Best Practice for the Monetary Policy Council members’ contacts with investors and financial analysts at Narodowy Bank Polski

In order to harmonise the principles and procedure for the Monetary Policy Council (MPC) members’ contacts with investors and financial analysts it is determined as follows:

  1. Invitations to meetings or requests from  investors and financial analysts for meetings with members of the MPC, hereinafter referred to as “meetings”, shall only be sent indicating Narodowy Bank Polski as the addressee of such correspondence, in an electronic form, by e-mail to:, at least 5 days before the proposed date of the meeting.
  2. The invitation or request referred to in Section 1 shall state by name the participants in the meeting on the side initiating the meeting, the member(s) of the MPC invited, the subject matter of the meeting and a proposal of the issues to be discussed. Where the invited member(s) is (are) not indicated, the invitation shall contain the other elements mentioned above.
  3. The subject matter of the meetings and the issues discussed may not raise concerns of disclosure of information of which the MPC members have become aware while performing their duties, including the information covered by banking secrecy under the Act of 29 August 1997 – Banking Law, information protected under the regulations on the protection of classified information as well as other information protected by law.
  4. The dates of the meetings may not interfere with the agreed schedule of the MPC meetings.
  5. The Chairperson of the MPC grants or refuses permission for an MPC member’s participation in the meeting, particularly where the subject matter of the meeting may raise reasonable concern of disclosure of information protected by law.
  6. In addition to the invited member(s) of the MPC, the meeting shall also attended by a member or members of the MPC agreed with the MPC Chairperson.
  7. At the meetings, MPC members shall speak on their own behalf, in the spirit of collegiality, and shall not communicate the course of the MPC meetings or voting results as well as the adopted resolutions prior to their announcement in the official journal.
  8. MPC members shall refrain from describing their personal views on monetary policy while meeting investors and financial analysts if these could profit financially from acquiring such information unless those views have already been expressed in their public communications.
  9. The meetings shall be serviced by the General Department, which shall inform the members of the date of the meeting. A memo shall be taken of the meeting by a member of the General Department designated to handle the meeting in question.
  10. The General Department maintains a register of meetings of the MPC members with investors and analysts, comprising in particular the details of the entity initiating the meeting, details of the attendees, the date of the meeting, a printout of the correspondence referred to in section 1, the position of the Chairperson referred to in section 5 and the memo referred to in section 9.
  11. appended to protocol  No. 11/2021 of 6 October 2021, shall be repealed.