Political uncertainty in Poland is continuing to put pressure on the Polish zloty, according to analysts at Commerzbank, who point to President Karol Nawrocki’s growing use of presidential vetoes as a major concern for investors.
Commerzbank analyst Tatha Ghose noted that Nawrocki has now issued 36 vetoes in just 10 months, setting a new national record for presidential vetoes. The previous record holder, former President Aleksander Kwasniewski, used 35 vetoes over two full five-year terms.
The latest vetoes targeted three important government bills, including legislation related to cryptocurrency regulation, taxation reforms, and publicly funded healthcare services.
One of the rejected proposals was the Crypto-Asset Market Act, which aimed to align Poland’s crypto regulations with broader European Union standards. President Nawrocki argued that the proposed rules would not effectively regulate the sector.
He also blocked changes to Poland’s Tax Ordinance and Fiscal Penal Code, along with reforms linked to public healthcare funding.
According to Commerzbank, Nawrocki’s actions were widely expected, as he has consistently taken an obstructive stance toward the government’s policy agenda. Analysts believe he is likely to continue vetoing legislation until the next parliamentary elections scheduled for autumn 2027.
Although the ruling Civic Coalition (KO) has recently regained support and is leading in opinion polls, uncertainty remains over whether it will be able to secure enough seats to form another majority government after the next election.
This ongoing political uncertainty is keeping alive the possibility that the opposition Law and Justice party (PiS) could return to power while also controlling the presidency.
Commerzbank believes this political risk is hurting investor confidence and acting as a negative factor for the valuation of the Polish zloty.
