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NBP Gov Glapinski Signals Rate Pause, Incoming Cabinet Holds Working Meeting

POLAND
  • Governor Adam Glapinski cut back on his usual flamboyant rhetoric and kept his press conference to the point, adding little to the contents of the statement released after this week's MPC meeting. The official suggested that interest-rate adjustments before the publication of the next macroeconomic projection in March are unlikely, but the central bank remains in a wait-and-see mode. He also insisted that he is ready to cooperate with any government, regardless of its political leanings.
  • Parliament approved an extension of electricity and gas price caps for households through 1H2024. Separately, Prime Minister Mateusz Morawiecki said that his outgoing Cabinet would extend the exemption from VAT on food items through 2024, defying calls to leave such decisions to the next government, expected to take office early next week. Both measures may lower the inflation path next year.
  • Candidates for ministerial posts in the incoming pro-EU government have started gathering in parliament ahead of their first working meeting with Civic Coalition leader Donald Tusk. The former European Council chief and his ministers are expected to be sworn in on Tuesday morning. Tusk will officially unveil the line-up of his Cabinet later today, but it is unlikely to deviate from the leaks doing the rounds in local media.
  • The NBP will release the minutes of its November monetary policy meeting at 13:00GMT/14:00CET. The Council left interest rates unchanged at that meeting and the minutes are unlikely to move markets.
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