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NBP Governor Offers To "Meet And Talk" With PM, FinMin Says Food Price Hikes Will Be Limited

POLAND
  • NBP Deputy Governor Marta Kightley told RMF FM radio that Governor Adam Glapinski is unlikely step aside during the expected parliamentary probe to determine if he should face the Tribunal of State. Kightley, who would automatically replace Glapinski if he decided to step aside or was suspended, said that the accusations made against the Governor were politically motivated and had "no connection with reality." Separately, Glapinski told the FT that he would write a letter to Prime Minister Donald Tusk asking him to "meet and talk," and defuse tensions as "there are so many misunderstandings and so many bad words." The official also stressed that he was "not ready" to resign as it would look like an admission of guilt. The ruling coalition is expected to table the motion to investigate Glapinski tomorrow and a senior MP coordinating the initiative said that the preliminary probe could take about a year.
  • Finance Minister Andrzej Domanski said that food price growth from April should be "moderate," with the ongoing price war among retailers expected to partly absorb the increase in VAT on food to 5% from 0%. At least two major retail chains have announced plans not to pass on the VAT hike onto their customers. Domanski added that the energy price increases from July "won't be very high."
  • Poland scrambled fighter jets as a Russian cruise missile entered its airspace and spent over half a minute there before turning towards Ukraine. The military said they were keeping an eye on the two-tonne projectile but decided against shooting it down because it didn't pose an immediate risk and they wanted to avoid collateral damage from debris.
  • Moody's affirmed Poland at A2 with a stable outlook. It said that while fiscal deficits may remain above 3% of GDP and the debt burden may approach 60% of GDP by 2027 "both the debt burden and debt affordability will remain broadly in line with rating peers."
  • Statistics Poland will report the unemployment rate for February at 09:00GMT/10:00CET. Consensus looks for a steady rate of 5.4%, in line with preliminary guidance from the Ministry of Labour and Social Policy.
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