Urgent notice from Narodowy Bank Polski: NBP cannot operate without its Governor

WARSAW, Poland, Oct. 22, 2026 /PRNewswire/ -- In view of the confusing information currently in circulation, we would like to restate the official position of NBP: The rules for the functioning of the Monetary Policy Council are defined in Art. 16 of the Act on Narodowy Bank Polski and the MPC Regulations adopted by the Council.

Pursuant to the Act on Narodowy Bank Polski, the Governor of NBP is the Chair of the Monetary Policy Council and, in particular, has the exclusive competence to convene its meetings.

A member of the Council designated in advance may chair the proceedings of the Monetary Policy Council only during a short, temporary absence of the Chair of the Council, which occasionally happens during the first, non-decision-making day of the meeting, devoted, among other things, to a presentation of economic analyses.

However, such authorisation to deputise for the Chair clearly does not mean authorisation for the designated member of the Council to assume all the statutory and regulatory competences of the Chair of the Council.

The Regulations of the MPC state that resolutions of the Council are signed by the Chair and all the members of the Council participating in the voting. At the same time, the Act on NBP sets out the specific requirements concerning the attendance of members of the Council when adopting resolutions.

This means that a member of the Council designated in advance may deputise for the Chair of the Council only on an ad hoc basis and only with regard to specified actions taken during the meeting of the Council.

At the same time, it should be stressed that all the collegial bodies of NBP – the Monetary Policy Council and the Management Board of Narodowy Bank Polski – require the attendance and active participation of the Governor of NBP.

Narodowy Bank Polski is the central bank of the Republic of Poland. Narodowy Bank Polski is responsible for the stability of the national currency. Fulfilling this constitutional obligation, NBP develops and implements the monetary policy strategy and the annual monetary policy guidelines. Through the management of the official reserves NBP ensures the requisite level of the State's financial security. As an issuer of currency, NBP maintains the liquidity of cash payments.

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Narodowy Bank Polski is the central bank of the Republic of Poland.

https://nbp.pl/en  

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