--- title: Poland's Central Bank Rules Out Rate-Setting Meetings Without Governor Glapiński description: Poland's central bank says its rate-setting council cannot meet without Governor Adam Glapinski, as MPs plan a November vote that would suspend him. author: Darie Nani (Editor-in-Chief) date: 2026-10-23T10:54:13.839Z updated: 2026-10-23T10:55:13.288Z canonical: https://www.sovereignmagazine.com/article/poland-central-bank-glapinski-rate-council image: https://cdn.nanimediahouse.com/adam-glapinski-nbp-governor-477528.webp categories: EU Focus content_type: News region: Eastern Europe publication: Sovereign Magazine schema_type: Article --- Poland's central bank says the council that sets the country's interest rates cannot work without its governor, Adam Glapiński, as MPs prepare to vote on a resolution that would suspend him. In an English-language notice on 22 October, repeating what it said in Polish on 12 October, the National Bank of Poland (Narodowy Bank Polski, NBP) said Glapiński, as chair of the Monetary Policy Council (MPC), has "the exclusive competence to convene its meetings", and that the council and the bank's Management Board both "require the attendance and active participation of the Governor of NBP". The bank said it was restating its position because of "confusing information currently in circulation". A council member designated in advance may chair proceedings only during a short, temporary absence of the governor, the bank said, such as on the first, non-decision-making day of a meeting, when the council hears economic analyses. That stand-in acts only on an ad hoc basis and for specified actions during the meeting, and does not take on all of the chair's statutory and regulatory powers. ## Under Polish Law, No Rate Decision Can Pass Without the Chair Present Under Article 16 of the Act on Narodowy Bank Polski, the chair convenes the council at least once a month, and a meeting may also be convened at the written request of at least three members. The same article says a designated member chairs when the chair is absent. Resolutions pass by majority with at least five members present, including the chair. The NBP cited the Act's attendance rules in its notice, and added that under the council's own regulations, resolutions are signed by the chair and every member who took part in the vote. ## Council Member Ludwik Kotecki Says the Central Bank Will Keep Working Ludwik Kotecki, a member of the council, told the Polish Press Agency (PAP) that the NBP would not stop working without its governor, and that Ireneusz Dąbrowski is the member currently designated to chair meetings in the governor's absence. He pointed to 2010, when the first deputy governor convened meetings after the Smolensk air crash; that post is now vacant, and the second deputy governor's term ends in November. Asked who would convene meetings in that case, Kotecki said it was a question for the bank's legal services first, though he called it hypothetical while the governor remains in office. The most important thing, Kotecki said, is that neither the zloty nor Poland's risk premium becomes a casualty of the situation. ## MPs Are Due to Vote in Late November on Sending Glapiński to the State Tribunal On 9 October the Sejm's Constitutional Responsibility Committee adopted a report seeking to bring Glapiński before the State Tribunal. In the 148-page report the committee found all eight charges in the preliminary motion confirmed. The charges include bond purchases in 2020 and 2021 that, the motion alleges, indirectly financed the budget deficit by at least 144 billion zlotys, as well as foreign-exchange interventions, interest rate cuts the charges describe as politically motivated, and blocking access to documents. Speaker Włodzimierz Czarzasty said on 20 October that the vote is planned for the second half of November; the Sejm sits on 5-6 and 17-19 November. The resolution needs an absolute majority with at least 230 MPs present, and under the State Tribunal Act the official concerned is suspended once it passes. In 2024 Poland's Constitutional Tribunal challenged both the suspension rule and the majority required, saying the vote should need three-fifths. Glapiński said at his press conference on 8 October, the day after the council's rate decision, that there are absolutely no grounds for the proceedings, that they were announced during the last election campaign and are harmful, and that the central bank will not yield to political pressure. He has said the NBP will not take part in the procedure, citing the 2024 Constitutional Tribunal ruling. His second and final term ends in June 2028, and under the NBP Act a State Tribunal ban on holding senior posts is one of the grounds for dismissing a governor. The zloty was steady on the morning of the committee vote, 9 October, at about 4.38 to the euro. money.pl said the larger question for investors is what follows the committee's recommendation: the bank's independence, the possible suspension of the governor and the legal uncertainty around the procedure. ## The Council Next Meets on 3 and 4 November, Before the Sejm Vote At its 3-4 November meeting the council will receive the bank's new inflation and GDP projection. On 7 October it held the reference rate at 3.75%, where it has been since 5 March, with the lombard rate at 4.25% and the deposit rate at 3.25%. Consumer prices in Poland rose [4.1% year on year in September](https://stat.gov.pl/obszary-tematyczne/ceny-handel/wskazniki-cen/wskazniki-cen-towarow-i-uslug-konsumpcyjnych-we-wrzesniu-2026-r-,2,179.html), according to final figures from Statistics Poland (GUS), with services up 5.3% and goods up 3.6%. That puts inflation above the NBP's 2.5% target and outside its tolerance band of one percentage point either way. The council's following meeting is scheduled for 1 and 2 December, after the Sejm's 17-19 November sitting. ## FAQ **Q: Who sits on Poland's Monetary Policy Council?** The council has ten members: the governor of the National Bank of Poland as chair, currently Adam Glapiński, and nine members appointed in equal numbers by the President, the Sejm and the Senate, each for a single six-year term. The governor is appointed by the Sejm on the President's motion for six years and may serve at most two consecutive terms.