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NBP To Gradually Increase CCyB Rate, Wnorowski Says Wider Deficit May Delay Rate Cuts

POLAND
  • Public TV broadcast its first evening news programme after the abrupt overhaul of state-owned media, which the former ruling Law and Justice party and President Andrzej Duda say violated the law. Meanwhile, Interia ran a source report noting that the President rebuffed requests from Law and Justice officials to join their protests at public TV headquarters. Another source report circulated by WP suggested that the former ruling party were taken off guard by the aggressive strategy taken by their successors and no longer believe they will be able to retain control over public media.
  • The National Bank of Poland (NBP) announced plans to gradually increase the counter-cyclical buffer rate for banks after keeping it at 0% since 2016. The Financial Stability Committee will release its recommendation on the rate in March 2024. The rate will eventually be set by the Finance Ministry.
  • NBP's Henryk Wnorowski said that the new government's plan to widen budget deficit in 2024 may increase the stickiness of inflation and delay further rate cuts. Separately, NBP's Joanna Tyrowicz will speak in TOK FM radio at the top of the hour.
  • Statistics Poland will release November unemployment data at 13:00GMT/14:00CET, with the jobless rate expected to have been unchanged at 5.0%.
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