Monetary Policy of National Bank of Poland Period: 1999-September 2008

At present, the basic and the most important final aim for central banking is to achieve and maintain stable, low inflation. During the last several years BCI conception gained considerable popularity, which is reflected in the growth of the number of central banks leading monetary policy according to that strategy. The aim of this paper is to review the realization of the monetary policy in Poland in the years 1999-2008 as well as in the long-term perspective. The reason of why the inflationary aims are not achieved is situated in supply factors (such as changes of controlled process, fluctuation of food process or changes of raw materials prices), fluctuation of economic situation in world economy, dynamics of internal and external demand and expansive fiscal policy.