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Annual Report 2018 Report Annual Annual Report 2018 Report Annual Annual Report 2018 Annual Report 2018 Warsaw 2019 Compiled on basis of NBP materials Photo of the President of NBP Piotr Małecki Published by Narodowy Bank Polski Education and Publishing Department 00-919 Warszawa ul. Świętokrzyska 11/21 www.nbp.pl ISSN 1427–0277 © Copyright Narodowy Bank Polski, 2019 2 Narodowy Bank Polski Contents Contents Foreword by the President of Narodowy Bank Polski 7 Monetary Policy Council 9 NBP Management Board 9 Organisation Chart of Narodowy Bank Polski as at 31 December 2018 10 Summary 12 Chapter 1 Governing bodies of NBP 17 1.1 President of Narodowy Bank Polski 18 1.2 Monetary Policy Council 18 1.3 Management Board of Narodowy Bank Polski 20 1.4 Narodowy Bank Polski Plan of Activity 21 Chapter 2 Monetary policy 23 2.1 Monetary policy strategy in 2018 24 2.2 Monetary policy and macroeconomic developments in 2018 26 2.3 Monetary policy instruments in 2018 29 Chapter 3 Financial system 35 3.1 Macroprudential supervision 36 3.2 Cooperation with fi nancial safety net institutions 37 3.3 Financial system analytical and research activities 38 3.4 International cooperation for fi nancial stability 39 3.5 NBP operational activities aimed at maintaining fi nancial stability 40 Chapter 4 The issue of currency 41 4.1 Currency in circulation 42 4.2. Issue of collector coins and notes 42 4.3 Withdrawal of banknotes and coins from circulation due to wear and tear or damage 43 4.4 Counterfeit of Polish currency 43 4.5 Supply of notes and coins to banks 44 4.6 Activities aimed at streamlining cash transactions 44 Annual Report 2018 3 Contents Chapter 5 Foreign exchange reserves management 47 5.1 Level of the offi cial reserve assets 48 5.2 Foreign currency reserves management strategy 49 5.3 Financial risk management in the foreign exchange reserves management process 50 5.4 Rate of return on foreign currency reserves 51 5.5 Investment income 53 Chapter 6 Foreign exchange activity 55 6.1 Register of bureaux de change 56 6.2 Foreign exchange-related decisions 56 6.3 Foreign exchange control 56 Chapter 7 Payment system oriented activities 59 7.1. Performance of operational tasks 60 7.2. Policy measures and development of the payment system 61 7.3 Oversight of payment systems 63 7.4 NBP as the shareholder in domestic legal persons providing services for fi nancial institutions 64 Chapter 8 Services to the State Treasury 67 8.1 Bank accounts operated by NBP 68 8.2. Handling international liabilities and claims of the State Budget 69 8.3 Organisation of trade in Treasury securities 69 8.4. C ooperation with the Ministry of Finance within the Public Debt Management Committee 70 Chapter 9 Analytical and research activities 73 9.1 Analyses and research concerning monetary policy 74 9.2 Analyses and studies of price-setting processes, prices and infl ation 74 9.3 Macroeconomic forecasting and the development of prognostic models 75 9.4 Analyses and studies of the fi scal situation 75 9.5 Analyses of the global economy and the impact of foreign countries on the Polish economy 76 9.6 Analyses and studies of the real sector of the economy 76 9.7 Research papers of NBP staff 78 9.8 Scientifi c conferences and seminars organised by NBP 78 9.9 Cooperation with the scientifi c community, central banks and international institutions 79 4 Narodowy Bank Polski Contents Chapter 10 Statistics 81 10.1 Core tasks with respect to statistics 82 10.2 Statistical tasks deriving from NBP participation in the European System of Central Banks and in other international institutions 83 Chapter 11 Education and information 87 11.1 Education 88 11.2. Information and promotion 90 11.3. Celebration of the 100th anniversary of Poland regaining independence 91 11.4. Publishing and Library 91 11.5. Petitions, complaints, requests and letters 92 Chapter 12 Legislative activity 93 12.1 Legislation by the NBP governing bodies 94 12.2 NBP contribution to legislative activity by state authorities with respect to draft normative acts 94 12.3 Draft legislation related to the operation of the banking system 95 12.4 Consulting the European Central Bank’s draft opinions to draft Community laws and draft national legislation of the EU Member States by NBP 96 Chapter 13 International activity 99 13.1 Duties resulting from Poland’s membership of the European Union 100 13.2 Collaboration with international economic and fi nancial institutions 101 Chapter 14 Internal development of NBP 105 14.1 Human resources management 106 14.2 Organisational changes 106 14.3 Operational risk management 107 14.4 Investment activity 107 14.5 IT support for the banking system and NBP 107 14.6 Internal audit 108 14.7 Activity of NBP regional branches 108 14.8 