President taps Glapinkski as new head of Polish central bank

By bne IntelliNews May 6, 2016

Former Monetary Policy Council (MPC) member Adam Glapinski has been named, as expected, as President Andrzej Duda’s candidate to head the National Bank of Poland (NBP). His appointment is not thought likely to produce a significant change in monetary policy.

Glapinski, whose tenure as a member of the central bank's MPC ended in February, had been tipped as the likely candidate to replace the departing governor Marek Belka since early this year. He was nominated to join the NBP board by Belka as he left the MPC.

"The President of Poland, Andrzej Duda, will submit a motion to the Polish Sejm [lower house of parliament] for the appointment of Prof. Adam Glapinski to the post of the President of the National Bank of Poland," the president’s office said in a statement.

Glapinski is close to the ruling PiS party, and has previously said he supports a strong state presence in the economy and opposes early adoption of the euro. However, although favouring a dovish stance during his time on the council, he appears unlikely to pull the MPC in that direction for now.

The nominee said in January that cutting the reference rate from the current record low of 1.5% would not do much to accelerate Poland’s return to inflation. All other members of the MPC have been replaced by PiS this year. Analysts were surprised somewhat by their opposition to further rate cuts from the current 1.5%, despite the stance of the government.

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