Senior Central Bank Off'l Says MPC Deliberately Simplified Communications Since 2020

NBP Communications Department Director Piotr Turek wrote in an op-ed for the "Bank i Kredyt" journal that the central bank and the Monetary Policy Council (MPC) deliberately simplified their communications since 2020 in order to reach a wider audience and steer the public debate onto certain tracks.

• "In order to facilitate universal understanding of [our] message, central bank communications increasingly frequently features three main economic terms: unemployment, inflation, economic growth. (...) The NBP decided (...) to accomodate for an increased interest in information about the economy."
• Turek claims that "most recipients were able to understand the messaging, while professional recipients could find in it the hints they need, so-called key words." He adds that the change in the style of communications has been and will continue to be met with some backlash.
• The style of NBP communications has repeatedly come under criticism from the professional community, with Governor Glapinski showing a penchant for a frequent use of figurative language and unrelated anecdotes. The NBP received further criticism for failing to set the stage for September's unexpected 75bp rate cut.