-3-
INTRODUCTION ............................................................................................... 4
BANK OF POLAND 1828–1886 ........................................................................ 7
POLISH NATIONAL CREDIT BANK 1918–1924 .......................................... 15
BANK OF POLAND SA 1924–1945 .............................................................. 19
Status and activities ...................................................................................... 19
Issuing and lending activity ........................................................................ 25
Wartime – Bank of Issue in the General Gouvernement ............................. 36
NATIONAL BANK OF POLAND .................................................................... 40
........................... 40
NBP’s status and activities ...................................................................... 40
Issue and lending activity ....................................................................... 50
Under the market economy of a democratic state 1989–2008 ..................... 56
Status, tasks and activity between 1989 and 1997 ................................. 57
Status, tasks and activities of the NBP after 1997 .................................. 69
BIBLIOGRAPHY .............................................................................................. 80
LIST OF TABLES AND FIGURES ................................................................. . 89
Table of contents
An Outline History of Polish Central Banking
Ksawery Drucki-Lubecki (1778–1846)The Minister of the Treasury between 1821 and 1830, proponent of the state support for the infant domestic industry, founder of the Land Loan Society in Warsaw and of the Bank of Poland.
An Outline History of Polish Central Banking
Operations of the Bank of Poland between 1828 and 1885 (in thousands of silver roubles)
Share capitala 4,500 6,300 8,000 8,000 8,000 8,000 8,000
Deposits and contributionsa 15,728 12,155 40,154 37,678 74,717 56,944 49,525
Cash loansb, c
– for industrial developmentd
– trade loans
88082753
352158194
304108196
787271516
1,359193
1,166
1,095–
1,095
1,422–
1,422
Discounting of notesb 926 3,615 1,604 2,399 8, 315 42,763 54,654
Bill casea 877 871 439 819 2,695 15,482 14,706
a b cd
[History
20
21
20
21
WARSZAWA
POLISH NATIONAL CREDIT BANK 1918–1924
. Polish marks in circulation and the State Treasury’s debt with PKKP between 1919 and 1923.Balance as at the end of the year/month (in mkp million)
Years
1918 1,023.8a x 117.8 x
1919 5,316.3a 4,292.5 6,825.0 6,707.2
1920 49,361.5 44,045.2 59,625.0 52,800.0
1921 229,537.6 180,176.1 221,000.0 161,375.0
1922 793,437.5 563,899.9 675,600.0 454,600.0
1923 III 1,841,205.6 1,047,768.1 1,752,000.0 1,076,400.0
VI 3,566,649.1 1,725,443.5 2,996,500.0 1,244,500.0
IX 11,197,737.9 7,631,088.8 10,265,500.0 7,269,000.0
XII 125,371,955.4 114,174,217.5 111,332,000.0 101,066,500.0
1924 IIIb 596,244,205.6 470,872,250.2 291,700,000.0 180,368,000.0
a
b
An Outline History of Polish Central Banking
Index of wholesale prices and dollar exchange rates between 1918 and 1924 (as at the end of the year)
Years
1918 . 2.14
1919 . 26.36
1920 . 137.99
1921 570 702.71
1922 3,428 4,242.10
1923 1,423,007 1,502,976.00
31 March 1924 2,452,779 2,220,238.00
[What [Treasury of the
WARSZAWA
POLISH NATIONAL CREDIT BANK 1918–1924
Wholesale prices and dollar exchange rates between 1919 and 1923 (end of preceding month = 100)
50
100
150
200
250
300
350
400
450
500
550
31 XII1921
I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III
Wholesale prices Dollar exchange rate1922 1923 1924
An Outline History of Polish Central Banking
Economist, historian and politician. He commenced his public activity before WW I, as a deputy to the Russian Parliament – Duma; after the war, he served twice as the Prime Minister and several times – as the Minister of the Treasury; lecturer and rector at the Warsaw University of Life Sciences.
WARSZAWA
BANK OF POLAND SA 1924–1945
redoubt of insurgent troops.
