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NBP Front & Centre

POLAND
  • Governor Adam Glapinski will hold a press conference at 14:00GMT/15:00CET after the NBP left interest rates unchanged yesterday. The statement offered little in the way of new information, albeit the Monetary Policy Council (MPC) changed its language on the impact of the exchange rate on disinflation. The Council had previously been communicating that an appreciation of the zloty exchange rate, consistent with the fundamentals of the Polish economy, would lead to a faster decrease in inflation. The current phrasing suggests that the Council assessed that this has materialised and a stronger PLN is already supporting disinflation. The Governor's presser will be closely watched, with special attention paid to any clues on the outlook for Polish monetary policy. The Governor may also comment on his ongoing stand-off with the incoming pro-EU government.
  • Separately, Glapinski told Poland's banking association that extending mortgage moratoriums into next year is unnecessary and "even not recommended, because in the long term it supports the promotion of moral hazard". He assessed that bank's margins will stay relatively high despite rate cuts delivered in September/October. The former ruling party has been pushing for an extension of the so-called mortgage holidays, but Speaker Szymon Holownia said that relevant draft legislation will be tabled in parliament once the new government takes office.
  • Elsewhere, President Andrzej Duda appointed Artur Sobon, former Deputy Finance Minister in the outgoing administration, to the NBP's management board for a six-year term.
  • TVN24 reported that Donald Tusk has put together a final list of ministers and wants to meet all of them on Friday. His Cabinet will consist of 19 regular ministers and 4 ministers without portfolio, with most of the line-up consistent with earlier leaks.
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