Lawmakers in Poland from Prime Minister Donald Tusk's party are preparing to present a comprehensive motion filled with accusations against the Governor of the country's central bank, Adam Glapinski. The motion, expected to be presented on Thursday, alleges a series of irregularities tied to the central bank's bond-buying program during the pandemic, sudden interest rate cuts before the general election last year, and providing misleading information to the government regarding central bank operations.
The 68-page document reportedly also accuses Glapinski of exchange-rate manipulation and actions as the head of monetary policy to intentionally weaken the zloty. Despite the mounting accusations, Glapinski has consistently refuted any allegations of misconduct. The central bank declined to comment when approached for a statement by Bloomberg News.
With at least 115 signatures from the lower house's lawmakers, the motion will initiate a process that could necessitate Glapinski to explain his actions before the State Tribunal for senior public officials, a hearing that is rarely convened. This move has been a central part of Tusk's agenda since assuming office last December.
However, the legal proceedings encountered a hurdle when the Constitutional Tribunal, primarily composed of judges appointed by the previous nationalist government, ruled in January that the governor cannot be suspended during the investigation. Glapinski, currently serving his second and final term, set to conclude in 2028, faced widespread criticism when he led an unexpectedly significant 75 basis-point interest rate cut in September, leading to allegations of political favoritism towards the then-ruling party before the election.