National Bank of Poland
Poland's central bank, responsible for the złoty, monetary policy, official reserves, and key aspects of financial stability.
Last updated August 31, 2026
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Overview
The National Bank of Poland, commonly known by its Polish name Narodowy Bank Polski or the abbreviation NBP, is the central bank of the Republic of Poland. Established on 15 January 1945, it is headquartered in Warsaw and maintains a network of regional branches in Poland's major cities. Its central statutory functions include issuing Poland's currency, the złoty; formulating and implementing monetary policy; managing official foreign-exchange reserves; supporting the stability of the financial system; and operating or participating in payment, banking-supervision, and other central-bank infrastructure. The bank represents Poland in the European System of Central Banks and is a member of the European Systemic Risk Board. The NBP emerged during the reconstruction of Poland after the Second World War. It inherited institutional and symbolic links with earlier Polish central-bank institutions known as the Bank of Poland. The first Bank of Poland had been founded in Warsaw in 1828 under the Kingdom of Poland. A second Bank of Poland was created in 1924 during the Second Polish Republic and continued in exile during the Second World War. Poland's prewar gold reserves were moved abroad in 1939, with holdings distributed among Romania, the United Kingdom, and Canada. After the war, much of the gold was returned to the postwar Polish authorities, while the earlier Bank of Poland was eventually closed and absorbed into the NBP in 1952. For much of the communist period, the NBP operated within a single-tier, centrally planned banking system. It held a broad monopoly over currency, credit creation, and the accumulation of savings, while other specialized institutions handled private savings, foreign trade, agricultural finance, or selected commercial functions. The bank was closely integrated with the state administration and lacked the institutional independence associated with a modern central bank. Its responsibilities also included substantial non-monetary banking operations, and in 1975 the branch network of PKO was incorporated into the NBP. Banking reforms in the 1980s and the political and economic transformation that began in 1989 reshaped the institution. Legislation in 1982 separated the NBP from the Ministry of Finance and gave the Sejm a role in appointing its president. PKO was separated from the NBP in 1988. In 1989, the NBP's commercial and non-monetary credit activities were transferred to nine regional banks, helping establish the foundation of Poland's modern commercial banking sector. The NBP consequently became more focused on monetary authority, currency issuance, reserve management, and central-bank functions. The current constitutional and legal framework is principally based on Article 227 of the Constitution of Poland and the National Bank of Poland Act, both dating from 1997. The NBP president is appointed by the Sejm at the request of the President of the Republic for a six-year term, with a two-term limit. The president chairs the Monetary Policy Council, the NBP Management Board, and the Commission for Banking Supervision, and represents Poland in international financial institutions. The bank's institutional role combines domestic monetary responsibilities with participation in European financial governance. It remains responsible for the złoty because Poland has not adopted the euro. In addition to its policy and operational roles, the NBP issues commemorative and collector coins and banknotes, conducts economic research and public communication, and contributes to financial education. In 2019, its average full-time employment was reported at approximately 3,312 people.
History
The institutional history of the National Bank of Poland combines postwar state-building, the transformation of communist banking, and the development of Poland's modern monetary authority. The NBP was created on 15 January 1945 by decree of the Provisional Government of the Republic of Poland, shortly before the government moved from Lublin to Warsaw. Although the institution was new, it claimed continuity with earlier Polish central-bank traditions. The first Bank of Poland was established in Warsaw in 1828 under the Kingdom of Poland. A second Bank of Poland was founded in 1924 during the Second Polish Republic and continued in exile after the outbreak of the Second World War. In 1939, Poland's gold reserves were evacuated to Romania, the United Kingdom, and Canada. Following the cancellation of Poland's wartime debt in 1946, most of the prewar reserves were returned to the postwar authorities. Gold held in Romania was repatriated in 1947. The former Bank of Poland was subsequently closed and was ultimately absorbed into the NBP in 1952, reinforcing the new bank's claim to the country's central-banking legacy. During the first decades of the People's Republic of Poland, the NBP operated as a central component of a single-tier banking system. The bank held a monopoly over currency issuance, credit, and the accumulation of savings, while specialized institutions were assigned narrower roles. PKO handled private savings accounts; PeKaO and Bank Handlowy focused on international transactions; and agricultural lending was conducted through Bank Rolny, later succeeded by Bank Gospodarki Żywnościowej. The long-term credit institution Bank Inwestycyjny was later dissolved, with its activities distributed among the NBP, PKO, and Bank Handlowy. In this system, the NBP was not independent from the government, and its president had the status of an undersecretary in the Ministry of Finance. In 1975, PKO's branch network was incorporated into the NBP. Banking reforms accelerated during the 1980s as Poland began to move away from the communist banking model. Legislation enacted in 1982 separated the NBP from the Ministry of Finance and gave the Sejm a role in appointing its president. The banking system also began to acquire more commercial institutions. Bank Rozwoju Eksportu was established in 1987 to support exports and compete with existing foreign-trade banks. PKO was fully separated from the NBP in 1988. At the start of 1989, the single-tier model ended when the NBP's non-monetary credit operations were transferred to nine regional banks. These institutions took over roughly 400 NBP branches and became important foundations of Poland's emerging commercial-banking sector. The legal framework of the contemporary NBP is anchored in Article 227 of the 1997 Constitution of Poland and the National Bank of Poland Act adopted the same year. The president is appointed by the Sejm on a motion from the President of Poland for a six-year term and may serve no more than two terms. The president leads the bank's organization and operations and chairs the Monetary Policy Council, the NBP Management Board, and the Commission for Banking Supervision. The NBP represents Poland in international banking and financial institutions and participates in the European System of Central Banks. It is also a member of the European Systemic Risk Board. Today, the NBP's principal functions are monetary policy, złoty issuance, official reserve management, financial-stability support, economic analysis, payments infrastructure, and public financial information. It operates from Warsaw and maintains branches in 16 major Polish cities. Because Poland has not adopted the euro, the NBP remains responsible for the national currency and for the domestic monetary-policy framework. The bank also issues collector and commemorative coins and banknotes, combining its monetary role with the preservation and presentation of Polish historical themes.