IV 1924 – IV 1929
IV 1929 – IV 1934IV 1934 – II 1936
Adam Koc II 1936 – V 1936
V 1936 – III 1941
Bohdan Winiarski III 1941 – III 1946a
WARSZAWA
BANK OF POLAND SA 1924–1945
Money in circulation between 1924 and 1939
a
in millions of zlotys
676b
Notes of the Bank of Poland 551 1,340 981 1,406 1,883
Fiduciary notesc 89 64 – – –
Small coins 34 196 384 460 500
– silver 3 123 290 370 382
– other 31 73 94 90 118
in %c
Notes of the Bank of Poland 81.5 83.8 71.9 75.3 79.0
Fiduciary notesc 13.2 4.0 – – –
Small coins 5.0 12.2 28.1 24.7 21.0
– silver 0.4 7.7 21.2 19.9 16.0 – other 4.6 4.5 6.9 4.8 5.0
a bc
th
WARSZAWA
BANK OF POLAND SA 1924–1945
Discount rate of the Bank of Poland and maximum statutory rate between 1924 and 1938
24 2424
18
1413 12 13 13
12 12 1211 11
9.5 9.5
12 10 1210
9 8.5 8 9 8.5 87 6.5 7.5
65 4.5
468
101214161820222425
%
192
4 IV
1924
XII
1925
VIII
1926
VIII
1927
II
1927
IV
192
7 VI
1929
IV
1929
XII
1930
II
193
0 IV
1930
VI
193
0 X
1932
X
1933
X
1936
XII
Statutory (maximum) rate Discount rate of the Bank of Poland
WARSZAWA
BANK OF POLAND SA 1924–1945
Exchange rates of the dollar and the zloty in 1927
January 8.99 173.5 57.6
October–December 8.91 172.0 58.1
An Outline History of Polish Central Banking
40
60
80
100
120
140
160
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938
Wholesale prices Cost of livingNominal wages (industry) Real wage indexEmployment (industry) National income (GDP)
WARSZAWA
BANK OF POLAND SA 1924–1945
Promissory note and lombard loans of the Bank of Poland between 1924 and 1939
0
200
400
600
800
1,000
1,200
1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938
million zlotys
-35-
An Outline History of Polish Central Banking
Circulation of notes of the Bank of Poland as well as gold and foreign exchange reserves between 1924 and 1939
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
Gold
million zlotys
Foreign currency and foreign exchangeOverall gold, foreign currency and foreign exchangeBa
lanc
e as
at t
he e
nd o
f the
yea
r, ac
cord
ing
to p
arity
of 1
927
Notes in circulation
An Outline History of Polish Central Banking
1.02. 1945–17.03. 1949a
27.09.1950–18.12.1956
28.12.1956–3.06.1961
3.06.1961–20.01.1965
20.01.1965–17.09.1968
17.09.1968–29.12.1972
2.04.1973–31.12.1980
1.01.1981–29.07.1985
12.04.1985–12.11.1985
13.11.1985–13.07.1988
13.07.1988–11.09.1989
a
An Outline History of Polish Central Banking
Banks between 1946 and 1981. As at 31 December of a given year
National Bank of Poland
branches: regional 77 17 17 17 49
operating 419 406 431 288
Investment Bank: regional and operating branches – 42 43 – –
Agricultural Banka : regional and district branches . 64 111 112 95b
Bank Handlowy SA: branches – – – 5 5
Bank Polska Kasa Opieki SA:
– domestic branches and agencies – – 9 21 18
– foreign branches 2 2 2 1 1
16 134 195 235 222c
Union of Savings and Lending Co-operatives: regional branches and savings and lending co-operatives 1,180 1,302 1,376 1,662 1,585d
a bc
d
-53-
An Outline History of Polish Central Banking
121
Short-term and investment loans by lending institutions between 1950 and 1980
122
121
122
