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POLAND: NBP Begins Monetary Policy Meeting

POLAND
  • The NBP's Monetary Policy Council begins its two-day meeting, with the rate decision coming up tomorrow. The Council is unlikely to defy a unanimous call for an on-hold decision, which would be consistent with recent communications. This time around, the MPC will have the opportunity to study a new inflation projection prepared by the staff, which typically includes predictions for the current year and the two following years. Governor Adam Glapinski will hold his press conference on Thursday afternoon and may shed some more light on the MPC's interpretation of the new forecasts and the outlook for monetary policy. As a reminder, in June he guided that the odds of interest-rate cuts this year are close to zero.
  • The regional legislature in Lesser Poland failed to elect a speaker in fourth attempt as a number of Law and Justice (PiS) lawmakers defied an instruction from party headquarters. This opens a window of opportunity for the national ruling coalition to try and convince some rebel PiS members to back its candidate. If the regional legislature fails to elect the speaker until July 9, it will be dissolved and a snap election will be called.
  • Money.pl reported that the Left is looking to counter its coalition partners' ideas surrounding reforms of the existing National Insurance framework and will propose the implementation of a 9% health tax on CIT payers, which would generate around PLN30bn of additional revenue, as well as the universalisation of the system.
  • German Chancellor Olaf Scholz leads the German delegation to Warsaw for intergovernmental consultations with their Polish counterparts. He will meet with Prime Minister Donald Tusk around noon, after the plenary session.
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