REZERWA OBOWIĄZKOWA JAKO INSTRUMENT POLSKIEJ POLITYKI PIENIĘŻNEJ

Abstract

The article characterizes the essence and function of obligatory reserve as an instrument of the Polish monetary policy ever since 1989. The presented analysis of regulating the banking system by means of the obligatory reserve over the past 14 years shows a similar trend evolution as in other, economically more developed countries. Obligatory reserve has grown less restrictive, its rates have been unified and its whole system has been simplified. In the future the instrument of obligatory reserve will need to be adapted to the European Union legislation. Since market instruments have a priority, obligatory reserve will continue to play a complementary and auxiliary role and will be available to increase temporarily monetary restrictiveness. 37