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In the reform programs of the early 1990s, major restructuring
of Poland's financial infrastructure was a top priority
in order to achieve more efficient movement of money through
the domestic economy and to provide a secure environment
for the foreign investment that was expected to carry Poland
through its postcommunist economic slump.
The National Bank of Poland thus became only a central bank
in 1992, and state enterprises competed with other businesses
for the scarce credits available from commercial banks.
In its new form, the NBP exercised a considerable degree
of autonomy in monetary policy and performed the same functions
as the central banks in West European countries or the Federal
Reserve System in the United States.
Despite the efforts of NBP, the entire Polish banking system
remained inefficient in the early 1990s. This was a result
of backward banking technology and a very serious shortage
of trained personnel in all branches.
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Poland