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Kotecki Urges Open-Door Policy to Resolve NBP-Government Spat

POLAND
  • In an interview with TVN24, NBP’s Kotecki stated that all accusations made against governor Glapinski should be clarified, with opening the doors to the central bank, and Glapinski showing all documents the best solution.
  • Kotecki also disclosed that the NBP’s net loss could exceed PLN 20bln this year – countering Glapinski’s claims in August that the bank would post a profit of PLN 6bln.
  • Business Insider yesterday cited sources in reporting that the budget deficit for next year is to be set at around PLN 180bln, up from the PLN 165bln drawn up by the previous cabinet. The uptick in deficit projections is mainly the result of an uptick in spending ahead of the elections back in October. The government are set to debate budget revisions later today.
  • Analysts cited by Rzeczpospolita see prices rising more quickly in December, with double-digit CPI potentially returning.

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