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NBP Convene Ahead of Wednesday’s Rate Decision

POLAND
  • Two-day policy meetings resume at the NBP, with the council meeting today ahead of tomorrow’s rate decision. Analysts expect headline policy unchanged. Elsewhere, the cabinet convene to discuss the Polish energy sector. Gas consumption across the country fell 10% last year, according to the climate ministry.
  • As part of a Facebook Q&A yesterday, the PM Morawiecki wrote that he expects to see inflation slow around March, April – thereby dropping below 10% “in the following months”.
  • PMI data yesterday came in ahead of expectations, rising to 45.6 vs. Exp. 44.0. DGP write on the release today that PMI numbers are expected to remain below 50 in the coming months.
  • On the banking sector, 2022 profits could reach several billion zlotys and help to rebuild dented capital buffers, according to Rzeczpospolita. On a similar theme, PAP writes that the banking sector is facing a slow but systematic increase in NPLs, citing the head of the banking lobby ZBP.

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