WARSAW (Reuters) – Poland’s President Andrzej Duda on Friday appointed his former adviser Cezary Kochalski to the country’s Monetary Policy Council (MPC) to replace one of the few remaining hawks on the panel that has held rates steady since 2015.
Kochalski joins the MPC at a time of unprecedented stability in monetary policy as rate setters adopt a wait-and-see stance in the face of inflationary pressures at home and an economic slowdown in the euro zone.
Kochalski, a professor at the Poznan University of Economics and Business with experience at Poland’s financial supervision authority, replaces Jerzy Osiatynski, one of the few panel members who has said rates may have to rise.
Osiatynski’s term came to an end on Dec. 20.
Poland’s benchmark interest rate has been at a record low of 1.5% since 2015, and central bank governor Adam Glapinski has repeatedly said that rates are likely to remain on hold until his term ends in 2022.
(Reporting by Pawel Florkiewicz and Alan Charlish; Editing by David Clarke)