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NBP Wants Lawmakers to Curb Loan-Moratoria Plans

POLAND
  • Government’s plan to grant creditors option for 4-month pause in repaying zloty mortgages in both 2022 and 2023, regardless of financial situation of households, should be narrowed only to borrowers in dire conditions after interest-rate hikes, Polish central bank says in opinion on draft regulations (BBG).
  • PLN was also slightly impacted yesterday by Orban’s tax plan announcement.
  • EURPLN has been retracing higher in the past two days after finding a local low at 4.5860; ST resistance to watch on the topside stands at 4.6190 (200DMA). A break above that level would open the door for a move up to 4.6370 (100DMA).
  • Yesterday, economic data showed that consumer confidence ticked lower in May to -38.4 and continues to trade close to historical lows as consumer sentiment keeps deteriorating amid elevated inflation and rising geopolitical instability.

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