National Bank of Poland
The National Bank of Poland
, as the name suggest is the National, or central bank
of the country. It was established in 1945 in Warsaw and is currently run by the Bankís governor Marek Belka. Despite being a member of the European Union, Poland has yet to switch to the Euro currency and has not set a date to do so. They currently issue
the zloty and grosz notes and coins respectively and are responsible for issuing and withdrawing these notes and coins.
The bankís main focus, in terms of monetary policy is to keep and maintain a constant stability of price, which it sees as an important factor for long term economic growth throughout the country. It aims to maintain price stability by hitting a set target of inflation and adjusting interest rates in order to best achieve that target. Their current aim is 2.5 percent inflation with fluctuation of only 1 percent either way considered stable.
The bank holds itself responsible for the stability of the whole financial system and aims to perform all of its functions in a continuous and effective way, even when unforeseen circumstances leave the system in a negative position. In order for this to work they utilize risk assessment and contingency planning, putting measures in place for worse case scenarios.
Poland currently has $76,966 million (US Dollar equivalent) of foreign exchange reserves, putting it 26th in the world. It uses this in order to help stabilize their issued currency and protect its monetary system, by acting as a backup. It does this by exchanging and trading in foreign money.
The president of the National Bank of Poland is responsible for the organization and functioning of the bank and issuing regulations for the system.
The bankís role in overseeing the countryís payment systems are to ensure itís compliant with legal regulations, remains efficient and protects the transmission channels for monetary policy
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