NBP President Prof. Adam Glapiński – the winner of “Parkiet’s” special award Bulls and Bears in the Personality of the Financial Market category
Narodowy Bank Polski is pleased to announce that during yesterday’s “Parkiet” Gala, the President of NBP, Prof. Adam Glapiński was honoured with the special Bulls and Bears award in the Personality of the Financial Market category. The prize is awarded annually to the best companies, managers and institutions.
In the justification for the decision to award President Glapiński, the editors of “Parkiet” expressed their appreciation for the activities of NBP:
“Around the world, including in Poland, economists are strongly divided as to whether central banks should ease their monetary policy so much and, for example, buy bonds of the state institutions that are fighting the economic effects of the coronavirus pandemic.
“We think they should. Last spring, a swift, decisive and effective response was needed to support liquidity in the economy. And so it happened. The first, strong anti-crisis shield, and the next ones, would not have existed if not for the support of the national central bank.”
On receiving the award, the president of the central bank said:
“Thank you so much for this beautiful statuette and great distinction from such an excellent editorial board. I accept it on my own behalf and on behalf of all the employees of Narodowy Bank Polski, thanks to whom – with their work and dedication in this difficult period – we faced up so vigorously to the challenges resulting from the uncertainty caused by the pandemic […]
“NBP reacted swiftly and decisively to the pandemic-related risks. Firstly, we significantly cut interest rates, by a total of 140 basis points, to 0.1 per cent. We now know that this measure contributed to a reduction in interest rates on loans. It supported the budget of Polish families and reduced the risk of insolvency of many companies, whose failure could have had serious repercussions on the labour market and future economic growth. Secondly, we reached for monetary policy instruments that had not been used so far by the Polish central bank, although other central banks had used them in the wake of the global financial crisis. I mean, first of all, structural open market operations, consisting in the purchase of Treasury securities and debt securities, in particular, those guaranteed by the State Treasury. Using economic jargon, we say that these actions of NBP restored the transmission of monetary policy impulses and prevented an escalation of liquidity tensions in the debt market. But in fact, the measurable effect of our programme was simply a marked decline in Treasury bond yields. As a result, taxpayers will pay less for the actions taken in response to the pandemic […]
“Once again, I would like to thank you for this distinction and I assure you that Narodowy Bank Polski continues to be vigilant so that Poles can remain calm about their economic future. We are limiting and we will continue to limit the negative economic effects of the pandemic. We protect the stability of the financial system, we protect the value of the Polish zloty.”