Belka: NBP must contribute to law on central bank

The new version of the law on the National Bank of Poland should not hamper the scope of competence of the Monetary Policy Council (RPP), central bank head Marek Belka said in an interview for Obserwator Finansowy. The NBP issued a statement on Friday saying that the RPP and the central bank’s management board would develop and issue a common stance toward the planned amendment. In the interview, Belka stressed that the statement was needed to make clear that the NBP should not be overlooked in the legislative process. Those parts of the draft amendment that could potentially limit the RPP are either purposeless or unacceptable, Belka said. The council should be assured that no new monetary policy instruments are used without its consent.