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

W skrócie

Uchwała Rady Polityki Pieniężnej z dnia 10 maja 2011 r. dotyczy przyjęcia sprawozdania z wykonania założeń polityki pieniężnej na rok 2010. Sprawozdanie to przedstawia główne elementy realizowanej strategii polityki pieniężnej, opis uwarunkowań makroekonomicznych oraz decyzji podjętych w zakresie polityki pieniężnej w 2010 roku.

Co reguluje

  • Przyjęcie sprawozdania z wykonania założeń polityki pieniężnej na rok 2010.
  • Prezentację strategii polityki pieniężnej w 2010 r.
  • Opis uwarunkowań makroekonomicznych polityki pieniężnej NBP w 2010 r.
  • Opis instrumentów polityki pieniężnej w 2010 r.

Kogo dotyczy

  • Radę Polityki Pieniężnej (RPP).
  • Narodowy Bank Polski (NBP).

Kluczowe punkty

  • Podstawowym celem działalności NBP jest utrzymanie stabilnego poziomu cen, przy jednoczesnym wspieraniu polityki gospodarczej Rządu, o ile nie ogranicza to podstawowego celu NBP.
  • Rada przyjęła ciągły cel inflacyjny na poziomie 2,5% z symetrycznym przedziałem odchyleń o szerokości +/- 1 punkt procentowy.
  • Polityka pieniężna jest oparta na strategii bezpośredniego celu inflacyjnego i realizowana w warunkach płynnego kursu walutowego.
  • Decyzje władz monetarnych oddziałują na dynamikę ogólnego poziomu cen w przyszłości, a bieżąca inflacja pozostaje pod wpływem zmian stóp procentowych dokonanych kilka kwartałów wcześniej.
Tekst ustawy
Tekst ustawy

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.
  3. 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
  4. Polityka pieniężna w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2358 2.
  5. Uwarunkowania makroekonomiczne polityki pieniężnej NBP w 2010 r. . . . . . . . . . . . . . . . 2358 2.
  6. Polityka pieniężna w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2362 w. rcl .go v.p l
  7. Strategia polityki pieniężnej w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2369 3.
