November 28, 2022

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A wave of comments after the Glapisky conference.  "Why do we need NBP?"  Glapiski again reduces inflation

A wave of comments after the Glapisky conference. “Why do we need NBP?” Glapiski again reduces inflation

Adam Glapinsky said that inflation in the coming quarters will fall, among other things, thanks to the Monetary Policy Council’s actions. The governor of NBP clarified that the Monetary Policy Committee has suspended interest rate hikes in anticipation of the November report bank Central to inflation and economic growth. He stressed that, based on the information available from the economy, the council stopped the price-raising cycle, but did not put an end to it. More in the article below:

Glapiński on inflation: the situation developed differently than we expected

After Wednesday’s decision, the National Bank of Poland’s key interest rate remained at 6.75%. – There are four important hypotheses that justify stopping the cycle of raising prices that occurred yesterday. This is the cessation of the price-raising cycle, not the official end of the price-raising cycle. Adam Glapinsky said that the MPC has not decided to end the rate raising cycle, it is still officially an open cycle, just about stopping the rate raising cycle.

More information about the economy on the main page Gazeta.pl

– Like this classic “wait and see” situation, we stop the price increase, we look at the situation. In particular, we are looking forward to November, because as you know, another inflation report will be published in November, which for NBP, for all observers, is the most important document that allows us to look at the coming quarters – continued NBP Governor.

Adam Glapinsky on MPC members: You can’t be on the board, take 37K. PLN slam it

During the press conference, Adam Glapinski also said that the members of the Board of Directors of the Polish National Bank and the Monetary Policy Board cannot criticize each other and challenge the decisions made by the MPC. – You can not be on the board, charge 37 thousand. 300 PLN per month to participate in one meeting during the month and criticize the activities of the whole body – said Glapiński.

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“Mr. Glapiński just revealed how he sees the role of the MPC member. He said the MPC member earns 37,000 salary and has a meeting once a month. Date: Mr. Glapiskiski was an MPC member. Less). Drama” – wrote TOK FM journalist Maciej Głogowski .

“Certainly, eminent personalities such as Professors Osiatyński, Wojtyna, Filar, Sławiński, Mrs. Wasilewska and many, many others have not treated this job like Mr. Glapiński. And Mr. Glapiński believes it is a fantasy rather than a job” – he continued.

Critical comments after Adam Glapinski’s press conference. “President Glapinsky Downplays Inflation Again”

Other statements by the NBP governor were also met with criticism from economists and opposition politicians.

“President Adam Glapinsky said on higher-than-expected inflation: What is now in the plateau logic. This plateau is high. I wonder if inflation exceeds 20% we will also be” in the plateau logic “- wrote economist Elijah Devratica, referring to the August announcements of President NBP.

“The head of the National Bank of Poland confirms the capitulation in the fight against inflation. We are ending the treatment, and now only the palliative treatment, and we are looking carelessly as the government applies more palliatives. The implementation of the order of Nowogrodzka for the elections is not an unpleasant measure, because the example of Turkey “- said Sławomir Dudek , chief economist at the FOR Foundation.

“President Glapiński-hawk of a cautious nature after a year and 11 price hikes admits that NBP can do little in the fight against price hikes. ‘Polish inflation’ must be rescued by the Fed and the European Central Bank. Given the zloty, I will pose the controversial question Why do we need NBP ”- asked the expert of the Leviathan Union, Marius Zielonka.

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“President Glapinski is again downplaying inflation. He expects it to fall himself,” wrote Ryszard Petro.

Glapiński who says ‘we don’t care about politics,’ is too big – KO’s Katarzyna Lubnauer commented.

Krzysztof Gawkowski also pointed out the non-political nature of the NBP. The MP from the left wrote: “It’s the same fact that inflation is going down, bills aren’t going up, and there’s no price! Crooks.”

“President Glapinsky seemed to understand that the situation was really dangerous, because for the first time he tried to act like the head of the central bank. He exacerbated with questions, and eventually became a partisan activist again,” wrote Izabela Leszczyna, a member of the Civic Platform.

“President Glapinsky just said that there is no crisis in Poland and what’s more, the growth rate is very high. It is a pity that he did not have time to talk to entrepreneurs who started laying off workers, some of whom are considering closing the company “- noted Dariusz Joński of the Civic Coalition.

“Almost every Polish family feels the crisis”

“There is no crisis in Poland, and the factors affecting energy and food prices are entirely external, says Glapinski. First, almost everyone feels the crisis. Poland family, and the effect of this on prices comes mainly from our country, and more specifically from the wrong management of the country” – wrote the leader of AgroUnii, Michał Kołodziejczak.

“President Glapinsky has proven once again that he should not be the head of the NBP,” said Marta Wcisło from the Civic Tribune.

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“The Poles have been developing their family business for more than 30 years. They are building this country themselves washPay taxes and invest in a business. Today, the NBP is ruled by Glapiński, who destroys the achievements of hundreds of thousands of people like me and my family. It destroys the family business. It destroys everything we created! ‘,” wrote Artur Aoki, Member of Parliament from KO.

Glapiński – a symbol of the beginning of the fall of Poland Currency The inflation cycle. If it continues like this, we will have Buenos Aires on the Vistula River. Without the tango and without Maradona ”- commented the European Parliament Łukasz Kohut.

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Tomczyk on Adam Glapiński: I’ve seen better situations