Monetary Policy

MPC Functions and Composition

Pursuant to Art. 227, para. 2, of the Constitution of the Republic of Poland and Art. 6 of the Act on Narodowy Bank Polski, the Monetary Policy Council constitutes one of the directing bodies of the NBP.

The Council was constituted on February 17, 1998. It is composed of:

  • a Chairperson, this being the President of the NBP,
  • nine members appointed in equal numbers by the President of the Republic of Poland, the Sejm and the Senate.

Members of the Council are appointed for a term of six years.

Under Art. 12 of the Act on the NBP, the Monetary Policy Council:

  • draws up annual monetary policy guidelines and submits these to the Sejm, for the information thereof, together with the submission by the Council of Ministers of the draft Budget,
  • presents a report to the Sejm on the performance of monetary policy guidelines within five months of the end of the fiscal year,
  • sets NBP base interest rates,
  • determines the procedures governing the reserve requirement and sets the reserve ratio,
  • sets ceilings on the liabilities arising from loans and advances drawn by the NBP from foreign banking and financial institutions,
  • approves the NBP financial plan and report on operations,
  • accepts the annual accounts of the NBP,
  • determines the principles applicable to open market operations.

The Monetary Policy Council also assesses the activity of the NBP Management Board in its performance of monetary policy guidelines, and adopts accounting principles for the NBP, these being submitted to the Council by the President of the NBP.

Composition of the Monetary Policy Council

See also:

NBP interest rates

Reference rate2.00
Lombard rate3.00
Deposit rate1.00
Rediscount rate2.25

Exchange rates

Table of 2014-10-31
1 EUR4.2043
1 USD3.3459
1 CHF3.4860
1 GBP5.3503
100 JPY2.9985

Monthly data

Quarterly data

Financial markets

Numismatics