Front Matter

Front Matter

Piero Ugolini
Published Date:
November 1996
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National Bank of Poland The Road to Indirect Instruments

Piero Ugolini


Washington, D.C.

October 1996

© 1996 International Monetary Fund

Library of Congress Cataloging-in-Publication Data

Ugolini, Piero, 1946—

National Bank of Poland : the road to indirect instruments / by Piero Ugolini.

p. cm. — (Occasional paper: 144)

Includes bibliographical references (p.)

ISBN 1–55775-602–3

I. Narodowy Bank Polski. 2. Poland—Economic policy—1990-.

I. Title. II. Series: Occasional paper (International Monetary Fund);

no. 144.

HG3138.U38 1996




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The following symbols have been used throughout this paper:

  • … to indicate that data are not available;

  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

  • – between years or months (e.g., 1991–92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

  • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


This Occasional Paper presents the National Bank of Poland’s experience with its transition from a monobank to a market-based system institution. IMF staff from the Monetary Exchange Affairs (MAE) Department, formerly the Central Banking Department, have been involved in the modernization of the National Bank of Poland with the support of experts provided primarily by cooperating central banks. The first MAE technical assistance missions began in 1989 and were led by Mr. J.B. Zulu and Mr. V. Sundararajan until 1991; and by Mr. Piero Ugolini since 1992. Among the MAE economists that contributed to the technical assistance program were Mr. Anton Op de Beke who assisted the mission chiefs until 1991, and Mr. Peter Dattels until 1995. The author would like to express his great appreciation to Mr. V. Sundararajan for the valuable comments provided in this article, and to Mr. Manuel Guitián—Director of MAE—for his guidance in the preparation of the paper.

The cooperating central banks have provided valuable support and their best high-caliber experts to the MAE technical assistance program to the National Bank of Poland. In particular, the author would like to mention Messrs. Ferdinand Knoth and Paul Kratochvil from the Austrian National Bank; Mr. Jurgen Sterlepper from the Deutsche Bundesbank; Messrs. William Allen and Glen Hoggarth from the Bank of England; Messrs. Michael Boisseau, Didier Elbaum, and Christian Madelin from the Bank of France; Messrs. Lex Hoogduin, Stephen Klinkum, Peter Mallekoote, and Marios van Nieuwkerk from The Netherlands Bank; and Ms. Cathy Minehan, Ms. Linda Kopec, Ms. Joan Gibbons, and Messrs. Bruce J. Summers, Niels Larsen (retired), Tom Gagnon, and John Costalos (retired), from the U.S. Federal Reserve. It would be important to note also the contribution of Professor Dr. Gleske (former member of Directorate of the Deutsche Bundesbank) and Mr. Tim O’Grady Walshe (former senior official from the Central Bank of Ireland). The author would like to also note the excellent cooperation between the staff of European Department I and MAE throughout the period, particularly Messrs. Massimo Russo, Michael Deppler, Peter Hole, and Liam Ebrill, the two Senior IMF Resident Representatives, Messrs. Mark Allen and Markus Rodlauer, and the IMF Resident Representative, Mr. Roland Ossowski. Particular appreciation is expressed to Mr. Juha Kahkonen for his comments on this article.

The views expressed here, as well as any errors, are the sole responsibility of the author and do not necessarily reflect the opinion of the Government and the National Bank of the Republic of Poland, the Executive Directors of the International Monetary Fund, or other members of the IMF staff.

Most of the information contained in this paper originates from MAE reports and National Bank of Poland papers. The author would like to thank Messrs. Ryszard Kokoszczynski, Director of the Research Department; Mr. Jacek Osinski, Deputy Director of the Monetary and Credit Policy Department; and Mrs. Ewa Sleszyska-Charewicz, Director of the General Inspectorate of Banking Supervision of the National Bank of Poland for the useful information provided in this report.

The author would like finally to acknowledge the senior management, management, and staff of the National Bank of Poland that have worked both very hard and conscientiously over the last five years on the modernization process of the National Bank; and in particular, President W. Baka and Vice-President A. Olechowski of the National Bank for being the initiators of the transformation of the bank in 1990, and President Gronkiewicz-Waltz, who since 1992 has succeeded in revamping and accelerating the reform progress within the Bank. Together with President Gronkiewicz-Waltz, the author would like to acknowledge the senior management of the bank, the First Deputy President Mr. W. Kozinski and four senior officials who have been working with International Monetary Fund/Monetary and Exchange Affairs Department missions since early 1990, the Deputy President Mr. K. Barburski and the three Directors and members of the National Bank Board, Mrs. E. Feliga, Mr. Kokoszczynski, and Mr. J. Stopyra.

David D. Driscoll of the IMF’s External Relations Department edited the text and saw it through to publication.

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