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NBP Expected To Stand Pat On Rates, Farmers Resume Protests

POLAND
  • The National Bank of Poland is expected to keep interest rates unchanged today, with all 35 economists surveyed by Bloomberg forecasting this outcome, despite the general understanding that inflation could return to the +2.5% Y/Y +/- 1pp target as soon as in March. There is no fixed time for the announcement of the rate decision or the release of the statement, but Governor Adam Glapinski will hold a press briefing tomorrow afternoon.
  • The Cabinet approved an extension of mortgage moratoriums but will limit aid to borrowers whose monthly loan payments exceed 30% of their income, with the criterion lifted for families with more than three children. Prime Minister Donald Tusk also said that the government may decide not to extend the 0% VAT rate on food beyond March as inflation stabilises but the final decision will be made by the end of this week.
  • The ruling coalition submitted a draft resolution to the Sejm outlining its position on the Constitutional Tribunal. The resolution calls on several incorrectly selected judges to resign and hence contribute to the process of repairing the judicial system. The Sejm will debate the contentious resolution later today.
  • Farmers are due to hold another protest in Warsaw, which may involve 150,000 people. Prime Minister Donald Tusk invited leaders of the protests for another round of talks this Saturday.
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