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NBP Maintained Stance and Raised Benchmark Rate by 50bps

POLAND
  • Yesterday, the NBP decided to maintain its stance and raised its benchmark rate by 50bps to 2.75% (as expected).
  • With political risk premium being now trimmed, a strengthening currency reduces the pressure on NBP policymakers to surprise the market with more aggressive hikes.
  • In its statement, the NBP reiterated that the scope of the tightening cycle will depend on data, and that the central bank may intervene in the FX market if needed.
  • The central bank also confirmed that PLN strength would support policy as a stronger domestic currency would help anchor inflation expectations.
  • Next inflation update will come out on January 15.
  • Governor Glapinski will hold a press conference today at 2pm (London time).
  • Health Minister Nedzielski mentioned earlier that Poland may loosen Covid restrictions in March.
  • The EU's highest court said yesterday that it had ended the ongoing proceedings over the giant Turow coal mine in Poland, following an agreement reached between Warsaw and Prague (BBG).
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