MNI MARKET ANALYSIS: NBP & President Push For ‘Polish SAFE 0%'

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Executive Summary

• Governor Glapiński and President Nawrocki proposed an alternative to EU aid for defence spending.
• ‘Polish SAFE 0%’ is designed to generate PLN185bn in funding for military expenditures.
• The proposed scheme would likely utilise the NBP’s hefty gold reserves to generate profit.

During a press conference announced at a short notice, President Karol Nawrocki and NBP Governor Adam Glapiński unveiled a proposed domestic alternative to the EU’s Security Action for Europe (SAFE) loans-for-weapons programme, which they said could generate PLN185bn worth of interest-free funds for additional military spending. Both officials said that they would invite the government to participate in technical works on the scheme and expressed hope for a trilateral cross-partisan consensus on what they called ‘Polish SAFE 0%’.