  8. Płynność sektora bankowego w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2369 3.
  9. Instrumenty polityki pieniężnej w 2010 r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2370 Załącznik
  10. PKB i popyt krajowy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2377 Załącznik
  11. Ceny towarów i usług konsumpcyjnych . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2379 Załącznik
  12. Bilans płatniczy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2382 Załącznik
  13. Pieniądz i kredyt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2385 Załącznik
  14. Opis dyskusji na posiedzeniach decyzyjnych Rady Polityki Pieniężnej w 2010 r. . . . . . . 2390 Załącznik
  15. Wyniki głosowania członków Rady Polityki Pieniężnej nad wnioskami i uchwałami w 2010 r. 2428 ww
  16. Instrumenty polityki pieniężnej w 2010 r. 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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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FHVyZJRVSRGDUF]\FK'RQDMZDİQLHMV]\FKLQVWUXPHQWyZZVIHU]HNRPXQLNDFMLZUQDGDO QDOHİDã\SXEOLNRZDQHF\NOLF]QLH 5DSRUW\RLQIODFML,QIRUPDFMHSRSRVLHG]HQLX5DG\3ROLW\NL3LHQLčİQHM LWRZDU]\V]ĈFHLPNRQIHUHQFMHSUDVRZHSRSRVLHG]HQLX5DG\ 2SLV\G\VNXVMLQDSRVLHG]HQLDFKGH F\]\MQ\FK5DG\3ROLW\NL3LHQLčİQHM =DãĈF]QLNQU DWDNİHSXEOLNRZDQHUD]ZURNX 6SUDZR]GDQLH ]Z\NRQDQLD]DãRİHęSROLW\NLSLHQLčİQHMQD UL=DãRİHQLDSROLW\NLSLHQLčİQHMQDURN:=DãRİH  : 2SLVDFKG\VNXVMLQDSRVLHG]HQLDFKGHF\]\MQ\FK5DG\3ROLW\NL3LHQLčİQHM =DãĈF]QLN QU  ]QDMGXMH VLč V]HUV]H RPyZLHQLH ]DJDG QLHęLDUJXPHQWyZNWyUHLVWRWQLHZSã\ZDã\QDGHF\]MHSRGHMPRZDQHSU]H]5DGčZU Monitor Polski Nr 41 — 2368 — Poz. 452 ww w. rcl .go v.p l QLDFKSROLW\NLSLHQLčİQHMQDURN5DGDXWU]\PDãDSRGVWDZRZHHOHPHQW\GRW\FKF]DVRZHMVWUDWH JLLSROLW\NLSLHQLčİQHM1%3MHGQRF]HĤQLHF]čĤFLRZRMHPRG\ILNXMĈF Monitor Polski Nr 41 Poz. 452  w. rcl .go v.p l 5R]G]LDã — 2369 — ,QVWUXPHQW\SROLW\NLSLHQLčİQHMZU ,QVWUXPHQW\SROLW\NLSLHQLčİQHMZU :  