Former Finance Minister Zyta Gilowska has resigned from the National Bank of Poland’s rate-setting Monetary Policy Council (RPP), and her resignation has been accepted by President Bronisław Komorowski.
Courtesy of NBP/Flickr
Ms Gilowska had been a member of the council since February 2010, after being appointed by then-President Lech Kaczyński. She had earlier been a member of parliament and minister of finance in the governments of Kazimierz Marcinkiewicz and Jarosław Kaczyński.
A spokesperson for President Komorowski was quoted by the Polish Press Agency as saying that a replacement would likely be appointed before the legally mandated three-month deadline to name one.
“I think that the three-month deadline won’t be fully utilized,” Presidential Chancellery spokesperson Joanna Trzaska-Wieczorek said. “If a good candidate appears, the successor will be named.”
Polish treasury bond yields declined by four basis points to 3.02 percent on October 7, their lowest level since August 13 this year, following the resignation. The złoty depreciated for a second day, this time by 0.1 percent, to 4.2047 against the euro.
“Gilowska was one of the most hawkish members of the [RPP], so this change may potentially mean a tilt of balance of powers in the council toward more dovish monetary policy,” Bank Zachodni WBK economists wrote in a comment. “Theoretically, this can imply that rates may remain at the current all-time low level a bit longer.”
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