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Zloty & CE3 Peers Continue To Struggle, Gov't Approves '24 Budget Draft

PLN

EUR/PLN has edged higher, but respects yesterday's extremes for now. The rate last changes hands +84 pips at 4.4766. The zloty outperforms both its CE3 peers: CZK and HUF.

  • The government approved next year's budget draft today, with 2024 deficit seen at 4.5% of GDP. Business Insider reported that budget deficit will rise to PLN164.8bn from PLN92bn this year, while a government source told them that the fiscal gap will widen due to increased spending on defence, social security and healthcare.
  • Prime Minister Mateusz Morawiecki said that the government will decide early next month whether to extend "mortgage holidays" into 2024. If the extension is approved, it will likely involve an income cap.
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