U 1DURGRZ\ %DQN 3ROVNL UHDOL]RZDã SROLW\Nč SLHQLčİQĈ RGG]LDãXMĈF QD 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:U1%3UHDOL]RZDãSROLW\NčSLHQLčİQĈZZDUXQNDFKZ]UDVWDMĈFHJRSR]LRPXQDGSã\QQR ĤFLVHNWRUDEDQNRZHJR 3R]LRPQDGSã\QQRĤFLZUZ\QLyVãĤUHGQLR POQ]ã:SRUyZQDQLXGR UR]QD F]DãRWRZ]URVWR POQ]ãWMR 3U]\URVWQDGSã\QQRĤFLE\ãZLčNV]\QLİSU]HZLG]LDQR Z=DãRİHQLDFKSROLW\NLSLHQLčİQHMQDURNRPOG]ã :]URVW SR]LRPX Sã\QQRĤFL VHNWRUD EDQNRZHJR Z  U Z\QLNDã JãyZQLH ] RGG]LDã\ZDQLD F]\QQLNyZ SR]RVWDMĈF\FK SR]D NRQWUROĈ 1%3 W]Z F]\QQLNyZ DXWRQRPLF]Q\FK  6SRĤUyG W\FK F]\QQLNyZQDMZLčNV]\ZSã\ZPLDãVNXSSU]H]1%3ZDOXWREF\FKSRFKRG]ĈF\FKJãyZQLH]IXQ GXV]\XQLMQ\FKDWDNİH]RSHUDFML]DPLDQ\ĤURGNyZZZDOXFLHREFHMQD]ãRWHZ1%3GRNRQ\ ZDQ\FK SU]H] 0) 6NXS QHWWR SR XZ]JOčGQLHQLX VSU]HGDİ\ ZDOXW SU]H] 1%3  ZDOXW REF\FK SU]\F]\QLã VLč GR Z]URVWX QDGSã\QQRĤFL ĤUHGQLR R  POQ 'R ]ZLčNV]HQLD SR]LRPX QDG Sã\QQRĤFLSU]\F]\QLãDVLčUyZQLHİZSãDWD]]\VNX1%3GREXGİHWXSDęVWZDZNZRFLH POQ ww  1DGSã\QQRĤþVHNWRUDEDQNRZHJRMHVWWRQDGZ\İNDĤURGNyZSR]RVWDMĈFDZVHNWRU]HEDQNRZ\PSRQDGZ\PDJDQ\ĤUHGQLSR ]LRP UDFKXQNyZ ELHİĈF\FK EDQNyZRNUHĤORQ\ Z\VRNRĤFLĈ UH]HUZ\ RERZLĈ]NRZHMZRNUHVDFK MHM XWU]\P\ZDQLD 0LDUĈ QDG Sã\QQRĤFLMHVWVDOGRRSHUDFMLSRGVWDZRZ\FK HPLVMDERQyZSLHQLčİQ\FK RSHUDFMLGRVWUDMDMĈF\FK RSHUDFMHUHSRLHPLVMDERQyZ SLHQLčİQ\FK RSHUDFMLW\SXVZDSZDOXWRZ\RUD]RSHUDFMLGHSR]\WRZRNUHG\WRZ\FK GHSR]\WQDNRQLHFGQLDLNUHG\WORPEDU GRZ\  'DQHGRW\F]ĈFHSR]LRPXQDGSã\QQRĤFLDWDNİHSRV]F]HJyOQ\FKRSHUDFMLSROLW\NLSLHQLčİQHM ZGDOV]HMF]čĤFLUR]G]LDãX ]RVWD ã\SRGDQHMDNRĤUHGQLHZRNUHVDFKXWU]\P\ZDQLDUH]HUZ\RERZLĈ]NRZHM Monitor Polski Nr 41 — 2370 — Poz. 452 w. rcl .go v.p l ]ã D WDNİH Z\SãDW\ G\VNRQWD RG HPLWRZDQ\FK SU]H] 1%3 ERQyZ SLHQLčİQ\FK NWyUHJR ĤUHGQLD ZDUWRĤþZ\QLRVãDPOQ]ã 1DRJUDQLF]HQLHSã\QQRĤFLZQDMZLčNV]\PVWRSQLXZUZSã\QĈãZ]URVWSR]LRPXSLHQLĈG]D JRWyZNRZHJRZRELHJXĤUHGQLRR POQ]ãDWDNİHZ]URVWSR]LRPXUH]HUZ\RERZLĈ]NRZHM ĤUHGQLRR POQ]ã 5DGD3ROLW\NL3LHQLčİQHMQDELHİĈFRPRQLWRURZDãDNV]WDãWRZDQLHVLčSR]LRPXQDGSã\QQRĤFLVHN