Adam Glapiński

Adam Glapiński has served as President of the National Bank of Poland (NBP) since June 2016, appointed by President Andrzej Duda. He holds a PhD in economics from the Warsaw School of Economics and has been involved in Polish economic policy since the post-communist transition era, including as a founding member of the Law and Justice party. Glapiński's tenure has been marked by controversy over the perceived politicization of monetary policy. The NBP raised rates aggressively in 2021-2022 (from 0.1% to 6.75%) as Polish inflation surged above 18%, but then cut rates unexpectedly in September 2023 — just weeks before parliamentary elections — sparking accusations of politically motivated easing. This episode damaged the NBP's credibility with international investors and remains a focal point of market skepticism. Despite the controversy, Poland's macro fundamentals remain strong: the economy is the EU's sixth-largest, its banking system is well-capitalized, and Polish government bonds (POLGBs) are widely held by foreign investors. Glapiński's rate decisions directly influence Polish sovereign bond yields, zloty exchange rate dynamics, and Poland's risk premium relative to other CEE economies. His communication and policy choices are closely watched as indicators of institutional quality in a market that bridges Western European and emerging market fixed income universes.