Over the past two years, the central bank has not really cared about the value of the Polish currency, says Stanislaw Kloza, former head of the Polish Financial Supervisory Authority. He adds that the vast majority of MPC members are “so colorless that they should not work for the central bank after their term ends”.
Klosa was a guest on the program “Rzecz o biznesie” in “Rzeczpospolita”. He referred to the activities of the central bank in recent years and Monetary policy presented by NBP.
– In recent years, the Central Bank has deviated from the logo that appears on its construction. So “we care about the value of the Polish currency” – noted the former head of the Polish Financial Supervisory Authority.
He emphasized that the average annual inflation did not exceed 4.5% during the past twenty years. – This year, in my opinion, it’s going to reach 4.7 percent, maybe even closer to 5 percent. – Expect Klosa.
As he warned, rising inflation is automatically a pressure on wages. – said Stanislaw Kloza: – We are threatened by a wage spiral, and this may pose a risk of stagflation.
See also: Economists at BNP Paribas expect further rate increases
The former head of the Polish Financial Supervisory Authority has several objections to the current composition of the Monetary Policy Board.
– We can basically say that there is no monetary policy council today, and the only expressive figure is President Glapinsky. The rest of the members are so colorless that it should ban them from working for the central bank after their term ends. – Commented the former head of the Polish Financial Supervisory Authority.
See also: The International Monetary Fund is calling on central banks to be “vigilant”. This is also a warning for NBP
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