Uchwała Rady Polityki Pieniężnej z dnia 10 maja 2011 r. w sprawie przyjęcia sprawozdania z wykonania założeń polityki pieniężnej na rok 2010

Monitor Polski Nr 41 — 2350 — Elektronicznie podpisany przez Jaroslaw Deminet Data: 2011.05.30 15:50:36 +02'00' Poz. 452 452 w. rcl .go v.p l UCHWAŁA RADY POLITYKI PIENIĘŻNEJ z dnia 10 maja 2011 r. w sprawie przyjęcia sprawozdania z wykonania założeń polityki pieniężnej na rok 2010 Na podstawie art. 12 ust. 1 ustawy z dnia 29 sierpnia 1997 r. o Narodowym Banku Polskim (Dz. U. z 2005 r. Nr 1, poz. 2, z późn. zm.1)) uchwala się, co następuje: § 1. Przyjmuje się sprawozdanie z wykonania założeń polityki pieniężnej na rok 2010, stanowiące załącznik do uchwały. § 2. Uchwała wchodzi w życie z dniem podjęcia. Przewodniczący Rady Polityki Pieniężnej: M. Belka Członkowie Rady Polityki Pieniężnej: A. Bratkowski, E. Chojna-Duch, Z. Gilowska, A. Glapiński, J. Hausner, A. Kaźmierczak, A. Rzońca, J. Winiecki, A. Zielińska-Głębocka 1) Zmiany tekstu jednolitego wymienionej ustawy zostały ogłoszone w Dz. U. z 2005 r. Nr 167, poz. 1398, z 2006 r. Nr 157, ww poz. 1119, z 2007 r. Nr 25, poz. 162 i Nr 61, poz. 410, z 2008 r. Nr 209, poz. 1315 i 1317, z 2009 r. Nr 69, poz. 589 i Nr 143, poz. 1164, z 2010 r. Nr 109, poz. 709 i Nr 257, poz. 1724 oraz z 2011 r. Nr 75, poz. 398. Monitor Polski Nr 41 — 2351 — Poz. 452 w. rcl .go v.p l Załącznik do Uchwały Rady Polityki Pieniężnej z dnia 10 maja 2011 r. (poz. 452) 1DURGRZ\%DQN3ROVNL 5DGD3ROLW\NL3LHQLčİQHM 6SUDZR]GDQLH]Z\NRQDQLD ]DãRİHęSROLW\NLSLHQLčİQHM QDURN ww 352-(.71$326,('=(1,(5$'<32/,7<., 3,(1,Čį1(- :'1,80$-$ :DUV]DZDPDM Monitor Polski Nr 41 — 2352 — Poz. 452 Spis treści 2354 2. Polityka pieniężna w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2358 2.1. Uwarunkowania makroekonomiczne polityki pieniężnej NBP w 2010 r. . . . . . . . . . . . . . . . 