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NBP Governor's Presser Takes Focus, Zelensky Concludes Visit To Poland

POLAND
  • NBP Governor Adam Glapinski will hold a press conference at 14:00BST/15:00CEST to explain the central bank's decision to leave interest rates unchanged yesterday. Policymakers were unanimously expected to deliver an on-hold decision, which shifts the focus to the details. Given that the central bank refrained from adding any notable hawkish tweaks to its statement, rhetoric is expected to stay roughly unchanged when Governor Glapinski takes the floor this afternoon.
  • PB daily reports that Prime Minister Mateusz Morawiecki met with ECB representatives to warn them that a pro-consumer verdict by the EU's top court in a case on the toxic FX mortgages could deliver a severe blow to the Polish banking sector. Meanwhile, the authorities are working on legislation to mitigate the impact of an unfavourable ruling, which may focus on incentivising consumers to seek settlements with lenders.
  • Ukrainian President Volodymyr Zelensky concluded his state visit to Warsaw. Ukraine and Poland agreed to jointly produce ammunition and weapons, while Polish companies will participate in Ukraine's reconstruction. Furthermore, Zelensky said a solution has been found to problems surrounding the transit of grain via Poland, which resulted in a resignation of Poland's Agriculture Minister Henryk Kowalczyk (he may remain Deputy Prime Minister).
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