Central bank head closer to trial after motion filed in parliament
A group of MPs has filed a motion with the Sejm, the Polish lower house of parliament, to bring the head of Poland's central bank before the State Tribunal over allegations that he broke both the law and the Polish Constitution.
The motion against Adam Glapinski now goes to the Constitutional Accountability Committee. The Committee will submit a report on its work to the Sejm, together with a motion to bring him before the State Tribunal or to discontinue the proceedings.
The State Tribunal deals with cases involving people holding high public office.
Glapinski has been a target of Poland's new government for some time. It has alleged that during the years of the Law and Justice (PiS) government, which came to an end in December, he used his power and influence to support it rather than the Polish economy.
In particular, the government has claimed Glapinski cut interest rates ahead of last October's general election, despite inflation remaining high, to give PiS a boost in the polls.
According to the motion, among Glapinski’s alleged breaches are that in December 2020 and March 2022, the central bank undertook currency interventions without due authorisation from the bank’s board and, moreover, at least some of them were aimed at weakening the value of the Polish currency.
The authors of the motion also point to "actions contrary to the established monetary policy guidelines" which were undertaken in 2021 and 2023, in particular by "conducting asset purchases in 2021 during rising inflation, and in 2023 by lowering the NBP interest rates; an act directly related to the election campaign, thus leading to a weakening of the value of the Polish currency."
Other allegations include obstructing the performance of duties by some members the Monetary Policy Council (MPC), the bank’s rate-setting body, and the NBP board by "denying them access to documents produced at the NBP; inter alia, to minutes of the MPC's meetings."
The authors of the motion said that it was limited to bringing charges against Adam Glapinski alone, in his capacity as governor of the NBP, despite the fact that some of the acts he allegedly carried out were committed jointly and in agreement with certain members of the NBP's board, and certain members of the MPC. (PAP)
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