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Tusk Returns to "End This Nightmare"

POLAND
  • This week's NBP decision (Thursday) is still expected to see unchanged policy, with the benchmark rate steady at 0.1% despite rising inflationary pressures.
  • Last week, MPC members Gatnar and Zubelewicz mentioned that they were aiming for rate hikes in order to curb inflationary pressures.
  • However, Governor Glapinski confirmed (once again) on Friday that inflation is transitory and commented in an interview that there is no need to raise rates for the moment. Tightening now would be 'hasty' as the uncertainty over the economic recovery remains elevated.
  • Interviewed yesterday, NBP Governor Glapinski said PLN intervention had succeeded in helping Poland recover from the COVID crisis, suggesting that other EM central banks could adopt the mix of unconventional policies (FX intervention and asset purchases). He reiterated that the Bank do not target a specific FX rate.
  • July CPI print in addition to the NBP summer inflation projections will be key for policy outlook.
  • In domestic politics, the former President of the European Council Donald Tusk has taken the role as head of the Civic Platform, the largest opposition group, with an aim of steering Poland away from continued conflict with the EU. Tusk said "I'm back to end this nightmare" in his acceptance speech.
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