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 All other members of the MPC have been replaced by PiS this year.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.

Related Articles

Ukraine's central bank cuts key policy rate to 12.5%

The National Bank of Ukraine (NBU) will cut its key policy rate by 0.5 percentage points to 12.5% per annum from May 26. The move is consistent with the pursuit of inflation ... more

World Bank forecasts a 0.4% y/y decline in Belarus's GDP for 2017

The Belarusian economy will decline by 0.4% year-on-year in 2017, followed by a modest growth of 0.7% in 2018 and 1.2% in 2019, the World Bank forecasts in its Belarus Economic Update published on ... more

EIB and Belarus sign Framework Cooperation Agreement

The European Investment Bank (EIB) and Belarus inked the Framework Agreement on Cooperation on May 15, which paves the way for the lender to invest up to €200mn in Belarusian projects, the Foreign ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss