Polish Lawmakers Accuse Central Bank Chief of Bond-Buying Faults

(Bloomberg) -- Lawmakers in Polish Prime Minister Donald Tusk’s party will introduce a lengthy string of accusations against the country’s central bank chief as part of a motion that ultimately seeks to oust Governor Adam Glapinski.

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In the document likely to be submitted Thursday, lawmakers accuse Glapinski of engaging in irregularities tied to the central bank’s pandemic-era bond-buying program, pushing through an abrupt interest-rate cut ahead of last year’s general election and misleading the government over central bank results, according to people familiar with the motion.

The 68-page report also includes allegations of exchange-rate manipulation and action as monetary policy chief to weaken the zloty, the people said, asking not to be identified discussing the ruling party’s plans.

READ: Poland Is Ready to Start Probe of Central Banker, Tusk Says

Glapinski has repeatedly denied any wrongdoing over the accusations, which have become a central theme among Tusk’s allies. The central bank declined to comment when contacted by Bloomberg News on Wednesday.

Signed by at least 115 of the lower house’s 460 lawmakers, the report will set into motion a procedure that may force Glapinski to answer questions in front of a rarely convened State Tribunal for senior public officials.

The procedure, which Tusk vowed to move forward after taking office last December, has already run into a legal thicket. The Constitutional Tribunal, a court dominated by justices appointed by the previous nationalist-led government, ruled in January that lawmakers can’t suspend the governor as part of the probe.

The central bank chief triggered a torrent of criticism when he helped deliver an unexpectedly steep 75 basis-point cut in September, prompting accusations that he was abetting the then-ruling party ahead of the election. Glapinski is in his second and final six-year term, which runs out in 2028.

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