Events 2014

2 representatives from the Central Bank of Bosnia and Herzegovina (CBBH) participated in a study visit to the Financial Transactions Settlement Department, Foreign Exchange Department and Financial Risk Management Department, held between 15 and 17 of December 2014.

During the visit our guests had the opportunity to familiarize themselves with issues relat-ed to front and back office, such as: foreign reserves management at NBP, instruments and practical aspects of active portfolio management, financial risk management, strategic asset allocation, correspondent banking, accounting records of foreign exchange. The representatives of CBBH paid also a practical visit to the back office.

Narodowy Bank Polski would like to thank our guests for active participation and all NBP experts for their contribution.

The NBP workshop on Basic Analysis of Statistical Time Series organized by the International Department and Department of Statistics took place on 2-4 December 2014 in the NBP Head Office. 11 representatives from 7 central banks took part in practical sessions conducted by Ms Natalia Nehrebecka, an economic expert from Department of Statistics. The workshop drew upon the con-cepts and tools used in time series analysis and forecasting, such as: identifying pat-terns in time series data, univariate time series – modelling and forecasting, model-ling volatility (financial data). The following topics, illustrated with case studies based on statistical data analyzed in NBP were practiced on the software provided for this event.

The workshop on Monetary Policy Operational Framework Development organized by the Domestic Operations Department in cooperation with the International Department took place on 17-19 November 2014 at NBP Headquarters in Warsaw.

18 representatives from central banks took part in the event conducted by the experts from the Domestic Operations Department and the Economic Institute.

The event drew upon the issues of the monetary policy strategy of NBP, liquidity position of the banking sector and its development in Poland, development of monetary policy operational framework of NBP, managing banking sector liquidity, standing facilities and intra-day credit, minimum reserves system in Poland. Participants had also an opportunity to familiarize themselves with NBP monetary policy implementation during the financial crisis, Polish unsecured interbank depo market and operational target of the monetary policy.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

The NBP seminar on The fight against money laundering and financing of terrorism, organized by the Accounting and Finance Department in cooperation with the International Department, took place on 4-6 November 2014 at NBP Headquarters in Warsaw.

18 representatives from 11 central banks took part in the event conducted by experts from NBP Accounting and Finance Department, Domestic Operations Department and the following institutions: the Ministry of Finance, the Polish Financial Supervision Authority and one of the Polish commercial bank.

The event drew upon the issues of the fight against money laundering and financing of terrorism such as: functions of the Polish Financial Intelligence Unit, the role of the commercial bank in the anti-money laundering system, the revised FATF Standards, supervision of currency exchange operators activities on basis of Act on anti-money laundering and combating the financing of terrorism, the role of financial market supervisor in the fight against money laundering.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

11 representatives from the Bank of Mongolia participated in a study visit to the Cash and Issue Department and the NBP Regional Branch in Poznań, held between 3 and 7 of November 2014.

The topics discussed during the study visit concerned mainly the role of Narodowy Bank Polski in cash management and planning and organization of the Polish currency notes as well as the coins production.

The participants of the visit had an opportunity to familiarize themselves with theory and practice of sorting, storing, securing and transporting currency, as well as supplying commercial banks with cash. The delegates also had the opportunity to be introduced with the transfer of the cash from sorting places to the vault.

In addition, in connection with the Independence Day, Mr Waldemar Szostak, Director of the NBP Regional Branch in Poznań guided visitors through the exhibition entitled the Polish Legions.

The seminar on Cash Circulation, Production of Banknotes and Coins, Money Counterfeiting organized by the Cash and Issue Department in cooperation with the Mint of Poland, the Polish Security Printing Works and the International Department, took place on 28-30 October 2014 at the NBP Head Office in Warsaw.

25 representatives from 15 central banks (Azerbaijan, Belarus, Egypt, Jordan, Kazakhstan, Kenya, Korea, Kyrgyz Republic, Macedonia, Moldova, Mongolia, Russian Federation, Serbia, Tajikistan, Turkey) took part in the event conducted by the experts from these three institutions dealing with planning and issuing banknotes and coins.

