Three Members Request Extraordinary Meeting Of Monetary Policy Council

Three members of the Monetary Policy Council (MPC) appointed by the Senate (Ludwik Kotecki, Joanna Tyrowicz and Przemyslaw Litwiniuk) have requested a special meeting of the panel to be called by March 28 to discuss alleged "serious problems" in the process of compiling the central bank's financial statement for 2023 and other possible legal transgressions by Governor Adam Glapinski.

• Ludwik Kotecki and Joanna Tyrowicz published the full text of the letter they sent together with Przemyslaw Litwiniuk to the NBP Governor on their social media accounts. Note that the three officials have been publicly voicing their concerns about the Governor's conduct for some time and repeatedly criticised the MPC majority led by Glapinski of cutting interest too early.
• The officials write that based on the letters penned by NBP Management Board members Pawel Mucha and Marta Kightley, they concluded that the process of compiling the central bank's financial statement for 2023 was flawed. Hence, they think that the MPC should obtain a rectified statement, which would be examined by an independent auditor.
• Separately, Tyrowicz on her LinkedIn account lists the various instances of possible financial mismanagement, flagging the need to verify the accusations. Therefore, the three officials asked the Governor to call a special MPC meeting to (1) discuss the 2023 financial statement with the NBP Management Board; (2) discuss the 2023 financial statement with auditors; (3) other unspecified matters.
• It can plausibly be expected that any accusations of financial mismanagement will be raised during the potential parliamentary investigation of Governor Glapinski's conduct. Prime Minister Donald Tusk yesterday said that the relevant request is ready and could be tabled in parliament in the coming days.