Prawne i finansowe aspekty zarządzania rezerwami dewizowymi w Polsce

Abstract

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.