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NBP Presser Takes Focus, President Discusses Upcoming EU Presidency

POLAND
  • The NBP kept interest rates unchanged and delivered another uninspiring statement, the bulk of which was copied from last month's edition. The central bank refrained from declaring an end to its rate-hike cycle, which is widely believed to be effectively over but formally remains paused. The focus turns to the press conference with Governor Adam Glapinski, who will speak at 14:00BST/15:00CEST. These pressers have typically been richer in details and more informative than the statements. For more context of this week's monetary policy decision, see our preview, which includes a summary of sell-side views.
  • President Andrzej Duda's used a special address to the nation last night to announce that he will table a bill in parliament outlining the rules of cooperation between different branches of the government, with Poland set to assume the rotating presidency in the EU in the first half of 2025. His address came on the 20th anniversary of the accession referendum in which Poles overwhelmingly backed their country's EU membership bid. Duda appealed to lawmakers to pass the draft bill without delay.
  • Government spokesman Piotr Muller told Polsat News that the government keeps mulling a potential extension of mortgage payment holidays, albeit with an income criterion, which would be set at a "pretty high" level.
  • Onet reports that the top brass of the ruling Law and Justice party will convene in the coming days to rethink their election strategy after struggling to engineer a rebound in opinion polls.
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