Polish President Supports Central Bank Boss for Second Term

Poland’s central bank boss Adam Glapinski is doing “very well” at keeping the economy and finances on track during the pandemic and deserves a second term as governor, President Andrzej Duda said.

The president proposes the candidate for governor, who then needs to be approved by parliament. Glapinski’s six-year term runs out in mid-2022.

“I would like to strongly emphasize that, in my personal opinion, Adam Glapinski is a very good central bank governor,” Duda told broadcaster Polsat News late on Friday. “If he is the commander-in-chief, who leads the army very well, it seems to me that the task entrusted to him can be prolonged.”

Glapinski and his Monetary Policy Council have slashed Polish interest rates to record lows, with the benchmark at 0.1%, to help the economy recover from the impact of coronavirus restrictions. He has also orchestrated an unprecedented quantitative easing program, which has kept the sovereign’s borrowing costs low as it ramped up fiscal stimulus.

Read More: Glapinski’s recent comments on the zloty

Meanwhile, Polish inflation is the second highest in the European Union at 3.2%, above the bank’s 2.5% target, and Glapinski’s predecessor Marek Belka said this week that price pressure risks spiraling out of control.

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