National Bank of Poland explained

National Bank of Poland
Native Name:Narodowy Bank Polski
Image 1:Narodowy Bank Polski logo and wordmark (2021) v2.svg
Image Title 1:Official logo
Ownership:100% state ownership[1]
Headquarters:Warsaw, Poland
Established:1945
President:Adam Glapiński
Bank Of:Poland
Currency:Polish złoty (zł)
Currency Iso:PLN
Reserves:$162.7 billion (May 2021)[2]
Preceded:Bank of Issue in Poland

The Narodowy Bank Polski (pronounced as /pl/; the National Bank of Poland), often abbreviated to NBP, is the central bank of Poland, founded in 1945. It controls the issuing of Poland's currency, the Polish złoty. The bank is headquartered in Warsaw, and has branches in 16 major Polish cities. The NBP represents Poland in the European System of Central Banks, an EU organization. The bank doesn't translate its name to English and uses its Polish name in all English communications.

History

Although the bank has existed under its current name since 1945,[3] it claims the legacy of two previous central banks, both named Bank of Poland (Polish: Bank Polski). The First Bank of Poland was founded in Warsaw in 1828 by Prince Franciszek Ksawery Drucki-Lubecki under the government of the Kingdom of Poland. The Second Bank of Poland, founded in 1924, was the central bank of the Second Polish Republic.

During the Second World War the gold reserves of Poland were transferred to Romania, Great Britain and Canada. In November 1946, following the cancellation of Poland's wartime debt, the larger part of prewar gold reserves were returned to new communist authorities. In 1947, the gold deposited in Romania in 1939 was returned, while the former Bank of Poland itself was closed down and finally in 1952 absorbed by the newly created Narodowy Bank Polski.

The latter was one of two banks allowed to operate in Poland's postwar planned economy. It had a monopoly for currency, credits and accumulation of savings. The other bank, PKO Bank Polski, was responsible for private accounts. After the fall of the communist system in 1989, the market economy was reintroduced and the NBP limited its functions to currency control and supervision of other, privately controlled banks.

Structure

The structure and functioning of the Narodowy Bank Polski are regulated by article 227[4] of the Constitution of Poland of 1997 and the Narodowy Bank Polski Act[5] of the same year.[6] The President of the NBP is appointed by the Sejm, at the request of the President of the Republic of Poland, for a term of six years. The NBP President is responsible for the organisation and functioning of the Polish's central bank. The same person cannot serve as President of the NBP for more than two terms of office. Apart from his function as the superior of the NBP staff, he is also the chairman of the Monetary Policy Council, the NBP Management Board and the Commission for Banking Supervision. He is also responsible for representing Poland in international banking and financial institutions.

In 2019, the average employment at the National Bank of Poland on full-time amounts was 3312 people.[7]

List of presidents of the NBP

Awards

See also

External links

52.2364°N 21.0147°W

Notes and References

  1. Web site: Weidner . Jan . The Organisation and Structure of Central Banks . Katalog der Deutschen Nationalbibliothek. 2017.
  2. Web site: Narodowy Bank Polski – Internetowy Serwis Informacyjny. nbp.pl . 4 November 2021.
  3. Web site: The history of central banking in Poland. 22 September 2014. Narodowy Bank Polski. 11 April 2016.
  4. Art. 227 Konstytucji Rzeczypospolitej Polskiej z dnia 2 kwietnia 1997 r. (Dz.U. z 1997 r. nr 78, poz. 483).
  5. POWOŁANIE I ODWOŁANIE PREZESA NARODOWEGO BANKU POLSKIEGO W KONSTYTUCJI RZECZYPOSPOLITEJ POLSKIEJ I USTAWIE O NARODOWYM BANKU POLSKIM. Piotr Stanisławiszyn. Ekonomia I Prawo. 7. 2011-12-31. 1898-2255. 10.12775/eip.2011.009. free.
  6. Web site: Organizacja NBP. 29 August 1997. pl. Ustawa o Narodowym Banku Polskim. Narodowy Bank Polski. 18 April 2013.
  7. Web site: Sprawozdanie z działalności Narodowego Banku Polskiego w 2019 roku. Druk nr 394. sejm.gov.pl. 10. 28 May 2020. 2020-08-30.
  8. Web site: Najbardziej inspirująca moneta na świecie. Portal Taxfin. 2011-02-08. 2020-10-13.
  9. Web site: Polska moneta wygrała prestiżowy konkurs. Onet Biznes. 2012-12-07. 2020-10-13.
  10. Web site: Polska moneta zachwyciła świat. Co upamiętnia?. 12 November 2015. www.tvp.info. 2020-10-13.
  11. Web site: Sukces NBP i PWPW. Polski banknot z prestiżową nagrodą. Biznes Wprost. 2017-05-16. 2020-10-13.
  12. Web site: NBP nagrodzony za wspieranie przedsiębiorców. wgospodarce.pl. 2020-10-13.