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NBP Won’t Actively Sell Bonds, With Yields Already Uncomfortably High

POLAND
  • In an interview with Biznes24, NBP’s Kotecki forecasted that base inflation will remain in double digits through to November next year, where it will fall to approximately 10%.
  • Elsewhere, speaking to Money.pl, NBP deputy governor Kightley sees growth slowing to below 1.4% in 2023. On rates, she stated that rates are already high, in response to a question on whether Poland will see further hikes.
  • On bond markets, Kightley added that the central bank have no plans to sell off bonds from their portfolio, but repeated that they would no re-invest proceeds from maturing bonds. Kightley added that yields are already high, and active sales would boost yields further.
  • Infitting with reports earlier in the week, Rzeczpospolita write today that the PiS are continuing to soften their approach to the European Commission’s demands over the judiciary, and could launch a new legislative initiative as a gesture of goodwill. The move would be the latest in a series of attempts to secure EU recovery funds.
  • Wyborcza add that the verification mechanism to meet the commission’s demands could involve a twice-yearly report on the implementation of reform – helping add clarity and transparency to the independence of the courts.
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