The participants had a chance to listen to the experts presentations on such issues as: the role of Narodowy Bank Polski in cash management, stages of designing collector coins, money counterfeiting in Poland, the most innovative technologies in minting and decorating of commemorative coins. In addition, the second day of the seminar was dedicated to study visits to the Polish Security Printing Works and the Mint of Poland.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

Representatives from the Central Bank of the Russian Federation: Ms Anna Krupkina, Ms Irina Marusenkova, Mr Yury Popov and Mr Kirill Kudriashov paid a study visit to the Economic Institute of Narodowy Bank Polski (NBP) between 22nd and 23th of October 2014.

During the visit our guests had the opportunity to familiarize themselves with issues related to inflation targeting: framework and recent developments, analysis of inflation expectations on the basis of survey data.

NBP would like to thank our guest for active participation and all experts for their contribution.

The seminar on Legal aspects of central bank’s tasks organized by the Legal Department in cooperation with the International Department took place on 21-23 October 2014 at the NBP Training Centre in Starawieś.

18 representatives from 13 central banks (Armenia, Belarus, Kazakhstan, Kenia, Kosovo, Kyrgyz Republic, Macedonia, Moldova, Mongolia, Montenegro, Serbia, Tunisia, Turkey) took part in the event conducted by the experts from the NBP Legal Department, Bank for International Settlements, European Central Bank and European Commission.

Our guests had the opportunity to familiarize themselves with such topics as: current situation in the EU banking sector, the central bank’s and BIS’s role and tasks after the crisis, legal framework for the Single Supervisory Mechanism, general framework of the Banking Union and legal aspects of the NBP relations with other institutions.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

Ten students of the Banking University at the National Bank of Ukraine paid a study visit to Narodowy Bank Polski between 13 and 17 October 2014.

During the very intense meetings conducted by NBP experts from the Office of the President, Payment System Department, Department of Statistics, Economic Institute, Domestic Operations Department, Accounting and Finance Department, Education and Publishing Department, Public Relations and Marketing Department, Financial Stability Department and Foreign Exchange Department. The participants had an opportunity to get acquainted with the organization and main tasks of the above mentioned Departments.

Apart from that the participants had meetings with the following institutions: Bank Gospodarstwa Krajowego (Poland’s only state-owned bank), Polish Financial Supervisory Authority, Warsaw Stock Exchange and one of commercial banks.

Narodowy Bank Polski would like to thank participants for their active participation.

The workshop on “Management of telecommunications security and information protection at Narodowy Bank Polski. Technical and organizational solutions” organized by the Security Department in cooperation with the International Department took place on 6-8 October 2014 at the NBP Head Office in Warsaw.

19 representatives from 12 central banks (Azerbaijan, Belarus, Kazakhstan, Kosovo, Kyrgyz Republic, Macedonia, Moldova, Mongolia, Montenegro, Russia, South Korea, Tunisia) took part in the event conducted by the experts from the NBP Security Department.

The event drew upon such issues as security policies, organization of personal data protection, technological solutions supporting IT security, methodology of conducting penetration tests, Public Key Infrastructure in NBP. Furthermore, the workshop participants had an opportunity to familiarize themselves with the topic of phishing and other cyber threats. They also paid a visit to the server room in the NBP Head Office.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

The NBP workshop on Audit of the foreign exchange reserve management – selected issues organized by the International Department and Internal Audit Department took place on 30 September – 2 October 2014. 12 representatives from 7 central banks participated in practical meetings conducted by the NBP’s experts from the Financial Risk Management Department, the Financial Transactions Settlement Department, the Foreign Exchange Department and Internal Audit Department.The event was a platform to discuss the following issues: procedure and principals for making decisions on funds included in foreign exchange reserves, financial risk monitoring and methods of risk mitigation, nostro accounts liquidity management, IT systems used to manage foreign exchange reserves.

