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Poland Sejm moves to hold NBP governor Glapinski accountable
Commerzbank says the State Tribunal process is unlikely to significantly affect Poland’s monetary policy or the zloty for now, despite renewed political tensions.
Commerzbank flagged that Poland’s Sejm is accelerating efforts to hold NBP Governor Adam Glapinski accountable through a State Tribunal procedure, amid allegations that the NBP has been politicized, FXStreet reported in its market insights roundup.
The bank noted that the Sejm committee, led by Zdzislaw Gawlik, is aiming to present its report before the end of the current parliamentary term in autumn 2027. It has been working since May 2024, including calling witnesses and reviewing claims tied to Glapinski’s alleged role in politicizing the central bank.
FXStreet also highlighted Glapinski’s position that the Constitutional Tribunal has already weighed in and that an absolute majority is not enough to prosecute him, arguing the State Tribunal process has been superseded. That legal uncertainty, including how any Sejm vote would play out, could still open the door to another institutional dispute.
Still, Commerzbank characterized the situation as a base case with unclear near term implications for FX and monetary policy, pointing to broader political volatility in Poland as background, including EU legislation and presidential veto politics.