2358 2.2. Polityka pieniężna w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2362 w. rcl .go v.p l 1. Strategia polityki pieniężnej w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2369 3.1. Płynność sektora bankowego w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2369 3.2. Instrumenty polityki pieniężnej w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2370 Załącznik 1. PKB i popyt krajowy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2377 Załącznik 2. Ceny towarów i usług konsumpcyjnych . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2379 Załącznik 3. Bilans płatniczy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2382 Załącznik 4. Pieniądz i kredyt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2385 Załącznik 5. Opis dyskusji na posiedzeniach decyzyjnych Rady Polityki Pieniężnej w 2010 r. . . . . . . 2390 Załącznik 6. Wyniki głosowania członków Rady Polityki Pieniężnej nad wnioskami i uchwałami w 2010 r. 2428 ww 3. Instrumenty polityki pieniężnej w 2010 r. 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SURMHNFMLDWDNİHNV]WDãWRZDQLDVLč]PLHQQ\FKRUD]LQIRUPDFMLQLHXZ]JOčGQLRQ\FKEH]SRĤUHG Monitor Polski Nr 41 — 2357 — Poz. 452 w. rcl .go v.p l QLR Z SURMHNFML 2FHQLDMĈF F]\QQLNL ZSã\ZDMĈFH QD NV]WDãWRZDQLH VLč SU]\V]ãHM LQIODFML EDQNL FHQWUDOQHELRUĈSRGXZDJčNV]WDãWRZDQLHVLčLQIODFMLZSU]HV]ãRĤFLSRQLHZDİPDWRZSã\ZQD VWRSLHę]DNRWZLF]HQLDRF]HNLZDęLQIODF\MQ\FKQDSR]LRPLHFHOXLQIODF\MQHJR:W\PNRQWHN ĤFLH LVWRWQD MHVW GãXJRĤþ RNUHVX Z NWyU\P LQIODFMDXWU]\P\ZDãD VLč QD SR]LRPLH ]JRGQ\P ] FHOHPRUD]RNUHVXZNWyU\PVLčRGQLHJRRGFK\ODãD : SU]\SDGNX SRGMčFLD ZLĈİĈFHM GHF\]ML GRW\F]ĈFHM GDW\ SODQRZDQHJR SU]\VWĈSLHQLD 3ROVNL GR VWUHI\ HXUR RUD] ]ZLĈ]DQHJR ] W\P ZHMĤFLD GR (50 ,, 5DGD GRNRQD QLH]EčGQ\FK GRVWRVRZDę VWUDWHJLLSROLW\NLSLHQLčİQHMRUD]²ZSRUR]XPLHQLX]5DGĈ0LQLVWUyZ²V\VWHPXNXUVRZHJRGR ZDUXQNyZ Z\QLNDMĈF\FK ] NRQLHF]QRĤFL VSHãQLHQLD NU\WHULyZ NRQZHUJHQFML QLH]EčGQ\FK GR SU]\MčFLDHXUR=GDQLHP5DG\SU]\VWĈSLHQLH3ROVNLGR(50,,LVWUHI\HXURSRZLQQRQDVWĈSLþZ 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SUHVMĈ LQIODF\MQĈ RUD] Z\VRNLP SR]LR PHP EH]URERFLD Z W\FK NUDMDFK 2SUyF] XWU]\P\ZDQLD VWyS