Narodowy Bank Polski would like to thank all guests for active participation and NBP experts for their valuable contribution.

The workshop on Advanced Financial Risk Management Methods organized by the Financial Risk Management Department in cooperation with the International Department, took place on 23-25 September 2014 at the NBP Head Office in Warsaw.

11 representatives from 8 central banks (Egypt, Jordan, Kyrgyz Republic, Lebanon, Moldova, Russian Federation, Serbia, Turkey) took part in the event conducted by the experts from the Financial Risk Management Department, headed by Ms Ewa Szafarczyk – Director of the Department.

The workshop was a platform to discuss such topics as: optimization techniques supporting strategic asset allocation, credit risk management, foreign reserves management at NBP, recent trends in reserves management. Apart from referring to the theoretical aspects of financial risk management methods, the workshop participants had also an opportunity to participate in an investment game.

Narodowy Bank Polski would like to thank all guests for active participation and NBP experts for their valuable contribution.

The seminar on Payment Systems and Non-Cash Transactions organized by the Payment Systems Department in cooperation with the International Department took place on 15-17 September 2014 at the NBP Head Office in Warsaw.

24 representatives from 16 central banks (Albania, Belarus, Egypt, Indonesia, Jordan, Kazakhstan, Kyrgyz Republic, Macedonia, Moldova, Mongolia, Montenegro, Russia, Tajikistan, Tunisia, Turkey and Ukraine) took part in the event conducted by the experts from Payment systems Department.

The event drew upon the issues of theoretical and practical aspects of the payment systems and non-cash transactions in the context of the NBP’s experience. Our guests had the opportunity to familiarize themselves with such topics as: law governing the Polish payment system, large value payment systems, retail payments via national clearing house, payment cards market in Poland, innovations – new payment services and instruments, payment system oversight, selected studies and analyses conducted by the Payment Systems Department.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

The seminar on HR management issues organized by the Personnel Department in cooperation with the International Department took place on 9-11 September 2014 at the NBP Head Office in Warsaw.

21 representatives from 14 central banks (Albania, Armenia, Jordan, Montenegro, Kazakhstan, Kyrgyz Republic, Moldova, Mongolia, Russia, Tajikistan, Tunisia, Turkey, Turkmenistan and Ukraine) took part in the event conducted by the experts from Personnel Department.

The event drew upon the issues of theoretical and practical aspects of the HR issues. Our guests had the opportunity to familiarize themselves with such topics as: the organisational structure of the Personnel Department, employment structure of NBP, employee remuneration system, IT systems used to support HR management, periodic performance appraisal at NBP, NBP Managerial Staff Development Programme. Moreover, during the first day of the event, participants had also an opportunity to work in groups on a given case study.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

12 representatives from 5 central banks paid a study visit to the Security Department of Narodowy Bank Polski (NBP) between 20^th and 22^th of August 2014.

During the visit our guests had the opportunity to familiarize themselves with issues related to security in the central bank, such as: the information protection system, physical security of NBP buildings and transport of banknotes and coins, organization of personal data protection in Narodowy Bank Polski, air transport of banknotes and coins within ESBC.

Narodowy Bank Polski would like to thank our guests for active participation and all NBP experts for their contribution.

Representatives from the Central Bank of Montenegro: Ms Zdenka Bosković, Ms Dubravka Gospić and Ms Valentina Ivanović paid a study visit to the Accounting and Finance Department and Controlling Department of Narodowy Bank Polski (NBP) between 25^th and 27^th of June 2014.

During the visit our guests had the opportunity to familiarize themselves with issues related to accounting, controlling and financial reporting in Narodowy Bank Polski.

Narodowy Bank Polski would like to thank our guest for active participation and all NBP experts for their contribution.

