Central Bank Independence in Transition Economies

8D. Banking Supervision and Exchange Rate Policy 

The Bank sets the official exchange rate (Art. 4) and supervises commercial 

banks (Art. 10). 

 

9. Poland

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The National Bank of Poland, originally founded in 1828, was re-established as a 

genuine Central Bank in January 1989, when the new Law on the National Bank was 

passed by the Parliament. In February 1992 an amendment to the law was adopted. 

9A. Governing Bodies and Financial Management 

The Bank is managed by the Governor, appointed by the Parliament on the 

recommendation of the President of the Republic for six years period (fixed term of 

office was adopted in the 1992 amendment). The Governor can be dismissed by the 

Parliament on his own request, in case of criminal offence, inability to perform his 

duties for more than three months and prohibition by the State Tribunal to hold a 

managerial position (provisions for dismissal introduced by the amendment of 1992). 

The Governor may not hold his position for more than two consecutive terms of office. 

The Parliament, by resolution, can bring the Governor to justice for a violation of the 

Constitution. In this case the Governor is suspended in his duties. The Board of the 

Bank, which has limited authority, consists of the Governor, Deputy Governor, Vice-

Governors and other members. The Deputy Governor and the Vice-Governors are 

nominated by the President of the Republic on the recommendation of the Governor. 

Other members of the Board are appointed by the Governor. Salaries of the Boards' 

members are set according to the law on the State officials' salaries (Art. 49, 51). The 

Bank manages its finances in accordance with the State's socio-economic policy 

passed by the Parliament (Art. 73). 

                                              

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 Source: Law on the National Bank of Poland (31 January, 1989) with amendments (February 

14, 1992). 

Other sources: Baka, W. (1995), On the Question of Central Bank Independence, Faculty of 

Economic Sciences, University of Warsaw, Economic Discussion Papers No. 10

  

Handbook of Central Banks in Central and Eastern Europe, BIS  1995.  

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