Reaction of the National Bank of Poland to the Impact of the COVID-19 Pandemic
Purpose: The aim of this article is to analyse the actions taken by the National Bank of Poland (NBP) in view of the impact of the COVID-19 pandemic during first two years since its outbreak. Design/methodology/approach: This paper primarily focuses on the implementation of new tools; it also looks at the change in the previous instruments and in the parameters of the NBP’s monetary policies. Findings: The NBP’s stance on the transformation in the field of central bank currency digitalisation and on the need to keep traditional money in circulation is also outlined. Practical implications: Results of this study could be employed to alleviate the effects of future financial crises and to ensure a balance between the Central bank traditional and digital currency. Originality value: This article presents one of the first evaluation studies of the operations carried out by the Polish Central bank during the first two years of the COVID-19 pandemic and outlines the consequences of economic interventionism.