Schedule of open market operations to be conducted by Narodowy Bank Polski in July 2020
Bearing in mind the objectives set out by the Monetary Policy Council, in July 2020 Narodowy Bank Polski is planning to carry out the following types of open market operations:
- Main operations in the form of the issue of 7-day NBP bills, settled at T+0, will be carried out on 3, 10, 17, 24 and 31 July 2020.
- Structural operations in the form of outright buy transactions will be carried out on the following days:
- 8 July with settlement on 10 July (i.e. at T+2),
- 22 July with settlement on 24 July (i.e. at T+2).
At auctions, NBP will accept bids at prices quoted by the auction participants. NBP reserves the right to reject some or all the offers submitted by the banks.
- Liquidity providing fine-tuning repo operations will be carried out, 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 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.
At the same time, in July 2020 the quasi-regular fine-tuning open market operation at the end of the required reserve maintenance period will not be carried out. NBP will not be carrying out such operations until further notice.
In justified cases, resulting from the assessment of current market situation, NBP may amend the above schedule.
By the end of July 2020, NBP will publish the schedule of open market operations to be conducted in August 2020.