Poland's long-running investigation into central bank Governor Adam Glapinski just took a decisive turn. Tomasz Trela told PAP on Tuesday the panel has wrapped up its work and will ask the lower house to vote on its findings. "I can only say that the charges have generally been upheld," he said, noting that in some areas "there's more evidence." The probe has sputtered along for roughly two years and could, at least on paper, result in Glapinski's suspension before the parliamentary election set for late 2027.
Filed in March 2024, the motion presents eight accusations: that, during the Covid-19 pandemic, the central bank effectively helped cover the budget gap by purchasing bonds; that it carried out zloty interventions without authorization; that interest rates were cut ahead of the 2023 election; and that political neutrality rules were broken. Ahead of the late 2023 election, Prime Minister Donald Tusk promised to hold the governor accountable for what he said was politically motivated behavior around interest-rate decisions and related matters. Glapinski has repeatedly denied wrongdoing and refused to appear before the committee, saying it lacks a legal basis. In September 2024, the central bank described the motion as "defective," said the accusations lacked factual and legal grounds, and maintained that several of the measures in question were taken collectively rather than by the governor acting alone.
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According to the parliament's website, the Constitutional Accountability Committee will vote Friday on its report, bringing to a close a two-year period of hearings and investigative work. If the committee signs off, the Sejm would then decide whether to hold Glapinski constitutionally accountable before the State Tribunal, a special court for politicians that is rarely used. "We're counting on the Sejm approving it and then the State Tribunal will deal with these charges," Trela told PAP.
This institutional standoff is unfolding just as Polish government bonds have been selling off, with growing concern about lax fiscal policy adding fuel. If you own Polish debt or have zloty exposure, keep an eye on how this political-legal track intersects with already jittery markets.
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