NBP Tweaks OMO Facilities; PFR Not Planning Any Issuance

LOCAL NEWS

• NBP may modify the way it conducts open market operations, by increasing flexibility and frequency of its auctions.
  • Says increase in bond yields may weaken the central bank's efforts to ensure low borrowing costs in pandemic conditions.
  • Timing and scale of operations to depend on market conditions
• State development fund (PFR) has "fully secured" funding needs and is not currently planning "any significant bond issues
• Local analyst says opposition parties unlikely to block approval of the national recovery plan, part of the EU's multi-billion recovery plan, and their threats should be viewed more as a bluff.
  • Notes that the EU plan must be approved by all member states -so opposition parties, considered pro-European, would find it difficult to explain to the EU why they rejected the plan