Issue of currencyNarodowy Bank Polski has the sole right to issue the currency of the Republic of Poland
Narodowy Bank Polski has the sole right to issue the currency of the Republic of Poland
Narodowy Bank Polski has the sole right to issue the currency of the Republic of Poland. This means that it is the only institution entitled to introduce zloty and grosz notes and coin into circulation as legal tender on the territory of Poland. These notes and coins have a statutory power of settling all liabilities and no one can refuse to accept them as payment.
The currency issued by NBP consists of notes and coin. The coins fall into two categories: coins for general circulation and collector’s coins, which are minted in small numbers. New notes and coin are introduced pursuant to a regulation of the Governor of Narodowy Bank Polski published in the Monitor Polski. The regulation stipulates the date of introduction into circulation and the amount issued, as well as the design and face value of notes and coin and also alloy, fineness and mass in the case of coins.
NBP is also responsible for withdrawing individual notes and coin from circulation. This occurs pursuant to a regulation of the Governor of Narodowy Bank Polski published in the Monitor Polski, which specifies the type of note or coin, the date of its withdrawal from circulation and the principles of exchanging it at indicated banks.
Narodowy Bank Polski also sets out the principles for replacing worn and damaged notes and coin, as well as removing counterfeit currency from circulation. Worn and damaged notes and coin cease to be legal tender and are eligible for exchange. Counterfeit notes and coin are confiscated without compensation.
In the future, when the euro becomes legal tender in Poland, the European Central Bank will be the issuer of notes while NBP will remain the issuer of coins.