Central Bank Independence in Transition Economies

W. Maliszewski 

CASE Foundation 

46

9B. Objectives, Formulation of Monetary Policy and Relations with other 

State Institutions 

The main tasks of the Bank is to strengthen the Polish currency and to co-operate 

in carrying out the Government economic policy (Art. 5). The Bank co-operates with 

other State institutions in formulating and implementing economic policy (Art. 16). 

According to the amendment of December 1992, the NBP formulates monetary policy 

in accordance with the acts and resolutions of the Parliament (Art. 6). Each year the 

Governor submits to the Parliament a yearly report on the monetary developments and 

the draft of the monetary policy assumptions for the following year, with 

Government's opinion on this proposal (Art. 17, 19). The monetary policy assumptions 

are finally passed by the Parliament (Art. 17) but in practice the Bank's proposal has 

always been approved. The Governor presents to the Government and the Parliament 

the reports on monetary developments and balance of payments (Art. 20). The NBP 

gives its opinion on the budget law proposal (Art. 16).