Governing bodies of Narodowy Bank Polski

The governing bodies of Narodowy Bank Polski are the Governor of NBP, the Monetary Policy Council and the Management Board of NBP.

The Governor of NBP is appointed for a six-year term by the Sejm (the lower chamber of the Polish Parliament) at the request of the President of the Republic of Poland. He/she is the chairperson of the Monetary Policy Council and the Management Board of NBP.

The Monetary Policy Council is chaired by the Governor of NBP and includes nine other members, appointed in equal numbers by the President of the Republic of Poland, the Sejm and the Senate. Every year, the Monetary Policy Council determines monetary policy guidelines and the basic principles of their implementation. The Council sets the level of basic interest rates and determines the principles of open market operations as well as the principles and procedure of calculating and maintaining required reserves. The Council also approves the financial plan of the central bank and the report on NBP activities.

The Management Board directs NBP activities. Its basic task is the implementation of resolutions of the Monetary Policy Council, adoption and implementation of the NBP plan of activities, the execution of the financial plan approved by the Council and the performance of tasks related to the exchange rate policy and the payment system.

See also