In response to the coronavirus pandemic the Monetary Policy Council (Rada Polityki Pieniężnej, RPP) lowered the NBP reference rate from 1 to 0.5 per cent, lombard rate from 1.5 to 1 per cent, and deposit rate from 0.5 to 0 per cent. This is the second rate cut within a month: on March 17th the RPP lowered the NBP reference rate from 1.5 to 1 per cent. Although the decision of the Council will decrease banks' interest income, this is good news for companies and individuals, because it will contribute to the reduction of loan installments.
The Court granted the Comm’s application for interim measures. Poland was obliged to immediately suspend the application of the national provisions on the powers of the Disciplinary Chamber of the Supreme Court with regard to disciplinary cases concerning judges. According to the Court, there are serious doubts about the guarantee of independence and impartiality of the Chamber. The decision will block the functioning of the new model of disciplinary jurisdiction introduced by PiS. If the government does not comply with the judgment, Poland may face financial penalties in the future.