Poland: Banking System

Banking System

The Central Bank of Poland is Narodowy Bank Polski, or the National Bank of Poland, which is regulated under the 1997 Constitution, and the National Bank of Poland Act 1997. The NBP is responsible for the issuing of the Polish currency, the zloty (PLN), and matters relating thereto, including preparation for the adoption of the euro (EUR), which the government hopes will take place in 2012. However, this will require various changes, including to the Polish constitution, and so is thought to be an ambitious target

The zloty is a fully convertible currency, and foreign exchange and domestic currency accounts can be held by Polish residents domestically and abroad (within the EU, EEA and OECD - approval from the NBP is required for such accounts in other countries). However, quarterly balance reports are a requirement for all overseas accounts, and for businesses and individuals undertaking the majority of currency-related transactions.

Other key, and complementary, activities undertaken by the NBP include maintaining the stability of the financial system, managing the official reserves, and monetary policy matters (under the oversight of the Monetary Policy Council, which is one of the directing bodies of the Central Bank).

Supervision of the banking sector, meanwhile, is the responsibility of the Commission for Banking Supervision, an autonomous body within the NBP.

Commercial banks are estimated to hold in the region of 95% of the country's banking sector assets, with cooperative banks holding the remainder.

Further information on Poland:

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• The Economy
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• Banking System