- Finance Minister Andrzej Domanski said that there is no need to raise the budget deficit target for 2024 amid strong tax revenues. Domanski added that a stronger zloty keeps inflation in check, while high interest rates are having a slight negative impact on economic growth. The official reaffirmed GDP forecasts for 2024 and 2025.
- Analysts from Citi Handlowy wrote that the Finance Ministry's FX holdings shrank in June, which suggests conversions into the PLN. They pushed back against interpretations that foreign currencies were exchanged in the market, lending support to the zloty. According to their calculations, the suspected conversions were likely conducted through the NBP, which in turn suggests that the Finance Ministry does not want to promote further PLN appreciation.
- Poland's unemployment rate may have ticked lower to 4.9% in June, the lowest level since August 1990, from 5.0% prior. This would be in line with preliminary data from the Ministry of Family, Labour and Social Policy, with earlier sell-side comments flagging the possibility that the jobless rate could fall below 5% on the back of seasonal factors this summer. The data will be released at 09:00BST/10:00CEST.
- The Finance Ministry will today sell PLN5-10bn of OK0426, DS0727, PS0729, WZ1129, DS0432, DS1034 and IZ0836 bonds at an auction.
POLAND: Unemployment Rate Expected To Have Ticked Lower In June
Last updated at:Jul-23 07:15By: Krzysztof Kruk
Poland
- Finance Minister Andrzej Domanski said that there is no need to raise the budget deficit target for 2024 amid strong tax revenues. Domanski added that a stronger zloty keeps inflation in check, while high interest rates are having a slight negative impact on economic growth. The official reaffirmed GDP forecasts for 2024 and 2025.
- Analysts from Citi Handlowy wrote that the Finance Ministry's FX holdings shrank in June, which suggests conversions into the PLN. They pushed back against interpretations that foreign currencies were exchanged in the market, lending support to the zloty. According to their calculations, the suspected conversions were likely conducted through the NBP, which in turn suggests that the Finance Ministry does not want to promote further PLN appreciation.
- Poland's unemployment rate may have ticked lower to 4.9% in June, the lowest level since August 1990, from 5.0% prior. This would be in line with preliminary data from the Ministry of Family, Labour and Social Policy, with earlier sell-side comments flagging the possibility that the jobless rate could fall below 5% on the back of seasonal factors this summer. The data will be released at 09:00BST/10:00CEST.
- The Finance Ministry will today sell PLN5-10bn of OK0426, DS0727, PS0729, WZ1129, DS0432, DS1034 and IZ0836 bonds at an auction.
