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The Warsaw Voice » Business » May 23, 2018
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MPC member on NBP new tasks
May 23, 2018   
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Eryk Lon
Poland's central bank should "seriously" consider adding non-standard monetary policy instruments, such as purchases of corporate bonds or shares, to its set of policy tools, Monetary Policy Council member Eryk Lon wrote in an extensive article for wGospodarce .pl portal.
While Lon admits that "currently it seems that the monetary policy in our country can do without such actions, it would be worth to "consider their use, especially in the times of crisis."
National Bank of Poland should be able to get involved in the purchase of corporate bonds and WSE-listed stocks, the rate setter claims, pointing to examples from other central banks.
"From the point of view of equalizing competition [with euro zone peers], it would be good if NBP allowed for the purchase of corporate bonds," Lon wrote.
NBP could use such tools in times of moderate economic slowdown, according to the rate setter.
"The question remains when such instruments should be used," Lon wrote, adding that while analysis should be carried out, he believes "there are no obstacles for the NBP to take up such steps in the period of moderate slowdown of the economic growth."
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