Narodowy Bank Polski

About the NBP: Structure

Economic Analysis and Research Department

Director: Piotr Szpunar

The department carries out tasks related to the design of monetary policy of Narodowy Bank Polski and performs analytical work that supports the implementation of NBP’s statutory tasks. An important part of its work involves preparation of analytical material for the NBP Management Board and the Monetary Policy Council.

In particular, the tasks of the Economic Analysis and Research Department are as follows:

  • to conduct work related to the design and communication of monetary policy, including drafting the Monetary Policy Guidelines and reports on their implementation;
  • to prepare the projections for inflation and economic growth and to update and maintain forecasting models;
  • to analyse the price formation process as well as the movements in prices and inflation;
  • to develop, in cooperation with other NBP departments, inflation reports as well as monthly information on inflation and economic conditions;
  • to analyse the impact of the situation in the general government sector on monetary policy;
  • to conduct analyses and studies on the international competitiveness of the Polish economy;
  • to carry out analyses and studies related to nominal, real and structural convergence of the Polish economy;
  • to carry out research work and prepare forecasts relating to strategic economic issues;
  • to conduct analyses of structural changes in the Polish economy that affect the determinants of monetary policy;
  • to analyse the external environment of the Polish economy and global economic conditions;
  • to provide macroeconomic forecasts and analyses for the needs of foreign exchange reserve management;
  • to analyse the economic situation of enterprises, households and markets, in particular based on survey studies conducted by the Department;
  • to analyse the impact of economic institutions on the operation and development of the economy;
  • to analyse and assess macroeconomic imbalances and to draw up reports on imbalances;
  • to prepare periodic projections for the balance of payments in cooperation with the Department of Statistics;
  • to cooperate with the Office of the NBP President by providing input into annual reports on NBP operations on the issues related to monetary policy;
  • international cooperation, including representing NBP on international forums and in international organisations whose remits correspond with the competences of the Economic Analysis and Research Department, such as the ESCB committees and working groups;
  • to disseminate the results of studies conducted by the department, including editing – in cooperation with the Education and Publishing Department – the series of publications ”Materiały i Studia” / NBP Working Papers.

NBP interest rates

Reference rate 5.25
Lombard rate 5.75
Deposit rate 4.75
Rediscount rate 5.30
Discount rate 5.35

Exchange rates

Table of 2022-05-17
1 EUR4.6558
1 USD4.4379
1 CHF4.4542
1 GBP5.5377
100 JPY3.4307

Economic outlook

Monthly data

Quarterly data

Financial markets



Narodowy Bank Polski
Świętokrzyska 11/21
00-919 Warszawa

+48 22 185 10 00
NIP: 525-000-81-98
REGON: 000002223
This site uses cookies to ensure its more efficient operation.
To find out more about the cookie technology, please click here: NBP Privacy Policy »
In order to browse through the content, it is necessary to accept cookies from this site Accept