SURFHQWRZ\FK QD KLVWRU\F]QLH QL VNLPSR]LRPLHEDQNLFHQWUDOQHVNXSRZDã\SDSLHU\ZDUWRĤFLRZHFRSU]\F]\QLDãRVLčGR]ZLčN V]HQLDSRGDİ\Sã\QQRĤFLQDU\QNDFKILQDQVRZ\FK3RGNRQLHFXEUREDZ\RWUZDãRĤþRİ\ZLHQLD JRVSRGDUF]HJRVNãRQLã\EDQNLFHQWUDOQHZ6WDQDFK=MHGQRF]RQ\FKL-DSRQLLGRNRQW\QXDFMLSROL W\NLLORĤFLRZHJRãDJRG]HQLDSROLW\NLSLHQLčİQHM:W\PVDP\PF]DVLHZãDG]HPRQHWDUQHZZLHOX Monitor Polski Nr 41 — 2359 — Poz. 452 w. rcl .go v.p l JRVSRGDUNDFK ZVFKRG]ĈF\FK Z REOLF]X Z]URVWX LQIODFML L QDUDVWDMĈF\FK QLHUyZQRZDJ PDNUR HNRQRPLF]Q\FK]DRVWU]Dã\SROLW\NčSLHQLčİQĈ :\NUHV 3RGVWDZRZHVWRS\SURFHQWRZHZ\EUDQ\FKEDQNyZFHQWUDOQ\FK OHZ\Z\NUHV LLQGHNV\FHQVXURZFyZQDU\QNDFKĤZLDWRZ\FK SUDZ\Z\NUHV   3RGVWDZRZHVWRS\SURFHQWRZHEDQNyZFHQWUDOQ\FK   6WDQ\=MHGQRF]RQH   VWUHIDHXUR 3ROVND :čJU\ &]HFK\          VW\ VW\ VW\ VW\ VW\ VW\ VW\ VW\ VW\ VW\ VW\   2JyãHP   6XURZFHHQHUJHW\F]QH   0HWDOHQLHİHOD]QH į\ZQRĤþ  ĭUyGãR 'DQH5HXWHUV(FRZLQ(XURVWDW+::,  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rcl .go v.p l 'DQHR3.%Z3ROVFHZ,,NZZVND]\ZDã\QDSHZQHSU]\VSLHV]HQLHSRS\WXNRQVXPSF\MQHJR SU]\QDGDOPDOHMĈF\FKLQZHVW\FMDFK'DQHPLHVLčF]QHGRW\F]ĈFH,,,NZV\JQDOL]RZDã\VWDELOL]R ZDQLHVLčWHPSDZ]URVWXJRVSRGDUF]HJR8WU]\P\ZDãVLčV]\ENLZ]URVWSURGXNFMLSU]HP\VãRZHM 5RVãDWDNİHSURGXNFMDEXGRZODQRPRQWDİRZDLVSU]HGDİGHWDOLF]QD1DGDO]ZLčNV]DãRVLčZ\NR U]\VWDQLHPRF\SURGXNF\MQ\FK2FHQLDQRİHGREUHGDQHRVSU]HGDİ\GHWDOLF]QHMZ,,,NZPRJã\ E\þ Z F]čĤFL Z\QLNLHP SU]HMĤFLRZHJR Z]URVWX SRS\WX ]ZLĈ]DQHJR ] Z\PLDQĈ GyEU WUZDãHJR Xİ\WNX QD WHUHQDFK SRSRZRG]LRZ\FK ]ZLčNV]RQ\PL ]DNXSDPL VDPRFKRGyZ Z ]ZLĈ]NX ] ]D SRZLHG]LDQ\PQDNRQLHFU]QLHVLHQLHPRGOLF]Hę9$7QD]DNXSVDPRFKRGyZ]KRPRORJD FMĈFLčİDURZĈRUD]SU]HVXQLčFLHPF]čĤFLZ\GDWNyZ]HZ]JOčGXQDSRGZ\İNčVWDZHN9$7QDSR F]ĈWNX  U 3RPLPR Z]URVWX ]DWUXGQLHQLD EH]URERFLH SR]RVWDãR QD UHODW\ZQLH Z\VRNLP SR ]LRPLH 1LH SRMDZLã\ VLč V\JQDã\ QDUDVWDQLD SUHVML SãDFRZHM 'R ,,, NZ REQLİDãD VLč G\QDPLND Z\QDJURG]HęZJRVSRGDUFH-HGQRF]HĤQLHRGOLSFD]DF]čã\SRJDUV]DþVLčZVNDĮQLNLXIQRĤFLNRQ 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QLHUyZQRZDJL ILVNDOQHM Z