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PM Considers Loan Holiday Extension, NBP's Duda Could Mull Rate Cuts After July Projection

POLAND
  • The Constitutional Tribunal was forced to postpone two meetings on politically significant cases after failing to reach quorum. Onet reports that Chief Justice Przylebska was sure that she has the numbers to launch the proceedings after months of a procedural deadlock, with several judges boycotting the meetings amid doubts over the alleged expiry of Przylebska's term. According to the news website, one of the judges still loyal to her had to cancel their attendance at the eleventh hour due to personal reasons, prolonging the paralysis of the top court. Another test for the Tribunal will come as soon as on Friday, when the judicial body is scheduled to meet over one of the postponed cases. Oko.press and Gazeta Wyborcza reports that two "rebel" judges agreed to participate in Friday's meeting, which means that the court may issue a verdict.
  • Prime Minister Mateusz Morawiecki told Wprost newspaper that the government is considering extending mortgage holidays for another six months or a year, albeit "if we decide to do so, it is the income criterion that we are thinking of applying in this case." NBP Governor Adam Glapinski had previously called for tightening the criteria for granting loan moratoriums and last year argued that the measure decreases the effectiveness of monetary tightening.
  • NBP's Iwona Duda told Biznes24 that the Monetary Policy Council will be able to consider lowering interest rates when there will be a lasting downtrend in inflation. Incoming data and the central bank's July macroeconomic forecasts will be key in assessing whether this is the case. She said that we should "wait for the (...) new NBP projection (...) and I think then we will be able to consider MPC decisions regarding lowering rates."
  • Poland's S&P Global Manufacturing PMI improved to 47.0 in May from 46.6 prior, beating the consensus forecast for an unchanged reading. The accompanying commentary noted that "reduced input costs enabled firms to cut their own prices at the fastest rate since this series began in 2003, raising hopes that wider inflation is fading and could spur a revival in demand later in the year."
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