Commerzbank analysts see limited FX impact from political efforts to hold NBP Governor Glapinski accountable before the State Tribunal.
Poland’s Sejm is accelerating efforts to hold National Bank of Poland Governor Adam Glapinski accountable before the State Tribunal over allegations of politicizing the central bank. The Constitutional Accountability Committee aims to present its report before the parliamentary term ends in autumn 2027, following investigations since May 2024.
Glapinski has dismissed the process, citing prior rulings by the Constitutional Tribunal and arguing that an absolute majority is insufficient for prosecution. Legal uncertainty and institutional disputes persist, compounded by political divisions and presidential vetoes.
Despite heightened political tensions, Commerzbank analysts expect the probe to have minimal impact on monetary policy or the Polish Zloty in the near term. The focus remains on procedural and legal hurdles rather than immediate economic consequences.