National Bank of Poland wins best managed central bank in Europe award

Capital Finance International magazine awarded the Polish National Bank (NBP) with "The best managed central bank in Europe in 2021" award.

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“In a nutshell, NBP under the leadership of Professor Adam. Glapiński responded to the pandemic in a swift manner securing the Polish economy from the worst scenario of deep recession and high unemployment,” the Capital Finance International stated on its website, offering their reasoning for the award.

The head of NBP first signaled the need to lower interest rates by lowering the main interest rate to 0.1 percent. The NBP also launched the largest asset purchase program among emerging economies, which was a huge step in the fight against the economic effects of the pandemic.

“NBP acts with full independence. With market confidence, it strives to advance the economic wellbeing of the country and Poles and supports government policy. In 2020, NBP generated a profit of USD 2.5 bn, 95 percent of which goes to fund the state budget. The bank also deserves credit for storing significant reserves of gold, which is purchased with a great feel for the market,” the CFI explained..

The article also states that “Narodowy Bank Polski, and thereby Poland, is at the forefront of the fight with the economic consequences of the [COVID-19] pandemic. Positive opinions on the bank’s communication, actions as well as its governance by Professor Glapiński have been expressed by the world’s leading financial institutions”.