About the NBP: Structure
Foreign Exchange Department
Director: Donald Malicki
The Foreign Exchange Department performs tasks related to the management of the official foreign exchange reserves on the basis of periodic investment strategies and priorities established by the Management Board of NBP.
The process of the foreign exchange reserves management includes analyses of the situation on financial markets, monitoring of risks, mainly the market risk (exchange rate and interest rate risks) and credit risk, as well as liquidity management with the parameters of currency and investment structure. This forms the basis for performing foreign exchange operations on international financial markets.
The foreign exchange reserves consist of foreign liquid assets held and fully controlled by NBP. They secure potential operations of the balance of payments, guarantee full convertibility of the zloty, can be used for interventions on the Polish currency market, and serve as a measure of Poland's creditworthiness worldwide.
Other key tasks of the Department include setting exchange rates of the zloty against foreign currencies (excluding the euro exchange rates set by the Domestic Operations Department), of units of account and settlement units as well as foreign exchange.
In its cooperation with banks and financial institutions at home and abroad the Foreign Exchange Department uses global information, IT and telecommunication systems such as Reuters, Bloomberg and SWIFT.