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 All other members of the MPC have been replaced by PiS this year.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 places $3bn in 15-year Eurobonds at 7.375%

Ukraine has placed $3bn in 15-year Eurobonds at 7.375% per annum, Ukrainian President Petro Poroshenko said during a meeting with international investors in New York on September 18. "Ukraine has ... more

Iran introduces its own rating system for banks

Governor of the Central Bank of Iran (CBI) Valiollah Seif has announced that his institution is to launch a national rating system for banks, Iran Labour News Agency reported on September 17. ... more

October local elections to test Macedonia's fragile political stability, IMF warns

The International Monetary Fund (IMF) said on September 18 it expects the Macedonian economy to slow down to moderate growth of 1.9% in 2017 due to the prolonged political uncertainty. The fund ... more

Dismiss