WRUDEDQNRZHJR  ,QVWUXPHQW\SROLW\NLSLHQLčİQHMZU :  U ]HVWDZ LQVWUXPHQWyZ SROLW\NL SLHQLčİQHM VWRVRZDQ\FK SU]H] 1%3 QLH UyİQLã VLč ZLVWRWQ\VSRVyERGRERZLĈ]XMĈFHJRZ U=HVWDZWHQ]MHGQHMVWURQ\XZ]JOčGQLDãPRİOLZRĤþ Z\VWčSRZDQLD]DEXU]HęQDNUDMRZ\FKU\QNDFKILQDQVRZ\FKZSU]\SDGNX]DRVWU]HQLDNU\]\VX QDĤZLDWRZ\FKU\QNDFKILQDQVRZ\FKLRGG]LDã\ZDQLDWHMV\WXDFMLQDU\QHNNUDMRZ\=GUXJLHM]DĤ VWURQ\E\ãGRVWRVRZDQ\GRXWU]\PXMĈFHMVLčZVHNWRU]HEDQNRZ\PWUZDãHMQDGZ\İNLSã\QQRĤFL ']LčNL SRSUDZLH V\WXDFML Z NUDMRZ\P VHNWRU]H EDQNRZ\P Z WUDNFLH  U EDQN FHQWUDOQ\ VWRSQLRZR Z\FRI\ZDã RSHUDFMH QLHVWDQGDUGRZH ZSURZDG]RQH SU]H] 1%3 Z ODWDFK  'HF\]MDWDE\ãDQDVWčSVWZHP]DQLNDMĈFHJRSRS\WXEDQNyZQDSã\QQRĤþ]ãRWRZĈLZDOXWRZĈSR ]\VNLZDQĈ]EDQNXFHQWUDOQHJRSU]\Z\NRU]\VWDQLXW\FKRSHUDFML 6WRSDSURFHQWRZD :  U JãyZQĈ VWRSĈ 1%3 E\ãD VWRSD UHIHUHQF\MQD =PLDQ\ Z\VRNRĤFL WHM VWRS\ Z\]QDF]Dã\ NLHUXQHN SURZDG]RQHM SROLW\NL SLHQLčİQHM 6WRSD UHIHUHQF\MQD RNUHĤODãD UHQWRZQRĤþ SRGVWDZR Z\FK RSHUDFML RWZDUWHJR U\QNX ZSã\ZDMĈF MHGQRF]HĤQLH QD SR]LRP RSURFHQWRZDQLD NUyWNRWHU PLQRZ\FKORNDWQDU\QNXQLH]DEH]SLHF]RQ\FKGHSR]\WyZPLčG]\EDQNRZ\FK 6WRSD GHSR]\WRZD RUD] VWRSD RSURFHQWRZDQLD NUHG\WX ORPEDUGRZHJR Z\]QDF]Dã\ SDVPR ZD KDęVWySSURFHQWRZ\FKRYHUQLJKWQDU\QNXPLčG]\EDQNRZ\P6WRSDUHG\VNRQWDZHNVOLSRĤUHG QLRRNUHĤODãDRSURFHQWRZDQLHĤURGNyZUH]HUZ\RERZLĈ]NRZHM :  U 5DGD XWU]\PDãD SR]LRP VWyS SURFHQWRZ\FK 1%3 QD SR]LRPLH RERZLĈ]XMĈF\P RGF]HUZFD   U 6WRSD UHIHUHQF\MQD NV]WDãWRZDãD VLč QD SR]LRPLH  VWRSD RSURFHQWR ZDQLD NUHG\WX ORPEDUGRZHJR ² QD SR]LRPLH  VWRSD GHSR]\WRZD ² QD SR]LRPLH  D VWRSDUHG\VNRQWDZHNVOL²QDSR]LRPLH ww -HGQRF]HĤQLH ZUD] ] GHF\]MĈ R UR]SRF]čFLX RIHURZDQLD ] GQLHP  VW\F]QLD  U QRZHJR LQ VWUXPHQWXSROLW\NLSLHQLčİQHM²NUHG\WXZHNVORZHJR²5DGDGUXJLHMNDGHQFMLZSURZDG]LãDVWRSč G\VNRQWDZHNVOLNWyUHMZ\VRNRĤþXVWDOLãDQDSR]LRPLH6WRSDWDQLHXOHJãD]PLDQLHZWUDN FLHU 3U]\MPXMĈF=DãRİHQLDSROLW\NLSLHQLčİQHMQDURN5DGD]GHF\GRZDãDR]DSU]HVWDQLXRIHURZDQLD SU]H] 1%3 NUHG\WX ZHNVORZHJR : ]ZLĈ]NX ] W\P SRF]ĈZV]\ RG  VW\F]QLD  U 5DGD QLH RNUHĤODZ\VRNRĤFLVWRS\G\VNRQWDZHNVOL   =JRGQLH]8FKZDãĈQU5DG\3ROLW\NL3LHQLčİQHM]GQLDJUXGQLDU]PLHQLDMĈFĈXFKZDãčZVSUDZLHVWRS\UHIH UHQF\MQHMRSURFHQWRZDQLDNUHG\WyZUHILQDQVRZ\FKRSURFHQWRZDQLDORNDW\WHUPLQRZHMRUD]VWRS\UHG\VNRQWRZHMLVWRS\G\V NRQWRZHMZHNVOLZ1DURGRZ\P%DQNX3ROVNLP Monitor Polski Nr 41 — 2371 — Poz. 452 w. rcl .go v.p l 2SHUDFMHRWZDUWHJRU\QNX :U1%3GĈİ\ãGRRGG]LDã\ZDQLDQDZDUXQNLSã\QQRĤFLRZHZVHNWRU]HEDQNRZ\P]DSR PRFĈRSHUDFMLRWZDUWHJRU\QNX ZV]F]HJyOQRĤFLSRGVWDZRZ\FK ZWDNLVSRVyEDE\PRİOLZHE\ ãRNV]WDãWRZDQLHVLčVWDZNL32/21,$ZSREOLİXVWRS\UHIHUHQF\MQHM 2SHUDFMHSRGVWDZRZHSU]HSURZDG]DQHE\ã\UHJXODUQLHUD]ZW\JRGQLXZIRUPLHHPLVMLERQyZ SLHQLčİQ\FK1%3]GQLRZ\PWHUPLQHP]DSDGDOQRĤFL:UĤUHGQLSR]LRPHPLVMLERQyZZ UDPDFK RSHUDFML SRGVWDZRZ\FK Z\QLyVã   POQ ]ã L E\ã Z\İV]\ RG ĤUHGQLHJR SR]LRPX Z   U RPOQ ]ã 5RVQĈF\SR]LRPHPLVMLERQyZ SLHQLčİQ\FK Z UE\ã NRQVHNZHQFMĈ SU]\URVWXQDGSã\QQRĤFLZNUDMRZ\PVHNWRU]HEDQNRZ\P :\NUHV ģUHGQLHZPLHVLĈFXVDOGRRSHUDFMLRWZDUWHJRU\QNXZODWDFK  90 000 80 000 70 000 mln PLN 60 000 50 000 40 000 30 000 20 000 10 000 Saldo operacji otwartego rynku sty 10 sty 09 sty 08 sty 07 sty 06 sty 05 sty 04 sty 03 sty 02 sty 01 sty 00 sty 99 sty 98 sty 97 sty 96 sty 95 0  ĭUyGãR 'DQH1%3  :  U XWU]\P\ZDã\ VLč ]DEXU]HQLD QD U\QNDFK ILQDQVRZ\FK FR ZSã\ZDãR QD VNXWHF]QRĤþ RSHUDFMLRWZDUWHJRU\QNXSU]HSURZDG]DQ\FKSU]H]1%38ZDUXQNRZDQLDWHRVãDELDã\]GROQRĤþ EDQNXFHQWUDOQHJRGRNV]WDãWRZDQLDVWDZNL32/21,$QDSR]LRPLH]EOLİRQ\PGRVWRS\UHIHUHQ F\MQHM ww %H]SRĤUHGQLPSU]HMDZHPRJUDQLF]RQHMVNXWHF]QRĤFLVWRVRZDQ\FKSU]H]EDQNFHQWUDOQ\RSHUDFML RWZDUWHJR U\QNX E\ãR Z\VWčSRZDQLH ]MDZLVND W]Z XQGHUELGGLQJX   :\QLNDãR RQR SU]HGH ZV]\VWNLP ]SRGZ\İV]RQHM RVWURİQRĤFL EDQNyZZ ]DU]ĈG]DQLX ZãDVQĈ SR]\FMĈ Sã\QQRĤFLRZĈL VNãRQQRĤFLĈGR]DU]ĈG]DQLDQLĈZWHUPLQLHRYHUQLJKW:HIHNFLHEDQNLQLHORNRZDã\FDãRĤFLSR VLDGDQ\FK QDGZ\İHN Z ERQ\ SLHQLčİQH 1%3 R GãXİV]\P GQLRZ\P  WHUPLQLH ]DSDGDOQRĤFL SR]RVWDZLDMĈFVRELHEXIRU\Sã\QQRĤFLRZH  32/21,$ DQJ3ROLVK2YHUQLJKW,QGH[$YDUDJH ²ĤUHGQLDVWDZNDRYHUQLJKWZDİRQDZLHONRĤFLĈWUDQVDNFMLQDU\QNXQLH]DEH] SLHF]RQ\FK GHSR]\WyZ PLčG]\EDQNRZ\FK 1%3 SXEOLNXMH Z\VRNRĤþ WHM VWDZNL QD VWURQLH VHUZLVX LQIRUPDF\MQHJR 5HXWHUV 1%36 NDİGHJRGQLDRJRG]LQLH =DãRİHQLD3ROLW\NL3LHQLčİQHMQDURN 6\WXDFMDZNWyUHMQDSU]HWDUJXRSHUDFMLSROLW\NLSLHQLčİQHM]JãRV]RQ\SU]H]EDQNLSRS\WMHVWQLİV]\RGRIHURZDQHMSU]H]EDQN FHQWUDOQ\SRGDİ\ Monitor Polski Nr 41 — 2372 — Poz. 452 w. rcl .go v.p l 1DRSLVDQ\SRZ\İHMVSRVyE]DFKRZDQLDEDQNyZZSã\ZDãRUyZQLHİWRİHZUU\QHNPLč G]\EDQNRZ\ZGDOV]\PFLĈJXQLHSR]ZDODãQDHIHNW\ZQĈUHG\VWU\EXFMčĤURGNyZSã\QQ\FKPLQ ] SRZRGX XWU]\P\ZDQLD Z\VRNRĤFL OLPLWyZ NUHG\WRZ\FK QDãRİRQ\FK QD VLHELH Z]DMHPQLH SU]H]EDQNLZRNUHVLHQDMRVWU]HMV]HMID]\NU\]\VX 'R SU]\F]\Q SRZVWDZDQLD XQGHUELGGLQJX ]DOLF]\þ PRİQD WDNİH URVQĈF\ SR]LRP QDGZ\İHN ĤURGNyZ MDNLPL G\VSRQRZDãR 0LQLVWHUVWZR )LQDQVyZ ģURGNL WH Z ZLčNV]RĤFL ORNRZDQH E\ã\ ZEDQNDFK NRPHUF\MQ\FK Z GXİHM F]čĤFL Z IRUPLH ORNDW R WHUPLQLH RYHUQLJKW %UDN SHZQRĤFL EDQNyZ FR GR WHUPLQyZ ]ãRİHQLD W\FK ORNDW L GãXJRĤFL LFK WUZDQLD SRZRGRZDã ]ZLčNV]RQĈ RVWURİQRĤþZSRGHMĤFLXGRRSHUDFMLSU]HSURZDG]DQ\FKSU]H]1%3 0LPRZ\VWčSRZDQLDRSLVDQ\FKSRZ\İHMF]\QQLNyZZSLHUZV]\PSyãURF]XUPRİQDE\ãR ]DXZDİ\þ VWRSQLRZĈ VWDELOL]DFMč ZDUXQNyZ Sã\QQRĤFLRZ\FK Z VHNWRU]H EDQNRZ\P -HM RG ]ZLHUFLHGOHQLHP E\ãR ]PQLHMV]HQLH VNãRQQRĤFL EDQNyZ GR XWU]\P\ZDQLD QDGZ\İHN Sã\QQRĤFL ZWHUPLQLHRYHUQLJKW PQLHMV]HMLQWHQV\ZQRĤFLZ\VWčSRZDQLD]MDZLVNDXQGHUELGGLQJXQDSU]H WDUJDFKRSHUDFMLSRGVWDZRZ\FKRUD]LVWRWQ\PRJUDQLF]HQLXZ\NRU]\VW\ZDQLDSU]H]EDQNLGHSR ]\WX QD NRQLHF GQLD : SLHUZV]\P SyãURF]X  U V\VWHPDW\F]QLH ]PQLHMV]DãR VLč RGFK\OHQLH VWDZNL 32/21,$ RG VWRS\ UHIHUHQF\MQHM RUD] RJUDQLF]HQLX XOHJDãD MHM ]PLHQQRĤþ =QDF]ĈFH VSDGNL32/21,,Z\VWčSRZDã\MHG\QLHZNRęFDFKRNUHVyZXWU]\P\ZDQLDUH]HUZ\RERZLĈ]NR ZHMFRZ\QLNDãR]RVWURİQRĤFLEDQNyZZRGQLHVLHQLXGRVNDOLXF]HVWQLFWZDZRVWDWQLHMRSHUDFML SRGVWDZRZHMZRNUHVLHXWU]\P\ZDQLDUH]HUZ\ 3R]\W\ZQHSURFHV\]DFKRG]ĈFHZSLHUZV]\PSyãURF]XU]RVWDã\]DKDPRZDQHZNROHMQ\FK PLHVLĈFDFK 