The Polish Zloty is the official currency of Poland. Its currency code is PLN, and its symbol is zł. The National Bank of Poland, known as Narodowy Bank Polski, is the country's central bank, responsible for issuing and regulating the Polish Zloty.
Exchange rate regime:Floating
Poland's Monetary Policy
The main objective of Poland's monetary policy, as implemented by the National Bank of Poland, is to maintain price stability. The bank follows an inflation target of 2.5% (+/- 1 percentage point) to preserve the purchasing power of the Zloty and support economic growth.
The National Bank of Poland uses several tools to manage inflation, primarily adjusting the reference rate, which influences the interest rates on loans and deposits. It also uses open market operations to control the money supply.
Key Features of PLN
The Polish Zloty is divided into 100 groszy. Coins come in denominations of 1, 2, 5, 10, 20, and 50 groszy, and 1, 2, and 5 zloty. Banknotes are issued in denominations of 10, 20, 50, 100, and 200 zloty.
Polish Zloty banknotes and coins feature a variety of designs, including images of historical figures and national symbols. For example, the 100-zloty note showcases the portrait of King Władysław II Jagiełło.
Financial experts consider the Polish Zloty to be a free-floating currency, and it can be influenced by a range of factors, including economic indicators, geopolitical events, and investor sentiment. Poland's strong economy, relative political stability, and EU membership contribute to the Zloty's overall stability.
The National Bank of Poland is responsible for the regulation of the Polish Zloty. It controls the issuance of new notes and coins, sets monetary policy, and oversees the country's financial system to ensure its stability.
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
Payment Processing Time
The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Poland are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.
Fees and Charges
Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.
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