Changes taking place in the proven central banking model in Poland

Abstract

Objectives The purpose of the analysis is to examine the changes taking place in the proven central banking model in Poland in terms of law and in terms of changing the level of security for financial market stability in Poland, in particular the banking sector in Poland. Material and methods Research methods used in the article are characteristic for social sciences: from typically legal methods, such as analysis of legal regulations and doctrines, which make up a full understanding of law, through analysis of financial data published by financial institutions, up to analysis of press statements to show the latest legal and factual status. Legal-dogmatic methods and data analysis were supported by the descriptive method, which contributed to the conclusions summarizing the study. The author based on current, official data published on institutions’ websites. Results The results obtained lead us to know much better about functioning banking system in Poland and the position of the National Bank of Poland. Conclusions Between 1989–1992 Poland underwent a transformation from a monobank to a free market with an independent central bank. The rules for managing the NBP foreign exchange reserves are an extremely important issue. Public information indicates that actual changes have been made to the management of reserves by importing foreign exchange reserves in gold to Poland. The analysis of the purposefulness and possible reasons for the change in the approach to foreign exchange reserves in Poland will be undertaken in a separate publication.

Keywords

• national bank of poland
• inflation target
• banking system
• nbp interest rates
• law