Did the last government know the central bank would make a loss in 2023?

The NBP (the Polish central bank) made a loss of over 20 billion PLN in 2023. Experts says this is not in itself a serious situation but there is a question mark whether the previous government and/or the NBP chief knew when making electoral spending promises in October 2023. 

Was Glapiński aware of 2023 loss when he announced transfer of profits to ruling Law and Justice?

NBP/Radio Poland

PWC's chief economic advisor, Witold Orłowski, has spoken to the Polish Press Agency (PAP) about the implications of the NBP's negative financial result for 2023. 

Below: One commentator asking wryly whether Adam Glapiński (photo) is going to hang a banner up admitting the 20.8 billion zloty loss for 2023. (The NBP has hung several political-tending banners under Glapiński's term in office.)

Już oficjalnie. Strata #NBP za 2023 r. wyniosła aż 20,8 mld zł❗️

Czy będzie jakiś baner na siedzibie NBP #IchJuzNieMa pic.twitter.com/N4qHyRDGjd

— Paweł Czekalski 🇪🇺🇨🇭 #SnaW #SilniRazem #FBPE (@CzekalskiPawe) April 24, 2024

Orłowski (PWC) calmed observers that the central bank "is not like a regular bank, working for profit". He claimed there is "nothing unusual" in the central bank making a loss, in 2023 due, he said, to the strengthening of the Polish zloty towards the end of the year. 

A matter of concern was rather potential political conflicts of interest. The NBP declared in the early autumn, before the October general election, that it would make a profit and be able to bolster government spending with a transfer of those profits. 

Orłowski said that this situation should be further investigated - whether the pro-Law and Justice NBP chief succumbed to political pressures in making those declarations. 

Sources: PAP, X

pt