Clash over NBP profits

2nd April 2010

Slawomir Skrzype is in clash over profits

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The Polish government and the President of the National Bank of Poland Slawomir Skrzypek clashed this week over how much of its profits the NBP should turn over to the budget. The government stands to gain an additional PLN 4 bln if it gets its way.

The dispute over how to distribute the NBP’s profits pits members of the Monetary Policy Committee chosen by the parliament against those selected by President Lech Kaczynski. The latter group includes Skrzypek, who wants more of the profits to be used to fund the bank’s foreign currency reserves. Their function is to cushion the risk that the NBP’s reserves might drop too far in value if the zloty’s value rises against the dollar and ...

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