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Poland In Talks With Brussels Re: Cohesion Funds, NBP's Tyrowicz Calls For Higher Rates

POLAND
  • DGP daily reports that Poland has six months to demonstrate to the European Commission that it has met the conditions for the disbursement of EUR76bn in EU cohesion funds (note that these are separate from the recovery funds that have been frequently cited in the local news recently). Applications for the first programmes financed by the cohesion funds have reportedly opened and beneficiaries are expected to claim the first payouts in roughly half a year.
  • NBP's most hawkish policymaker Joanna Tyrowicz said that any discussions about whether interest rates could be lowered by the year-end are harmful and reduce the effectiveness of monetary policy. She reiterated her view that rates are currently too low to bring inflation to the target over a sufficiently short time horizon to preserve the central bank's inflation-fighting credibility. The NBP will hold its next meeting in one week's time.
  • Poland's S&P Global Manufacturing PMI improved to 48.5 in February from 47.5 prior, surpassing the 48.0 median estimate. The accompanying commentary noted that the survey "provided some hope that the sector is heading towards stabilisation at the very least in the coming months."
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