DGP. The report sees the cost of the plan at as much as PLN 30bln.
  • Trade balance data for September crosses later today, with GDP and final CPI data for October later in the week.
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