Polish Central Bank Head Wins New Term Despite Anger Over Prices

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Polish central bank Governor Adam Glapinski won parliamentary approval for a second, six-year term despite public anger over surging inflation and rapidly rising interest rates that is starting to chip away at the government’s popularity, Bloomberg News reported. The vote turned into a test of strength for the ruling coalition, which had struggled to secure sufficient support for Glapinski since his nomination by President Andrzej Duda in late January. The pressure is now on the governor to bring inflation -- currently the fastest in almost quarter of a century -- under control without derailing the economy before next year’s general elections. Glapinski, 72, has become a cheerleader for what he described as Poland’s “economic miracle” under the ruling Law & Justice party. Yet his reluctance last year to start raising interest rates has come back to haunt him as inflation surged and a rapid series of eighth hikes angered borrowers. While Prime Minister Mateusz Morawiecki has tried to blame Russia’s invasion on Ukraine for sparking a price surge, an opinion poll this week showed 60% of Poles believe the government and the central bank shared the responsibility for rising mortgage payments. Another survey showed that 71% of Poles don’t want Glapinski to win a second term as National Bank of Poland governor. Read more.
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