EVOLUTION OF INSTRUMENTS AND PRINCIPLES OF OPEN MARKET OPERATIONS IN POLAND

The aim is to substantiate the evolution of instruments and principles of open market operations of Narodowy Bank Polski and assess their role in managing liquidity and short-term interest rates in Poland.The object is the processes and mechanisms of implementing the monetary policy of Narodowy Bank Polski through open market operations on the financial market of Poland.The paper summarizes the results of the study of the evolution of instruments and principles of open market operations in Poland as a key mechanism for implementing the monetary policy of Narodowy Bank Polski.It is determined that the formation of the modern operational framework was due to the transformation of the financial system, the development of the government securities market, the strengthening of the role of the interbank market and the transition to rules based on market prices and competition between counterparties.The basic instruments of providing and withdrawing liquidity are characterized, in particular, purchase transactions with a resale obligation, sale transactions with a repurchase obligation, as well as outright purchase or sale transactions of securities that directly change the liquid resources of banks.It is established that the effectiveness of these operations depends on institutional prerequisites, including a reliable payment infrastructure, collateral eligibility rules, Věda a perspektivy № 1(56) 2026