The National Bank of the Republic of Macedonia representative, Ms Vesna Kondratenko, paid a study visit to the Operational Risk and Compliance Department of Narodowy Bank Polski (NBP) between 16th and 18th of June 2014.

During the visit our guest had the opportunity to familiarize herself with various aspects of operational risk management and software used for its purposes.

Narodowy Bank Polski would like to thank our guest for active participation and all NBP experts for their contribution.

The workshop on Seasonal Adjustment of Economic Time Series with JDemetra+ organized by the Department of Statistics in cooperation with the International Department, took place on 10-12 June 2014 at the NBP Head Office in Warsaw.

11 representatives from 7 central banks (Belarus, Indonesia, Moldova, Tunisia, Turkey, Ukraine) took part in the event conducted by Ms Sylwia Grudkowska – Economic Expert from the NBP Department of Statistics.

The workshop, conducted in English with simultaneous translation into Russian, was a platform to discuss the theoretical concepts of seasonal adjustment like seasonality and its determinants, Auto Regressive Integrated Moving Average (ARIMA) modelling, calendar effects and outliers. It focused on the on two most commonly used seasonal adjustment methods, i.e. TRAMO/SEATS, X-12-ARIMA/X-13ARIMA-SEATS and includes useful practical recommendations. The workshop aimed to introduce the participants to the main features of the state-of-the-art seasonal adjustment software, namely JDemetra+, and to enable them to take advantage of this tool in a daily work.

We would like to thank all the participants for their active participation.

Representatives from the Central Bank of Nigeria: Mr Ibrahim Usman Dan-Bauchi, Mr Ashiru Aliyu Mohammed, Mr Ahmad Bashir Ibrahim, Mr Sobande Olufunso Oladipo and Mr Paul Ojeikere participated in the study visit to Narodowy Bank Polski Foreign Exchange Department on 8 – 9 May 2014.

During the visit our guests discussed on Management System of Foreign Exchange Resererves Wallstreet Suite.

We would like to thank our guests for their participation and all NBP experts for their contribution.

Two representatives from the Central Bank of Tunisia (CBT), Mr Mohamed Salim Mouha, Deputy Director of Analyses and Short-Term Forecasts Department and Mr Mehdi Bhoury, Head of Monetary and Business Analyses Division visited the Economic Institute and Regional NBP Branch Łódź on 14-18 April 2014. In Łódź our guests had an opportunity to discuss subjects regarding short-term inflation forecasting using Dynamic Factor Models and estimation of the New Keynesian Phillips curve. The social programme of the visit contained a short sightseeing tour at the NBP premises, Museum of the Factory and Izrael Poznanski Palace. Then, our guests moved to Warsaw and at the NBP Head Office continued studying using of Dynamic Factor Models for short-term GDP forecasting (lectures and practical exercises). Mr Bhoury and Mr Mouha were also interested in the NBP’s experience concerning Survey of Professional Forecasters and particularities of our approach. Together with the Economic Institute experts they drafted a questionnaire which could be used by the CBT. As a final point our guests presented current economic situation and monetary policy issues in Tunisia. They had an opportunity to discuss the most relevant problems of Tunisian economy with Mr Ryszard Kokoszyczynski, Deputy Director of the Economic Institute.

Ms Olga Laguteeva, Adviser in the International Cooperation & Public Communications Department participated in the study visit at the Public Relations & Marketing Depart-ment and Education & Publishing Department between 5-7 April 2014. During just a few days stay the delegate had the opportunity not only to be introduced with the organiza-tion of the NBP Open Days but also actively participated in it. On the last day of the visit our guests visited the newly created Money Museum.

Representatives from 4 central banks participated in the workshop on “Advanced Econometrics: Introduction to Bayesian Econometrics” organized by the Economic Institute in cooperation with the International Department.

The workshop was held in the NBP headquarters in Warsaw on 1-2 April, 2014. The workshop, designed for central banks economists, included lectures on such topics as: Bayesian approach to inference, posterior inference in linear regression model, numerical methods in Bayesian inference, Bayesian Vector AutoRegression (BVAR) model: Minnesota prior, BVAR model: Normal-Wishart prior, SBVAR and Bayesian estimation of DSGE model.

