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Senate Approves Kotecki and Litwiniuk As New MPC Members

POLAND
  • Yesterday, the upper house confirmed two new MPC members - Ludwik Kotecki and Przemyslaw Litwiniuk – for 6-year terms.
  • Kotecki seems to be in favor of an aggressive tightening to combat the inflationary pressures; he mentioned in a recent interview that the NBP is likely to raise rates by 50bps in February an continue its tightening cycle in the coming months.
  • In addition, Poland’s lower house of parliament has proposed Law & Justice lawmaker Wieslaw Janczyk and Gdansk University professor Elzbieta Ostrowska as candidates to the central bank’s Monetary Policy Council, according to the documents on the parliament’s website (BBG).
  • The European Union is preparing to withhold budget payments to Poland for refusing to comply with a 500,000 euro-a-day ($568,150) fine. The total amount Warsaw owes is now more than 50 million euros (BBG).

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