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NBP Fights Back On Accusations Surrounding '23 Financial Result, Another Batch Of Data On Tap

POLAND
  • The NBP issued a statement noting that its negative 2023 financial result, which was at odds with earlier guidance pointing to a PLN6bn profit, was a result of rapid zloty appreciation and the outbreak of the war in the Middle East. According to the NBP, the move in the exchange rate alone reduced the financial result by PLN31bn. The statement was issued after a couple of source reports flagged the ruling coalition's plan to put Governor Adam Glapinski on trial for misleading the government over the projected financial profit, which is typically transferred to the state budget. The central bank claims that it was widely known at least since September that the financial result would be negative, but the government failed to reach out and request an updated projection while drafting a new budget bill.
  • MPC's Ireneusz Dabrowski wrote on X that real wage growth is the fastest in the 21st century, which is "way above the increase in labour productivity and may translate into a weakening of the disinflationary process." Data released earlier in the day showed that wages adjusted by current inflation rose 8.6% Y/Y in January.
  • DGP reported that the plan of action on how to disarm the Constitutional Tribunal is ready and the ruling coalition intends to "let it wither away" instead of pursuing a "quick reset." The piece notes that once parliament approves a relevant resolution, the government will treat all of the Tribunal's incoming verdicts as non-binding.
  • Statistics Poland will release January retail sales and construction output as well as February consumer confidence at 09:00GMT/10:00CET.
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