History
Although the bank has existed under its current name since 1945, it is a continuation of two previous central banks of Poland, both named simply Bank of Poland (Bank Polski). The first one was founded in Warsaw in 1828 by Duke Franciszek Ksawery Drucki-Lubecki. An institution of the government of the Kingdom of Poland, it was entitled with issuance of the Polish currency as well as control over the credit rates. It was also entitled with a concession to operate foreign currencies and buy off credits issued by foreign companies and banks.
During second world-war the gold reserves of Poland have been transferred to Great Britain and Canada. In 1946 the remaining prewar gold reserves were returned to Poland's new communist authorities, while the former Bank of Poland itself was closed down and finally in 1952 absorbed by the newly-created National Bank of Poland.
The latter was one of two banks allowed to operate in Poland's postwar planned economy. It had a monopoly for currency, credits and cumulation of savings. The other bank, PKO Bank Polski, was responsible for private accounts. After the fall of the communist system in 1989, the market economy was reintroduced and the NBP limited its functions to currency control and supervision of other, privately-controlled banks.
Read more about this topic: National Bank Of Poland
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