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NBP's Janczyk Says Gov't's Decisions Prevented Further Rate Cuts

POLAND
  • Poland's Supreme Audit Office criticised the NBP's 2023 rate cuts (delivered in September and October) as inconsistent with earlier communications and not clearly justified. The initial cut to the tune of 75bp wrong-footed financial markets and was followed by a further 25bp reduction, just ahead of the October parliamentary election. These moves have been followed by a prolonged pause in interest-rate action, which may extend into next year.
  • NBP's Wieslaw Janczyk said that the government prevented the MPC from lowering interest rates further by its decision to partially withdraw anti-inflation shields. The official added that he "doesn't like" the situation in which real interest rates remain positive, because it raises barriers to access to capital.
  • Post-election horse trading is in full swing, with PM Donald Tusk playing down speculation that Foreign Minister Radoslaw Sikorski could seek the position of an EU High Representative or Defence Commissioner.
  • The Finance Ministry said it will offer PLN5bn-8bn of OK0426, DS0727, PS0729, WZ1129, DS1034 and IZ0836 at an auction on June 19.
  • Ex-MPC member and current advisor to the NBP Governor Grazyna Ancyparowicz will speak on Obserwator Finansowy TV this morning.
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