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PM Morawiecki Calls on EU Leaders To Toughen Sanctions Against Russia

POLAND
  • This morning, PM Morawiecki mentioned in a conference this morning that EU sanctions are currently ‘not working’ and proposed to ban EU visas for Russia citizens.
  • Morawiecki also added that he sees no chances to unlock recovery funds for now and he hopes that EU may unlock funds by early May.
  • The NBP meets this week on April 6 and analysts expect the central bank to hike its benchmark rate by 50bps to 4%, its highest level since January 2013.
  • With the FRA 1Mx4M currently trading at 75bps above the WIbor 3M, the market is expecting a 75bps hike.
  • A ‘large’ hike (i.e. 75bps) is likely following the inflation print on Friday.
  • As a reminder, CPI inflation accelerated to 10.9% in March (vs. 9.8% exp.), up from 8.5% the previous month.
  • NBP Governor Glapinski will hold a press conference at 3PM CET on Thursday.

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