Schedule of open market operations to be conducted by Narodowy Bank Polski in May 2020
While taking measures aimed at mitigating the effects of the COVID-19 pandemic, and bearing in mind the objectives set out by the MPC in its press releases of 17 March and 8 April 2020, Narodowy Bank Polski is planning to conduct in May 2020 the following types of open market operations:
- Main operations in the form of the issue of 7-day NBP bills, settled on T+0 maturity date, will be carried out on 8, 15, 22, and 29 May 2020.
- Structural operations in the form of outright buy transactions, will be carried out on the following days:
- 13 May with settlement on 15 May (i.e.T+2 maturity date),
- 27 May with settlement on 29 May (i.e.T+2 maturity date).
At tenders, NBP will accept bids at prices quoted by the tender participants. NBP reserves the rights to reject some or all the offers submitted by the banks. At individual tenders, NBP does not exclude the possibility of specifying a pool. Liquidity providing fine-tuning repo operations will be conducted, should NBP judge that conditions in the Interbank market require the use of this monetary policy instrument. The maturity of this instrument will be adjusted to the prevailing market conditions
The target scale of the NBP programme of selected debt securities purchases has not been specified. Such operations will be continued until further notice, and their schedule will be made available in subsequent NBP announcements
The list of collateral for fine-tuning repo operations is available on the NBP website at Lombard facility & repo.
Fine-tuning and structural operations will be carried out with the banks that have access to main operations
In justified cases, resulting from the assessment of current market situation, NBP may amend the above schedule.
By the end of May 2020, NBP will publish the schedule of open market operations to be conducted in June 2020.