3RF]ĈZV]\ RG OLSFD Z\VWčSRZDã\ RNUHV\ XWU]\P\ZDQLD UH]HUZ\ RERZLĈ]NRZHM Z NWyU\FK EDQNL Z\ND]\ZDã\ ZLčNV]Ĉ VNãRQQRĤþ GR XWU]\P\ZDQLD QDGZ\İHN Sã\QQRĤFL QD UD FKXQNDFK Z 1%3 :\QLNDãR WR ]H Z]URVWX DZHUVML GR U\]\ND QD ĤZLDWRZ\FK U\QNDFK ILQDQVR Z\FKVSRZRGRZDQHJRREDZĈRV\WXDFMčILVNDOQĈZZ\EUDQ\FKNUDMDFKVWUHI\HXUR0LDãRWRRG ]ZLHUFLHGOHQLH Z SRQRZQ\P Z]URĤFLH F]čVWRWOLZRĤFL Z\VWčSRZDQLD XQGHUELGGLQJX RUD] MHJR VNDOL :]URVW RGFK\OHQLD VWDZNL 32/21,$ RG VWRS\ UHIHUHQF\MQHM VNãRQLã 1%3 GR ]DVWRVRZDQLD Z JUXGQLXUGZyFKNUyWNRWHUPLQRZ\FKRSHUDFMLGRVWUDMDMĈF\FKRFKDUDNWHU]HDEVRUEXMĈF\P ZIRUPLHHPLVMLERQyZSLHQLčİQ\FK1%33LHUZV]DRSHUDFMDWHJRURG]DMX]RVWDãDSU]HSURZDG]R QD Z GQLX  JUXGQLD R GQLRZ\P WHUPLQLH ]DSDGDOQRĤFL GUXJD ]DĤ Z GQLX  JUXGQLD R  GQLRZ\PWHUPLQLH]DSDGDOQRĤFL ģUHGQLH RGFK\OHQLH VWDZNL 32/21,$ RG VWRS\UHIHUHQF\MQHM XNV]WDãWRZDãRVLč Z U QDSR ]LRPLH SE%\ãRW\PVDP\PQLİV]HQLİZ URSE3R]LRPWHQE\ãMHGQDNZ\İV]\QLİ SU]HGZ\VWĈSLHQLHPNU\]\VXQDĤZLDWRZ\FKU\QNDFKILQDQVRZ\FKFRZ\QLNDãR]HZVND]DQ\FK SRZ\İHMF]\QQLNyZ]ZLčNV]DMĈF\FKSUHIHUHQFMHEDQNyZGRXWU]\P\ZDQLDQDGZ\İHNSã\QQRĤFL ww :  U ]PQLHMV]\ãD VLč MHGQRF]HĤQLH ]PLHQQRĤþ VWDZNL 32/21,$ PLHU]RQD RGFK\OHQLHP VWDQGDUGRZ\P]SEZ UGR  SE :LčNV]D VWDELOQRĤFL VWDZNL RG]ZLHUFLHGODãD RJUDQL 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Ğr. ruch. (POLONIA)  ĭUyGãR 'DQH1%3  3R]RVWDãHRSHUDFMHGRVWUDMDMĈFHSU]HSURZDG]DQHZUPLDã\QDFHOX]DVLODQLHVHNWRUDEDQNR ZHJRZSã\QQRĤþZUDPDFKUHDOL]DFMLFHOyZVIRUPXãRZDQ\FKZ3DNLHFLH]DXIDQLD=DEH]SLHF]H QLHPW\FKRSHUDFMLPRJã\E\þSDSLHU\ZDUWRĤFLRZHDNFHSWRZDQHSU]H]1%3WM ERQ\VNDUERZHL SLHQLčİQH 1%3 RUD] REOLJDFMH VNDUERZH NRPXQDOQH HPLWRZDQH SU]H] %*. 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6SRİ\FLH 6SRİ\FLHLQG\ZLGXDOQH $NXPXODFMD 1DNãDG\EUXWWRQDĤURGNLWUZDãH (NVSRUW ,PSRUW (NVSRUWQHWWR 6WUXNWXUD3.