MNI MARKET ANALYSIS: NBP Gov To Unveil Details Of ‘SAFE 0%'

Download Full Report Here

Executive Summary

• Governor Glapiński is due to discuss the details of ‘Polish SAFE 0%’ on Wednesday.
• This comes after the Governor’s meeting with the President and Prime Minister.
• Latest source reports suggest that the NBP could switch to more active reserve management.

President Karol Nawrocki, Prime Minister Donald Tusk and NBP Governor Adam Glapiński, joined by Defence Minister Władysław Kosiniak-Kamysz and Finance Minister Andrzej Andrzej Domański, held a meeting to discuss the proposed ways of funding a massive defence spending spree intended to create credible deterrence against the Russian threat. The operational details of the rival ‘Polish SAFE 0%’ programme remain somewhat unclear, but the NBP would likely tap unrealised profits on gold reserves to finance defence spending. Governor Adam Glapiński is due to shed some light on the matter and discuss the proposed scheme in greater detail on Wednesday (March 11). In this document, we provide a briefing on the latest developments ahead of the update from the Governor.