Poland’s controversial central bank chief secures 2nd term

May 12, 2022, 11:07 AM | Updated: 12:12 pm

WARSAW, Poland (AP) — Poland’s controversial central bank chief narrowly won a second term Thursday after the country’s governing coalition was able to muster enough votes in parliament for his re-election.

Lawmakers voted 234-223 to give Adam Glapinski a second six-year term. Nominated by President Andrzej Duda, Glapinski, 72, was the only candidate for the post.

Critics accuse Glapinski of ignoring early signs of approaching inflationary pressure last year and taking tardy action to address it, as well as of weakening the national currency, the zloty.

Glapinski was also criticized for keeping the bank’s key interest rate at the low level of 0.1% for too long. Since October, it has been gradually increased to 5.25%.

In 2018, Glapinski was at the center of a scandal concerning the high salaries of two of his close assistants, which also cast a shadow on the ruling coalition of the Law and Justice party and its two small allies, that backs him.

Glapinski is a long-time political associate of Law and Justice leader Jaroslaw Kaczynski, who is Poland’s most powerful politician.

Under Polish law, the central bank chief’s role is independent of politics.

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Poland’s controversial central bank chief secures 2nd term