The salaries of members of the Monetary Policy Council increased by 40 percent. From August 1, they amount to PLN 37,066.75 – informed the National Bank of Poland. This is the effect of President Andrzej Duda’s decree.
From the beginning of August, the Regulation of the President of the Republic of Poland of July 30, 2021, amending the regulation on the detailed principles of remuneration of persons holding state managerial positions, is in force.
The regulations introduced increases, among others for the prime minister, marshals of the Sejm and Senate and other persons holding leading positions in the state, including undersecretaries of state (deputy ministers), as well as parliamentarians.
Monetary Policy Council – earnings
As it turns out, thanks to the regulation of President Andrzej Duda, the members of the Monetary Policy Council also received increases. The announcement on this matter was published on the website of the National Bank of Poland. “The change in remuneration from August 1, 2021 results from the Regulation of the President of the Republic of Poland of July 30, 2021 (Journal of Laws of 2021, item 1394) amending the regulation on the detailed rules of remuneration of persons holding state managerial positions, which introduces new base amount multipliers to calculate the remuneration of the NBP Vice President “- we read.
As explained, in accordance with Art. 14 sec. 3 of the Act on the National Bank of Poland, members of the MPC are entitled to remuneration equal to the remuneration of NBP vice-presidents.
“The salary of the MPC member was PLN 26,476.25, from August 1 of the current year is PLN 37,066.75, which means an increase of 40 percent ” – explained.
The Monetary Policy Council
The Monetary Policy Council is a body of the National Bank of Poland. It is composed of the President of the National Bank of Poland (currently Adam Glapiński) and 9 members. The tasks of the MPC include, inter alia, determining the assumptions of the monetary policy, as well as setting the level of NBP interest rates.
Therefore, the decisions of the Council have an impact on the wallets of Poles. In the event of a reduction in interest rates, borrowers can expect lower loan repayment installments. At the same time, very low interest rates – currently the lowest in history – are also a symbolic interest rate on money that we put on a deposit or savings account.
On Wednesday The Monetary Policy Council decided to keep interest rates unchanged. This means that interest rates remain at their lowest ever. The reference rate is 0.10 percent. on an annual basis. The next MPC decision meeting is scheduled for October 6.
Main photo source: NBP