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SIGNIFICANCE AND SCOPE OF THE EXCHANGE CONTROL IN THE POLISH LEGAL SYSTEM

E. Kowalewska

Abstract

Foreign Exchange Act of 27 July 2002 with numerous executive acts constitutes the system of Polish exchange law. Along with the Constitution of the Republic of Poland and The Act on the National Bank of Poland it delineates a particular position of the National Bank of Poland. The research purpose of the present paper is the analysis of those legal regulations which indicate the role and responsibilities of the National Bank of Poland in the sphere of foreign exchange. Pursuant to Art. 52 of The Act on the National Bank of Poland, the bank is the central banking institution of foreign exchange, therefore the subject of legal exchange standard. The purpose of this study is a comprehensive approach to issues associated with implementing exchange control by the National Bank of Poland as one of the tasks which the Bank fulfils as the central banking institution of foreign exchange. The issue of control exercised by the central bank is significant, not only for the existence of exchange control in Polish legal system but also considering Polish membership in EU banking structures. The basic research method applied at work is based on a comprehensive analysis of normative material relating to all discussed issues, particularly to the control exercised by the National Bank of Poland. Also, opinions formulated in literature on this subject are reviewed and assessed. Analytical method is applied for the terms used in exchange law. Additionally, to identify how regulations contained in foreign exchange legislation evolved with time, a historical method is used.

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