Reports regarding the president of the NBP. How will investors react?

Luc Williams

“I don't think that the confirmation of this procedure should scare investors, because it was announced many times in the past,” Bielski noted. He emphasized that investors, including foreign ones, are prepared for it. He noted that we need to wait “how this procedure will develop.” “, and that then it will be known whether it means something specific for the zloty and the NBP.

He added that, in his opinion, “starting these proceedings reduces the likelihood of interest rate cuts” because – as he explained – “the bank will stiffen its policy.”

“The application for the State Tribunal for Adam Glapiński is prepared and ready,” said Prime Minister Donald Tusk during Tuesday's press conference. “It will be submitted in the coming days,” he added.

At the beginning of January, the Constitutional Tribunal found unconstitutional the provisions stating that the adoption by the Sejm of the motion to bring the President of the NBP before the State Tribunal means that he will be automatically suspended from his official duties. The Constitutional Tribunal also found that the provision stating that an absolute majority of votes in the presence of at least half of the statutory number of deputies is sufficient to bring the president of the central bank before the Constitutional Tribunal is unconstitutional.

The Constitutional Tribunal also stated that the provisions of the Constitutional Tribunal Act are unconstitutional, under which the president of the NBP is not among the persons to whom the qualified majority applies – 3/5 of the statutory number of deputies when voting on a motion to bring him before the tribunal.

The Tribunal demanded changes to the Act and at the same time stated that the Sejm is obliged to postpone the commencement of each procedure regarding the impeachment of the President of the NBP until the judgment is implemented by statute.

At the end of February, the chairman of the Parliamentary Public Finance Committee, Janusz Cichoń, informed PAP Biznes that the Civic Coalition planned to submit to the Sejm a preliminary application to hold the President of the NBP, Adam Glapiński, accountable to the State Tribunal by the end of March.

Prosecuting the President of the NBP, Adam Glapiński, before the State Tribunal, and thus suspending him from his duties, is a violation of the independence of the central bank and undermining confidence in the stability of the financial system – said the Monetary Policy Council in a position published at the beginning of March. “In our opinion, this would violate the personal independence of the central bank and, as a result, it would have negative consequences for Poles and the Polish economy, in particular by undermining confidence in the stability of the financial system and the perception of the Polish central bank as an element of the European System of Central Banks and other international financial institutions” – stated the Monetary Policy Council in a letter. The document was signed by 6 members of the 9-person Council.


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