President of Poland’s central bank plans to run for second term

Asked if interest rates might change, Glapinski said that this probability was currently "close to nil," but assured that the central bank was ready to react in case of inflation or deflation risks. Leszek Szymański/PAP

Adam Glapinski, the president of the National Bank of Poland told the “Sieci” weekly that he will be seeking re-election to the post.

In an interview published on Monday, he also stated that NBP intends to increase Poland's 229-tonne gold reserves by another 100 tonnes in the coming years.

Asked if interest rates might change, Glapinski said that this probability was currently "close to nil," but assured that the central bank was ready to react in case of inflation or deflation risks.

He added that banks were unlikely to impose negative interest rates on private savings, and said there was generally no need to introduce negative rates right now. "Private account-holders rather need not fear negative interest rates," the NBP governor said.

Glapinski said Poland had a lot of growth potential, and that there was "no reason" why it couldn't develop at a pace that was 2-3 percent faster than in the western European states.

"We still have a relatively low public debt... We have come out stronger out of each crisis, with no losses or with little losses... each time reducing the distance to often hard hit leaders."