“The attack on the NBP president did not start today. This pressure has been ongoing for several years,” said Marta Kightley, the first vice president of the National Bank of Poland, who spoke as a guest on Telewizja wPolsce.pl.
Michał Karnowski’s interviewer noted that the push to summon the NBP president before the State Tribunal had already surfaced during the election campaign.
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We clearly refer to this. It is not aligned with the standards of developed nations, where the central bank is a crucial institution for the entire financial system and economy, she stated.
The independence of the central bank is essential so it can uphold price stability and maintain the stability of the whole financial system. This is not aligned with the standards of developed countries, she added.
We inform the European Central Bank about the situation and highlight the important role that the central bank plays, emphasized the first vice president of the NBP.
Referring to the coalition’s December 13 attacks on Professor Adam Glapiński, she said:
We see it as a distraction.
As she further explained:
We clearly indicate that this is a distraction and may relate to different areas.
The role of the Polish zloty
Marta Kightley drew attention to the significance of the Polish zloty.
We have repeatedly stressed the importance of having a strong Polish currency. We owe the development of the economy in recent years to the existence of the Polish currency. It is a currency that serves us well, with many reasons supporting it.
We have begun the fight against inflation. The Monetary Policy Council had previously started raising interest rates, she recalled.
The Polish zloty acted as a buffer. It is an automatic stabilizer. For instance, in 2008, during the crisis, the zloty depreciated, which benefited the Polish economy. Up until the pandemic, the economy had not recorded a decline in GDP, and after the pandemic began, there was only one dip: just 2%, and recovery followed, Kightley explained.
Attempts at Professor Glapiński
Marta Kightley outlined what might happen if there were efforts to persuade Professor Adam Glapiński to leave office. Adam Glapiński.
A bank without a president becomes noticeably weaker. It is very important that a central bank in a developed country remains independent and can make decisions without pressure, she noted.
These attacks, ongoing for years, aim to weaken the central bank and hinder its ability to reach its goals. When attacks accuse the bank of causing inflation or faulting the social situation, the central bank’s operations become more difficult, she added, according to the interlocutor Michał Karnowski.
gah/wPoland
Source: wPolityce