NBP to remain safe and independent following Sejm vote on crucial bill

The Sejm yesterday rejected an amendment to the bill on the National Bank of Poland, which could have led to a substantial decrease of its revaluation reserves by allowing the government to use the share of the reserves e xceeding 5% of the total currency reserves after exchanging them into złoty. The lower chamber of Parliament also accepted that the Monetary Policy Council would still consist of nine members appointed by the Sejm, Senate and the President of Poland. "This shape of the bill will ensure that the NBP will work in accordance with the statute of European Central Banks System. I hope that the Senate will not make any amendments," said NBP Deputy Chairman Jerzy Stopyra. Deputies rejected proposals to that would have forced the NBP to have its financial plan accepted by the Sejm, as this would have been in violation of the Constitution. (Rzeczpospolita, pp. A1, B1; www.onet.pl) M.M.