Abstrakt:
Th e aim of this study was to analyse the rules of the foreign exchange
reserves management in Poland and its legal basis. Having international currencies
and/or easy access to them determine now a day the external solvency, credibility
and stability of economies, and that’s why the emerging market economies accumulate
foreign exchange reserves in order to become more attractive for investors and
creditors. Constitutional guaranteed central bank independence gives fully autonomy
in defi ning of strategy and conducting of foreign exchange reserves policy based
on internal regulations of the National Bank of Poland’s decision-making bodies.
Th ese legal solutions in Poland are consistent with international standards and
trends in the way of risk management in foreign exchange reserves investment.
Security and liquidity remains a priority. Current structure of National Bank of
Poland international reserves refl ects these rules. Th ey are invested in the most
reliable instruments denominated in the main international currencies.
