Gov’t proposes limiting number of rate setters

The number of members of the Monetary Policy Council (RPP) will be decreased from 10 to seven, including the president of the RPP, said Finance Minister Mateusz Szczurek. The plan to limit the number of rate setters was first brought up in June but was put on hold due to a scandal over leaked recordings that surfaced at the same time. If adopted, the legislation proposed by the government will come into effect in 2022. “It would ensure the continuation of the monetary policy, as half of the council would be replaced every three years,” Szczurek said. The plan was halted after a series of recordings were released to the public by weekly Wprost which put the independence of the National Bank of Poland into question. The tapes contained a conversation where NBP head Marek Belka discussed helping the government before next year’s elections.