Monetary Policy Council

MPC Composition

Cezary Kochalski
zoom in

Cezary Kochalski
Member of the Monetary Policy Council

(term of office 21.12.2019 – 21.12.2025)

Born in Iława on 26 September 1967.

Professor of the Poznań University of Economics and Business. He graduated (1991) from the Poznań Academy of Economics (currently the Poznań University of Economics and Business), where he obtained a doctoral degree (1999) and a postdoctoral degree (habilitation) in Economics (2007). In 1992, he completed post-graduate studies in Accounting and Finance at the University of Stirling (UK). He completed numerous foreign internships and study visits at universities and financial institutions, including central banks. He attended specialist training courses in accounting and finance, financial restructuring of companies and banks, manufacturing process management and project management.

At the Poznań University of Economics and Business, he is head of the Department of Controlling, Financial Analysis and Valuation at the Institute of Accounting and Finance Management, and runs the postgraduate programme in economic analysis and controlling. He specialises in economic analysis, controlling and cost management. He has authored over 100 scientific publications.

He acquired practical experience as a financial analyst at Wielkopolski Bank Kredytowy (1993-1996), an advisor to the President of Narodowy Bank Polski (2007-2008), Prorector for Strategy and Development of the Poznań University of Economics and Business (2012-2016), member of the Examination Board for candidates for expert auditors on behalf of the Minister of Finance (2013-2019), advisor to the President of the Republic of Poland (2017-2019) and a representative of the President of the Republic of Poland in the Polish Financial Supervision Authority (2018-2019).

He was awarded the National Education Medal (2010) and the Silver Medal “LABOR OMNIA VINCIT” (2012).

On 21 December 2019, President of the Republic of Poland Andrzej Duda appointed Cezary Kochalski member of the Monetary Policy Council.

NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

Exchange rates

Table of 2022-12-09
1 EUR4.6821
1 USD4.4351
1 CHF4.7474
1 GBP5.4317
100 JPY3.2560

Economic outlook

Monthly data

Quarterly data

Financial markets



Narodowy Bank Polski
Świętokrzyska 11/21
00-919 Warszawa

+48 22 185 10 00
NIP: 525-000-81-98
REGON: 000002223
This site uses cookies to ensure its more efficient operation.
To find out more about the cookie technology, please click here: NBP Privacy Policy »
In order to browse through the content, it is necessary to accept cookies from this site Accept