While inflation hid at 13.9 % in May, the re -election of the governor of the central bank Adam Glapinski, a faithful of power, is far from being unanimous.
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We had to wait until the right time, but it’s done since May 12: Adam Glapinski, the Governor of the Polish Central Bank (the NBP), was renewed in his functions, for a second and last mandate , until 2028. Speculations were going well in the weeks preceding the voting to the diet. Polish president, Andrzej Duda, had a motion supporting Adam Glapinski’s candidacy, five months ago. However, the ballot has been postponed several times, for fear – it was said – that the outgoing candidate does not fail to obtain the necessary majority. Finally, the entire power coalition, helped by some voices drawn from other training courses, opted for the former minister for regional planning and construction, the sole candidate for the position. Almost all of the opposition, including the extreme right, has voted against.
It must be said that, in recent months, Adam Glapinski has become a particularly criticized personality. In addition to being criticized for his proximity to Jaroslaw Kaczynski – the leader of the ruling party (PIS) -, the economist, who has also been deputy and senator in the past, is accused of having ignored the signs before -Couts of long -term inflation, which the NBP was slow to curb. In January 2021, Adam Glapinski had indeed rejected the possibility of a pricing. “I do not understand where the concerns of certain observers come from as for the alleged threat of an outbreak of inflation. No data is in a state to confirm it,” he noted at a conference of Press of the Monetary Institute, suggesting that a deflation would then be more likely. An opinion that the interested party was still hammering in September 2021: “The available forecasts indicate inflation down next year,” he said.
crescendo
On May 31, the Polish Statistics Office revealed that inflation has been 13.9 % for the month of May, unheard of since 1998 in the country. The phenomenon went crescendo from March-April 2021, exceeding the NBP inflation target (3.5 %). It was not until October, while inflation culminated at 7.8 %, that the central bank decided to raise its key rate for the first time from 0.10 %to 0.50 %.
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