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NBP To Release Inflation Report, MPC's Wnorowski To Speak

POLAND
  • NBP Governor Adam Glapinski told a press conference that Poland's central bank will only cut rates when it is clear that inflation is heading back towards the +1.5%-3.5% Y/Y target range, which he personally hopes would be possible in 4Q2023. At the same time, he refused to call an end to the tightening cycle and kept rate hikes on the table in case unexpected risks materialise, resulting in a resurgence of price pressures.
  • NBP matters remain front and centre. The central bank will publish its inflation report (09:00GMT/10:00CET) and MPC's Henryk Wnorowski will give an interview to Biznes24 TV (11:00GMT/12:00CET), before the release of the minutes of the previous monetary policy meeting (13:00GMT/14:00CET).
  • Rzeczpospolita newspaper reports that the Constitutional Tribunal remains blocked and is unable to give verdict in cases worth billions of zlotys, which includes two tax cases brought in 2014 and 2016. The Tribunal has been unable to start reviewing a judicial reform needed to unlock EU funds earmarked for Poland.

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