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NBP Seen Tilted Toward Tightening, But Decision Should Be Closely Run

POLAND
  • The NBP are expected to hike rates by 25bps today as a re-acceleration in inflation tilts the doves on the board toward the necessity of further gradual tightening. Full MNI preview including summary of sell-side views here: https://roar-assets-auto.rbl.ms/documents/20081/NB...
  • The EU Affairs Minister is to meet European Commission representatives later today as the uncertainty surrounding EU recovery funds extends further. Markets continue to hope for a breakthrough in talks, despite the President earlier this week claiming that Poland had already done too much to appease Brussels.
  • Following the successful dollar bond sale raising $3bln earlier this week, the finance minister talked through plans to use the proceeds to pre-finance 2023 funding, lessening the government’s reliance on the recently-volatile local bond market. The finance ministry hold a press conference on their capital markets strategy later today at 2pm local time (1300GMT).
  • As floated earlier in the week, the government may have to repeal its zero VAT rate on fuel due to EU laws, lessening the likelihood of the rollover of the anti-inflation shield measures into 2023, according to DGP Daily.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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