Narodowy Bank Polski would like to thank all guests for active participation and NBP experts for their valuable contribution.

Four representatives from the National Bank of Ukraine paid a study visit in the Information Technology and Telecommunications Department between 18-20 March 2014.

The topics discussed during the visit concerned mainly: IT department organization structure and management process, NBP own development and outsourcing, project management methodology, services level agreements, Help Desk system and organization structure, virtualization of UNIX and WINDOWS servers, client support process, Matrix virtualization.

Apart from that the NBU representatives had also meeting with Polish Financial Supervisory Authority (PFSA) regarding issues connected with development of automated banking supervision system.

We would like to thank our guests for their participation and all NBP and PFSA experts for their contribution.

Eight representatives from 6 central banks participated in the workshop on Introduction to DSGE Modelling at Central Banks organized by the Economic Institute in cooperation with the International Department. The workshop was held in the NBP headquarters in Warsaw on 24-26 March, 2014. The workshop, designed for central banks economists, included both lectures and practical sessions (with usage of MATLAB and Dynare) on such topics as: extracting cyclical information, business cycle facts, basic RBC model, log-linearization, solving and simulating DSGE models, introduction to Dynare, simulating and estimating DSGE models in Dynare, DSGE models for economy policy: the New Keynesian setup.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

The seminar on International Capital Flows – Challenges for Central Banks and Supervisory Agencies was organized by Narodowy Bank Polski (NBP) in cooperation with Česká národní banka (ČNB) for the first time. The seminar took place on 11-13th March 2014 at NBP Head Office in Warsaw.

12 representatives from 7 central banks (Albania, Egypt, Kazakhstan, Mongolia, Serbia, Turkey and Ukraine) took part in the event conducted by the experts from Domestic Operations Department, Economic Institute, Financial System Department, Office of the President (NBP), Monetary and Statistics Department (ČNB) as well as from the Warsaw School of Economics and Polish Financial Supervision Authority.

The event drew upon the issues of the international capital flows – challenges and policy responses, capital flows liberalization as a part of the transition process, Poland’s experience in dealing with capital liberalization, managing the financial sector stability in Poland during the global financial crisis 2008-11, evolution of the financial system in Poland in the context of international capital flows, international portfolio capital flows monitoring (NBP example). Moreover, our guests had the opportunity to familiarize themselves with the topic of real convergence and macrofinancial developments, central bank FX revaluation losses and their implications, as well as foreign financing of the banking sector in Poland.

Narodowy Bank Polski would like to thank all guests for active participation and all experts for their valuable contribution.

Five representatives from the National Bank of Ukraine and Mr Wim Fonteyne, Resident Project Manager and Advisor, IMF paid a study visit in the Financial Stability Department, Economic Institute and Domestic Operations Department between 28-29 January 2014.

The topics discussed during the visit concerned mainly:

• – the analysis of FX market developments
• – real estate market analysis
• – use of bank surveys to investigate credit market developments

In order to enhance effectiveness of the coordination of analytical work at the NBU in the areas of monetary policy and financial stability, the visit contained also a discussion of the monetary policy framework in Poland and differences in analyses conducted by NBP for the purposes of monetary policy and financial stability.

We would like to thank our guests for their participation and all NBP experts for their contribution.

The Central Bank of Armenia representative paid a study visit to the Economic Institute and the International Department of Narodowy Bank Polski (NBP) between 28th and 30th of January 2014.

During the visit our guest had the opportunity to familiarize himself with such statistical surveys conducted by NBP as monitoring and analysis of the real estate sector, corporate and banking sector analysis, labour market analysis as well as qualitative measures of competitiveness.

Narodowy Bank Polski would like to thank our guest for active participation and all NBP experts for their contribution.