Schedule of open market operations to be conducted by Narodowy Bank Polski in May 2021

Bearing in mind the objectives set out by the Monetary Policy Council, in May 2021 Narodowy Bank Polski is planning to carry out the following types of open market operations:

  1. Main operations in the form of issuance of 7-day NBP bills, settled at T+0, will be carried out on: 7, 14, 21 and 28 May 2021.
  2. Structural operations, involving the purchase of debt securities, will be carried out as follows:
    • on 12 May 2021 and settled on 14 May 2021 (i.e. at T+2),
    • on 26 May 2021 and settled on 28 May 2021 r. (i.e. at T+2).
    NBP reserves the possibility to introduce changes to the schedule of structural operations in May 2021 involving, among other things, the conduct of additional structural operations. In each case, market participants will be duly informed by the central bank.

    At the tender NBP will accept offers at prices quoted by the tender participants. NBP reserves the right to reject some or all of the offers submitted by the banks.
  3. Liquidity providing fine-tuning repo operations will be carried out if NBP considers that conditions in the interbank market require the use of this monetary policy instrument. The maturity of this instrument will be adjusted to the prevailing market conditions.

    The list of collateral for fine-tuning repo operations is available on the NBP website in the section:

Fine-tuning and structural operations will be carried out with the banks that have access to main open market operations.

By the end of May 2021, NBP will publish the schedule of open market operations to be carried out in June 2021.