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NBP To Announce Rate Decision Tuesday, Constitutional Tribunal Due To Meet

POLAND
  • The NBP are in the blackout period ahead of their monetary policy decision. This time around, the Monetary Policy Council will hold its meeting on Monday-Tuesday rather than Tuesday-Wednesday as usual. The rate decision and the statement will be released on Tuesday, while the Governor typically holds his press conference the day after (TBC). The central bank is widely expected to keep interest rates unchanged but faster than expected disinflation and the recent dovish shift in communications may translate into rhetoric which would open the door for cuts by the end of this year.
  • Poland's Constitutional Tribunal faces another test today as its full bench is scheduled to hear a case over the presidential pardon for the current Interior Minister Mariusz Kaminski and his aides. The top court failed to reach quorum on Wednesday, which resulted in postponing the meeting until 11:00BST/12:00CEST today. Chief Justice Julia Przylebska's ability (or lack thereof) to muster enough turnout despite the ongoing boycott from several judges will indicate if there is potential for an imminent review of court legislation needed to unlock EU funds.
  • Poland's diplomacy has gone into damage control after the creation of a controversial commission to probe Russian political influence in the country provoked backlash from Western partners. Foreign Minister Zbigniew Rau met with his U.S. counterpart Anthony Blinken on the fringes of a NATO event yesterday to explain Poland's position, while EU Minister Szymon Szynkowski vel Sek reached out to EU Commissioner for Justice Didier Reynders. Meanwhile, opposition parties are planning to use Sunday's rally commemorating Poland's first partially free election to protest against the government's initiative.

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