- 2016
Adam Glapiński becomes president
[1]Adam Glapiński began serving as president of the National Bank of Poland.
- 1997
Modern constitutional framework adopted
[1]Article 227 of Poland's Constitution and the National Bank of Poland Act established the principal framework for the bank's contemporary status and governance.
- 1989
Single-tier banking system dismantled
[1]The NBP's non-monetary credit operations were transferred to nine regional banks, which assumed approximately 400 branches and helped form Poland's commercial banking sector.
- 1988
PKO separated from the NBP
[1]PKO was fully separated from the NBP as Poland moved toward a more commercial banking structure.
- 1982
Banking governance reforms begin
[1]New legislation separated the NBP from the Ministry of Finance and increased the Sejm's role in appointing its president.
- 1975
PKO branch network integrated
[1]The branch network of Powszechna Kasa Oszczędności was incorporated into the NBP during the single-tier banking era.
- 1952
Earlier Bank of Poland absorbed
[1]The former Bank of Poland was closed and absorbed into the National Bank of Poland.
- 1945
National Bank of Poland founded
[1]The NBP was established by decree on 15 January as Poland's postwar central bank.
- 1939
Polish gold reserves evacuated
[1]Poland's prewar gold reserves were transferred to Romania, the United Kingdom, and Canada during the Second World War.
- 1924
Second Bank of Poland established
[1]A new Bank of Poland was created during the Second Polish Republic and later continued in exile during the Second World War.
Products and positioning
Poland's public central-bank institution and monetary authority
Currency issuance · 1945
Polish złoty currency
The NBP has the exclusive authority to issue Poland's national currency, the złoty. Its currency responsibilities cover the production and circulation framework for banknotes and coins, the integrity of cash in circulation, and related public information. The złoty remains Poland's currency because the country has not adopted the euro.
Central-bank policy · 1945
Monetary policy
The NBP formulates and implements Poland's monetary policy through its statutory governance structure, including the Monetary Policy Council. Its policy work is supported by economic research, statistics, market analysis, and communication concerning inflation and macroeconomic conditions.
Reserve management · 1945
Official foreign-exchange reserves
The bank manages Poland's official foreign-exchange reserves. This function supports confidence in the national currency and the country's external financial position and forms part of the NBP's broader central-bank and international-financial responsibilities.
Numismatic issue
Commemorative and collector coins
Alongside circulating currency, the NBP issues commemorative and collector coins marking Polish historical, cultural, and civic themes. These issues have received recognition in international numismatic competitions, including awards connected with the Polish Underground State, Europe without barriers, and Jan Karski.
Numismatic issue
Collector banknotes
The NBP produces collector banknotes for commemorative purposes. Such issues have included historical themes such as the 1,050th anniversary of the Christianization of Poland and have been recognized at international currency-industry events.
Central-bank services
Financial-stability and banking infrastructure
The NBP contributes to Poland's financial stability through analysis, central-bank operations, payment-system responsibilities, cooperation with supervisory bodies, and participation in European financial-risk institutions. It represents Poland in the European System of Central Banks and belongs to the European Systemic Risk Board.
Marketing campaigns
- 2020Pandemic-era support for entrepreneurs
Poland
The NBP was recognized by Dziennik Gazeta Prawna for supporting entrepreneurs during the COVID-19 pandemic. The available reference identifies the recognition but does not provide a detailed description of a specific branded campaign.
Outcome. The bank received the publication's main award for its pandemic-related support.
Brand decisions
1989
Transfer non-monetary credit operations to regional banksStrategyBackground
The end of Poland's single-tier banking model required the NBP to relinquish much of its commercial and non-monetary credit activity.
Action taken
The NBP spun off its non-monetary credit operations into nine regional banks, which took over approximately 400 branches.
Aftermath
The regional institutions became the foundation of Poland's developing commercial banking sector, while the NBP moved toward its modern central-bank role.
1988
Separate PKO from the NBPStrategyBackground
Poland was moving away from a centrally planned, single-tier banking structure toward a more commercial and specialized banking system.
Action taken
PKO was fully separated from the National Bank of Poland.
Aftermath
The separation prepared the banking system for the subsequent dismantling of the NBP's broad commercial-banking role.
1982
Separate the NBP from the Ministry of FinanceStrategyBackground
The communist-era single-tier banking model closely integrated the central bank with the state administration and limited its independence.
Action taken
Legislation separated the NBP from the Ministry of Finance and gave the Sejm a role in appointing the bank's president.
Aftermath
The change began a broader process of institutional and structural reform that continued through the 1980s and the transition after 1989.
Sources2 sources
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