ZLHOX JRVSRGDU NDFK UR]ZLQLčW\FK D WDNİH VNXWNL HNVSDQVML PRQHWDUQHM SU]\ Z\NRU]\VWDQLX QLHNRQZHQFMRQDO Q\FKG]LDãDęSRGHMPRZDQ\FKSU]H]JãyZQHEDQNLFHQWUDOQHSR]RVWDZDã\LVWRWQ\PĮUyGãHPQLH SHZQRĤFLGODSU]\V]ãHJRZ]URVWXJRVSRGDUF]HJR 3ROLW\NDSLHQLčİQDJãyZQ\FKEDQNyZFHQWUDOQ\FKSR]RVWDãDHNVSDQV\ZQD:OLVWRSDG]LHU 5H]HUZD)HGHUDOQDRJãRVLãDGHF\]MčR]ZLčNV]HQLXLORĤFLRZHJRãDJRG]HQLDSROLW\NLSLHQLčİQHMD (%&]ZLčNV]\ãZOLVWRSDG]LHLJUXGQLXVNDOčVNXSXREOLJDFMLU]ĈGRZ\FKZ]ZLĈ]NX]QDVLOHQLHP VLč QDSLčþ QD HXURSHMVNLFK U\QNDFK ILQDQVRZ\FK : (XURSLH ģURGNRZR:VFKRGQLHM ZLčNV]RĤþ EDQNyZ FHQWUDOQ\FK SR]RVWDZLãD VWRS\ SURFHQWRZH QD QLH]PLHQLRQ\P SR]LRPLH &]HFK\ 5X PXQLD -HG\QLH:čJU\ZOLVWRSDG]LHUUR]SRF]čã\]DRVWU]DQLHSROLW\NLSLHQLčİQHM 2F]HNLZDQLDQDSRQRZQH]ZLčNV]HQLHHNVSDQVMLPRQHWDUQHMZ6WDQDFK=MHGQRF]RQ\FKVSU]\MDã\ SRSUDZLHQDVWURMyZQDU\QNDFKILQDQVRZ\FKQDSRF]ĈWNX,9NZ3U]\F]\QLã\VLčRQHGRDSUHFMD Monitor Polski Nr 41 — 2367 — Poz. 452 w. rcl .go v.p l FML NXUVyZ ZDOXW JRVSRGDUHN ZVFKRG]ĈF\FK Z W\P ]ãRWHJR = NROHL QDVLOHQLH VLč Z OLVWRSDG]LH SUREOHPyZ EXGİHWRZ\FK Z QLHNWyU\FK NUDMDFK VWUHI\ HXUR Z V]F]HJyOQRĤFL ,UODQGLL RGG]LDã\ ZDãR Z NLHUXQNX ]ZLčNV]HQLD QLHSHZQRĤFL QD U\QNDFK ILQDQVRZ\FK L  Z HIHNFLH  GHSUHFMDFML ]ãRWHJRSRGNRQLHFU:FDã\PDQDOL]RZDQ\PRNUHVLHVLOQLHZ]UDVWDã\FHQ\URS\QDIWRZHML LQQ\FKVXURZFyZQDU\QNDFKĤZLDWRZ\FK 'DQH GRW\F]ĈFH SROVNLHM JRVSRGDUNL V\JQDOL]RZDã\ ]ZLčNV]HQLH VLč Z GUXJLHM SRãRZLH  U URF]QHJRWHPSDZ]URVWXJRVSRGDUF]HJRZSRUyZQDQLX]SLHUZV]ĈSRãRZĈURNX3U]\F]\QLãRVLč GRWHJRSU]\VSLHV]HQLHZ]URVWXNRQVXPSFMLNWyUHPXVSU]\MDãRURVQĈFH]DWUXGQLHQLHRUD]SUDZ GRSRGREQLH ZVSRPQLDQH ZF]HĤQLHM F]\QQLNL R FKDUDNWHU]H SU]HMĤFLRZ\P 6\VWHPDW\F]QLH ]ZLčNV]DãR VLč Z\NRU]\VWDQLHPRF\ Z\WZyUF]\FKXWU]\P\ZDãD VLč WDNİHGREUD V\WXDFMD ILQDQ VRZD L Sã\QQRĤFLRZD SU]HGVLčELRUVWZ 6]\ENR URVãD SURGXNFMD SU]HP\VãRZD Z]UDVWDãD WDNİH SURGXNFMDEXGRZODQRPRQWDİRZD-HGQRF]HĤQLHSRPLPRXWU]\PXMĈFHJRVLčZ]URVWX]DWUXGQLH QLDVWRSQLRZRURVãDVWRSDEH]URERFLD'\QDPLNDZ\QDJURG]HęZJRVSRGDUFHGR,,,NZREQLİD 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