Narodowy Bank Polski Issues Urgent Statement Regarding Governor's Role

Narodowy Bank Polski (NBP) released an official statement addressing circulating information and clarifying the operational principles of its Monetary Policy Council. According to the announcement, the NBP states that it cannot carry out its duties without its governor, emphasizing the legal and statutory powers vested solely in the position.

Operational Framework of the Monetary Policy Council

The official statement clarifies the governing rules set out in Article 16 of the Act on Narodowy Bank Polski and the Council's internal regulations:

• Exclusive Authority: The NBP President serves as the Chairman of the Monetary Policy Council and holds the exclusive power to convene its meetings.
• Temporary Absence: A pre-designated Council member may chair deliberations only during a brief, temporary absence of the Chairman, typically on the first meeting day when no resolutions are adopted and discussions focus on economic analyses.
• Limited Delegation: Such authorization does not grant a substitute member the right to assume all statutory and legal responsibilities of the Chairman.
• Signatures and Attendance: Council resolutions must be signed by the Chairman and all participating members, adhering to specific legal attendance requirements.

Role of Narodowy Bank Polski

As the central bank of the Republic of Poland, NBP is responsible for national currency stability. Its key duties include formulating and implementing monetary policy, managing official currency reserves to ensure financial security, and acting as the cash issuer to maintain cash liquidity.

Practical Implications and Verification

The statement highlights that collegial bodies within the NBP, including the Monetary Policy Council and the Management Board, require the presence and active participation of the NBP President. Stakeholders and observers seeking to verify official announcements can consult the central bank's official website at nbp.pl/en for direct updates and statutory documentation.