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May Delay Wibor Replacement For Some Securities

POLAND
  • This morning, PM Mateusz Morawiecki, Interior Minister Mariusz Kaminski will hold a conference near Belarus border (BBG).
  • Deputy FinMin said to Senate that Poland may delay Wibor replacement for some securities as the government needs to be ‘careful’ about changes for 2023 to ensure financial market stability.
  • For now, Finance Ministry sticks with the original plan to replace Wibor rates in early 2023 to lower the overnight rate and therefore reduce the burden on mortgage borrowers.
  • This week, NBP member Kotecki mentioned in an interview that the NBP should hike its policy rate by at least 100bps at its next meeting on July 7 to avoid PLN depreciation.
  • Next important data to watch will be CPI inflation on July 1, expected to accelerate to 15.5% in June (preliminary).

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