Narodowy Bank Polski

Release of the meeting of the NBP's Management Board
09.03.2001


At the meeting on March 9th, 2001, the Management Board of the National Bank of Poland accepted the information on open market operations within the February period of a regulatory reserve holding (from Jan. 31st to Feb. 27th this year) and the forecast of the banking system liquidity for the March period of a regulatory reserve holding (from Feb. 28th to April 1st this year). In February, within open market operations the National Bank of Poland issued 28-day money-market bills. It is the basic instrument of the NBP's influence on the money-market interest rates.

According to the recommendation of the Monetary Policy Council of March 29th 2000, in February the NBP also continued the sale, from its portfolio, of Treasury securities the opening nominal value of which was PLN 16.4 billion. Four auctions took place. The sale of converted bonds is a structural operation spread over time. Its purpose is the reduction of the scale of an operational liquidity surplus in the banking system and the increase of the application of the interest rate policy of the NBP. Since the beginning of the operation, i.e. September 19th, 2000, to March 8th this year, the total sales of converted Treasury bonds amounted to PLN 5,171 million, i.e. about 31.5% of the portfolio held at the beginning.

According to the presented forecast, in the current period of the regulatory reserve holding the NBP will continue the liquidity-absorbing open market operations.

The Management Board of the NBP has also made a decision recommending the President of the NBP to extend the foreign exchange authorization for a group of cooperative banks associated at Gospodarczy Bank Poludniowo-Zachodni S.A. in Wroclaw.

The extension of the banks' authorization scope will give them the right to accept and make payments denominated in PLN that constitute payments between residents and non-residents (or between two non-residents) from their accounts - or to their accounts - held and denominated in the domestic currency at a particular cooperative bank.

At the meeting on January 26th, 2001 the Management Board of the National Bank of Poland adopted the resolution on: changes in the organization of the National Bank of Poland and discussed the draft schedule of the activities for the year 2001 of the NBP's Management Board.


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