0
20
40
60
80
100 %
1950 1955 1960 1965 1970 1975 1980
Other institutionsAgricultural Bank including savings and loan cooperatives (since 1975, BGŻ)Investment BankNational Bank of Poland
WARSZAWA
-54-
NATIONAL BANK OF POLAND
Index of prices of the goods and services purchased by the population between 1981 and 1988 (preceding year = 100)
121.2
204.5
121.4114.8 115.0 117.5
125.3
161.3
100110120130140150160170180190200210
1981 1982 1983 1984 1985 1986 1987 1988
An Outline History of Polish Central Banking
Interest rates between 1985 and 1990 (on an annual basis)
4.0 4.0 4.0 6.0 61.3 103.8
Average interest on loans 6.2 6.3 6.7 10.5 49.4 66.7
,
WARSZAWA
NATIONAL BANK OF POLAND
. NBP policy rates between 1990 and 1997
20253035404550556065707580859095
100
1990
1 IV
1990
1 V
1990
1 V
I
1990
1 V
II
1990
15
X
1990
21
XI
1991
1 II
1991
1 V
1991
5 V
II
1991
2 V
III
1991
19
IX
1992
1 V
I
1992
1 V
II
1993
21
II
1994
13
V
1995
21
II
29 V
18 IX
1996
8 I
17 V
II
1997
4 V
III
in %
in a
nnua
l ter
ms
Refinancing loans Bill rediscounting Lombard loans
-63-
An Outline History of Polish Central Banking
Required reserve ratio between 1989 and 1997 (in %)
Current 15 9 15 30 30 30 30 25 23 20 20 17 20 29
Savings 10 9 15 17 20 30 25 – – – – – – –
Term 5 9 15 7 8 10 10 10 10 10 9 9 9 11
-65-
An Outline History of Polish Central Banking
Commercial banks in 1990 and 1992 as at the end of the year
a
State-owned banks 11 2
1 1
Joint-stock banks 46 76
Joint-stock banks with foreign capital 3 8
a
WARSZAWA
-66-
NATIONAL BANK OF POLAND
Yeara
1990 95.0 249.3 4.1 10.3
1991 32.0 60.4 8.5 9.0
1992 36.9 44.3 12.7 15.0
1993 32.2 37.6 15.0 14.8
1994 23.0 29.5 15.5–16.9 21.4
1995 17.0 21.6 17.1 26.9
1996 17.0 18.5 23.0 30.5
1997 13.0 13.2 27.4–28.6 39.8
a
WARSZAWA
NATIONAL BANK OF POLAND
201
13.07.1988–11.09.1989
12.09.1989–24.01.1991
25.01.1991–31.08.1991
10.08.1991–4.03.1992
5.03.1992–19.02.199819.02.1998–31.12.2000
Leszek Balcerowicz 10.01.2001–10.01.2007
10.01.2007–†10.04.2010
acting president) 10.04.2010–10.06.2010
Marek Belka since 11.06.2010
202
201
202
,
,
An Outline History of Polish Central Banking
, where
Years a
1998 9.5 8.6
1999 8.0–8.5 (changed to 6.6–7.8 during the year) 9.8
2000 5.4–6.8 8.5
2001 6.0–8.0 3.6
2002 5.0 ± 1 pp. (changed to 3.0 ±1 pp. during the year) 0.8
2003 3.0 ±1 pp. 1.7
2004
2.5 ±1 pp.
4.4
2005 0.7
2006 1.4
2007 4.0
a
WARSZAWA
NATIONAL BANK OF POLAND
Interest rates on an annual basis between 2000 and 2005 (as at 31 December)
Lombard loan at the central bank 23.0 15.5 8.75 6.75 8.0 6.0
Rediscount rate on promissory notes at the central bank 21.5 14.0 7.5 5.75 7.0 4.75
Average rate on loans in zlotys 21.5 16.8 10.7 9.2 10.3 8.9
– for enterprises 21.2 15.7 8.8 7.2 8.3 6.3
– consumer loans 22.9 20.8 17.7 15.8 15.9 15.2
NBP policy rates between 1997 and 2007
02468
1012141618202224262830
1997
4 V
III
1998
21
V
1998
10
XII
1999
21
I
1999
18
XI
2000
24
II
2000
31
VIII
2001
1 II
I
2001
29
XI
2002
31
I
2002
28
XI
2003
30
I
2003
26
VI
2004
1 V
II
2004
26
VIII
2005
31
III
2005
1 IX
2006
1 II
2006
1 II
I
2007
26
IV
2007
29
XI
in %
in a
nnua
l ter
ms
Rediscount rate Lombard rate