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Code of good practice for members of the Monetary Policy Council. The NBP publishes the document

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“Good practices of contacts between members of the Monetary Policy Council and investors and financial analysts at the National Bank of Poland” – is a document published by the National Bank of Poland. It is a new version of the rules of contact between members of the Monetary Policy Council and investors and financial analysts. It recommends, inter alia, that invitations to meetings with MPC members should be sent only with the indication of NBP as the addressee of such correspondence.

On Thursday, the National Bank of Poland published “Good practices of contacts between the members of the Monetary Policy Council and investors and financial analysts at the National Bank of Poland”. As stated in the information from the central bank, the document was created in order to standardize the rules and mode of contacts between MPC members and investors and analysts.

New good practices

In the document, NBP recommends that invitations to meetings or requests for meetings with MPC members from investors and financial analysts should be sent only with the indication of the National Bank of Poland as the addressee of such correspondence. The invitation should specify the names of the meeting participants on the side initiating the meeting, the MPC member or members invited, the topic or topics of the meeting and the proposed issues to be discussed at the meeting. The NBP also recommends that the subject matter of the meetings and the issues discussed at them should not raise concerns about disclosure of information that the members of the MPC became acquainted with in the course of performing their duties. At the same time, it was indicated that the dates of meetings may not collide with the established schedule of MPC meetings and that the chairman of the MPC consents to the participation of an MPC member in the meeting or refuses to consent, “in particular when the subject of the meeting may raise a justified fear of disclosure of legally protected information”. “MPC members speak at meetings on their own behalf, in the spirit of collegiality, they do not inform about the course of MPC meetings and voting results, as well as about adopted resolutions before their publication in the official journal,” reads the NBP document. “MPC members refrain from describing their personal views on monetary policy during meetings with investors and financial analysts, if they could obtain a financial benefit from obtaining this information, except in cases where these views have been previously expressed in their public statements” – it was stated.

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Meeting log

At the same time – as it was written – meetings are handled by the General Department, which informs MPC members about the date of the meeting. “An employee of the General Department, designated to handle a given meeting, draws up a note from the meeting” – added.

The document also contains a statement that “the General Department keeps a register of meetings of MPC members with investors and financial analysts”.

Read also: Proposal of a large increase in interest rates. The results of the MPC vote are in

Main photo source: MOZCO Mat Szymanski – stock.adobe.com



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