Safety and security 108 Appendix 1 Economic developments abroad 111 Appendix 2 Gross domestic product 117 Appendix 3 Consumer prices 121 Appendix 4 Balance of payments 127 Appendix 5 Money and credit 131 Annual Report 2018 5 Contents Appendix 6 The list of open-to-public academic seminars and selected publications of NBP 135 Appendix 7 Voting records of the Monetary Policy Council members on motions and resolutions 141 Appendix 8 Financial Statements of Narodowy Bank Polski as at 31 December 2018, together with the Independent Auditor’s Report 145 Statistical annex 221 Methodological notes 244 List of the most important abbreviations 253 6 Narodowy Bank Polski in accordance with the NBP infl ation target. In 2018 infl ation of consumer goods and service prices stood at 1.6% against 2.0% in 2017, which means that prices continued to rise at a moderate rate last year. It should be underlined that with GDP growth of 5.1% in 2018, Poland was one of the fastest developing economies of the European Union. The main source of economic growth was rising consumption, supported by growth in employment and wages, as well as continued strong consumer sentiment. At the end of 2018, the rate of registered unemployment was at a record low level, i.e. 5.8% against 6.6% at the end of 2017. At the same time, investment growth accelerated, supported by the favourable demand outlook, growing absorption of EU funds, and high capacity utilisation. Adam Glapiński President of Narodowy Bank Polski Thanks to the effectively conducted monetary policy of NBP, price stability and macroeconomic balance has also been Dear Readers, ensured. Despite temporary sharp exchange rate fl uctuations in the so-called emerging Let me present to you the Annual Report, markets, the zloty exchange rate has which highlights the basic information on remained stable for some time. This is a sign the functioning of the governing bodies of high confi dence in the zloty, not only of Narodowy Bank Polski and the most in Polish society, but also among foreign important activities of the central bank investors. undertaken in 2018. The report also contains the fi nancial statements of NBP along with In view of the above conditions, the the independent auditor’s report. Monetary Policy Council kept NBP interest rates unchanged in 2018, including the The activities of NBP were focused on reference rate at 1.5%. carrying out the basic tasks of the central bank, i.e. maintaining price stability, Apart from monetary policy, the statutory supporting sustainable economic growth tasks of NBP also include undertaking and ensuring fi nancial system stability. measures to ensure the stability of The macroeconomic indicators of the Polish the fi nancial system and creating the economy confi rm that Narodowy Bank conditions necessary for the development Polski duly carried out its constitutional and of the banking sector. Activities in this statutory duties. fi eld consisted primarily in identifying and reducing systemic risk. With this aim, NBP This is evidenced, above all, by price growth, conducted analyses and research into the the main indicator of the eff ectiveness fi nancial system and participated in the of the monetary policy conducted by works of the Financial Stability Committee, the central bank, which is running at a level in which it cooperated with other fi nancial Annual Report 2018 7 safety net institutions. The works of the -term fi nancial security of the country that Financial Stability Committee cover two the Management Board of Narodowy Bank areas, i.e. macroprudential supervision and Polski took the strategic decision – for the crisis management. As President of NBP, fi rst time in 20 years – to increase the gold I chaired the Financial Stability Committee reserves in NBP’s foreign exchange reserves. on macroprudential supervision. This body In 2018, Narodowy Bank Polski purchased concentrated above all on identifying 25.7 tonnes of gold, and in the following phenomena and processes that might be year, 100 tonnes. The Management Board a source of systemic risk. of NBP also decided to diversify the place of storage of the gold by transferring some At the same time, I would like to underline of the Polish gold to the vaults of NBP – up that the Polish fi nancial system is functioning to 228.6 tonnes in 2019 – which was possible in a stable manner. In 2018, the banks thanks to the strong economic situation continued to increase own funds, mainly of Poland and the constant growth of the from earned profi ts. At the end of the year foreign exchange reserves, which have the total capital ratio in the banking sector increased by over EUR 30 billion over the reached 18.3%, while the minimum required last fi ve years.
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