Award confirming the efficiency of the protection of the value of the Polish currency

Narodowy Bank Polski is pleased to announce that it has won an award confirming the efficiency of the protection of the value of the Polish currency and currency management by Narodowy Bank Polski – Central Banking ‘Currency Manager’ Award. The award was granted for currency management in the face of the Russian aggression against Ukraine. NBP and the NBU were recognised for their decisive and rapid response.

Professor Adam Glapiński, the Governor of NBP, commented the granting of the award: “On behalf of Narodowy Bank Polski, which I am honoured to govern, I would like to express our joy that the latest edition of the Central Banking ‘Currency Manager’ Award has been granted jointly to two closely cooperating central banks – Narodowy Bank Polski and the National Bank of Ukraine. The award confirms the efficiency of the protection of the value of Polish currency and currency management by Narodowy Bank Polski.

“Even though the cooperation between our banks has continued for decades, it acquired a special character and importance in the face of Russia’s bestial attack on Ukraine, which caused, among other things, high inflation, disruptions to financial flows as well as a huge influx of refugees from Ukraine, of whom around 1.5 million still find shelter in Poland.

“In response to the crisis caused by the Russian aggression, Narodowy Bank Polski undertook numerous aid measures helping Ukrainian citizens through supporting Ukraine’s central bank in maintaining the continuity of the country’s financial system, such as the swap line for the currency pair USD/UAH up to USD 1 billion, in-kind support, putting the subject of backing Ukraine onto the agenda of international institutions, and last but not least, offering Ukrainian citizens fleeing the war the possibility to exchange currency from hryvnia to zloty. Thanks to this initiative, from 25 March to 9 September 2022 over 100,000 Ukrainian citizens were able to exchange currency in hryvnias into zlotys, obtaining the means to meet their basic needs during Ukraine’s hardest moments. This unprecedented assistance operation set an example for other European countries.“We are very glad that the jury acknowledged NBP’s initiative by granting the Central Banking ‘Currency Manager’ Award – we acted in the spirit of solidarity with our neighbour and care of the macroeconomic stability in the region. While admiring our Ukrainian friends’ heroic attitude in the face of war and standing ready to offer further assistance, Narodowy Bank Polski is looking forward to the times of peace that will come – let us all hope – after the speedy victory of Ukraine.”

More information about Narodowy Bank Polski’s programme for Ukraine can be found at: https://nbp.pl/en/kategoria/news/nbp-stands-with-ukraine/

Central Banking Awards

The Central Banking Awards recognise excellence in a community that had faced significant policy and operational challenges amid heightened inflationary pressures, rapid technological change and environmental transition. Many institutions have also made significant improvements in their governance, operations, communications, economics, currency, reserves and market infrastructure capabilities.

In 2023 the Central Banking Awards were awarded for the tenth time. 

Currency manager: National Bank of Poland – National Bank of Ukraine