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POLAND: PiS's Subsidy Hangs In Balance, NBP's Snr Staffer To Speak

POLAND
  • Onet reports that main opposition Law and Justice (PiS) party leader Jaroslaw Kaczynski told his MPs during a closed-door meeting that all of them would have to contribute to funding the party's activities if the National Electoral Commission (PKW) decides to cut its share of the state subsidy. The mood in the party has reportedly turned sour amid a growing conviction that the PKW might take punitive measures in reaction to the alleged misuse of public funds by PiS's officials. Earlier this week, the PKW delayed its decision until August 29 but Rzeczpospolita writes that the panel does not have a legal obligation to stick to the self-imposed deadline and could push the decision beyond that date.
  • Prime Minister Donald Tusk confirmed that Poland agreed to release GRU agent Pavel Rubtsov (also known as Pablo Gonzalez) as part of a multinational exchange of prisoners with Russia. In a rare show of unity, the PM acknowledged the role of President Andrzej Duda in facilitating the prisoner swap.
  • The market keeps testing NBP Governor Adam Glapinski's guidance towards rate cuts no earlier than in 2026, with a below-forecast CPI outturn for July, sentiment on the Fed has turned more dovish, and several Polish MPC members said that there will probably be room for a rate-cut discussion in 2025.
  • Witold Grostal, Deputy Director of the NBP's Economic Analysis and Research Department, will discuss "monetary policy strategies" on the central bank's TV channel at 12:00BST/13:00CEST.
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