The future term of the NBP president may be the most difficult in history

Inflation and rising interest rates, the still noticeable effects of the Covid-19 pandemic, the war in Ukraine, uncertainty on the raw materials market, and the inflow of over 2 million refugees to the Polish housing and labor market – all these factors will pose a serious challenge for the president of the National Bank of Poland in the next years.

"To calm the mood at this very uncertain time, it is now necessary to have the NBP president elected as soon as possible," Piotr Palutkiewicz, vice president of the Warsaw Enterprise Institute, stressed. 

In his opinion, the appointment of prof. Adam Glapiński for a second term may calm the financial markets and ensure predictability in monetary policy.

"The economic and monetary systems around the world have an unprecedented two years behind them, and there are many indications that the turmoil is still ahead of us. The Polish economy and financial system will have to deal with many challenges. First, we stop living in a world of low-interest rates. This will translate into a much higher cost of borrowing and repayment of already incurred liabilities. Therefore, the level of investment may weaken. We also do not know how the housing loan market will behave in this situation with the influx of Ukrainian citizens who additionally fuel the demand," Piotr Palutkiewicz added.

(Newseria)