Monday, November 20, 2023

Polish Central Bank asked international institutions for help due to threats

Dorzeczy(.)pl / Niezalezna(.)pl: Financial institutions have been informed about threats against Adam Glapiński, president on the National Bank of Poland (NBP) said Marta Kightley, bank's vice-president.

The deputy head of the central bank also referred to the announcement by politicians from the coalition aspiring to take power that the Sejm could bring the president of the NBP before the State Tribunal. In her opinion, "it is difficult to find arguments that would justify a discussion about the State Tribunal for the President of the NBP."

- I would like to emphasize once again that there are no reasons to bring the president of the NBP to a tribunal. The reasons that appear in the public space are pompous and political. I cannot find any argument that would justify the Tribunal of State indicting the President of the NBP and thus suspending him from his duties. You can't do such things based on unrealistic premises. This is bad for the country, the institutional order and the economy - she pointed out.

Kightley admitted that if a political decision is made to bring the president of the NBP before the State Tribunal and suspend him from his duties, such a decision will be appealed to the Court of Justice of the EU.

At the same time, she pointed to the possible "very large consequences" of such a political decision, which would undermine the independence of the central bank, which in her opinion is a "fundamental issue". 

This is playing with fire. The suspension of the President of the National Bank of Poland without reason is a serious risk for investors, both portfolio investors who purchase bonds, shares or currencies, and those investing directly. It would be a warning against investing capital in Poland.