%ZFHQDFKELHİĈF\FK ZSURF                                                                                               ĭUyGãR 2EOLF]HQLD1%3QDSRGVWDZLHGDQ\FK*86  Monitor Polski Nr 41 Poz. 452  w. rcl .go v.p l =DãĈF]QLN — 2379 — =DãĈF]QLN&HQ\WRZDUyZLXVãXJNRQVXPSF\MQ\FK &HQ\WRZDUyZLXVãXJNRQVXPSF\MQ\FK :VNDĮQLNFHQWRZDUyZLXVãXJNRQVXPSF\MQ\FK : U ĤUHGQLRURF]Q\ZVNDĮQLN FHQWRZDUyZLXVãXJ NRQVXPSF\MQ\FK REQLİ\ã VLč SRGZyFK ODWDFKXWU]\P\ZDQLDVLčZ\UDĮQLHSRZ\İHMFHOXLQIODF\MQHJR1%3LZ\QLyVãWME\ã]EOLİRQ\ GRFHOXLQIODF\MQHJRRNUHĤORQHJRQDSR]LRPLH :HZV]\VWNLFKPLHVLĈFDFKURF]Q\ZVNDĮQLN&3,XWU]\P\ZDãVLčZHZQĈWU]SU]HG]LDãXRGFK\OHę RG FHOX LQIODF\MQHJR   'R VLHUSQLD ZVNDĮQLN WHQ REQLİDã VLč ]  Z VW\F]QLX GR  DQDVWčSQLHVWRSQLRZRZ]UDVWDãLZJUXGQLXZ\QLyVã:VNDĮQLNLQIODFMLED]RZHMSR Z\ãĈF]HQLXFHQİ\ZQRĤFLLHQHUJLLSRVWRSQLRZ\PVSDGNXZSLHUZV]HMSRãRZLHURNXZRNUHVLH OLSLHFOLVWRSDG U XVWDELOL]RZDã VLč QD SR]LRPLH  D QD 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E\ãWDNİH]ZLĈ]DQ\]Z\VWĈSLHQLHPXMHPQHJRHIHNWXED]\Z\QLNDMĈFHJR]H]QDF]QHJRZ]URVWX FHQİ\ZQRĤFLLQDSRMyZZDQDORJLF]Q\PRNUHVLH U:]URVWURF]QHMG\QDPLNLFHQİ\ZQRĤFL ZNROHMQ\FKPLHVLĈFDFKZ\QLNDã]QLHNRU]\VWQHJRZSã\ZX]ã\FKZDUXQNyZDJURPHWHRURORJLF] Q\FKZ3ROVFHQDSRGDİRZRFyZZDU]\ZL]EyİDWDNİH]VLOQHJRZ]URVWXFHQVXURZFyZURO Q\FKQDU\QNDFKĤZLDWRZ\FK Monitor Polski Nr 41 — 2380 — Poz. 452 w. rcl .go v.p l &HQ\HQHUJLL 5RF]QDG\QDPLNDFHQHQHUJLLREQLİ\ãDVLč] ZVW\F]QLXXEUGRZOLSFXLVLHUSQLXD QDVWčSQLH SRF]ĈZV]\ RGZU]HĤQLD VWRSQLRZR URVãD GR   Z JUXGQLX=ãRİ\ã VLč QD WRSU]HGH ZV]\VWNLPVSDGHN ]ZVW\F]QLXGRZOLSFX DQDVWčSQLHZ]URVW GRZJUXGQLX  URF]QHMG\QDPLNLFHQSDOLZGRSU\ZDWQ\FKĤURGNyZWUDQVSRUWX2EQLİDQLHVLčURF]QHMG\QDPLNL FHQSDOLZZSRãRZLHURNXZ\QLNDãR]XMHPQHJRHIHNWXED]\]ZLĈ]DQHJR]VLOQ\PZ]URVWHPW\FK FHQ Z DQDORJLF]Q\P RNUHVLH XEU1DWRPLDVW Z]URVW FHQ SDOLZ Z RVWDWQLFKPLHVLĈFDFK XEU E\ã HIHNWHPZ]URVWXFHQURS\QDIWRZHMQDĤZLDWRZ\FKU\QNDFK 2GPDUFDUVWRSQLRZRURVãDG\QDPLNDFHQQRĤQLNyZHQHUJLLGRF]HJRSU]\F]\QLã\VLčGR 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UDZNRQVHNZHQFMLRSRGDWNRZDQHZHGãXJZ\İV]HMVWDZNLSRGDWNX 3RGZ\İNLDNF\]\QDZ\URE\W\WRQLRZHZ\QLNDã\]GRVWRVRZDQLDSU]HSLVyZNUDMRZ\FKGRPLQLPDOQHMVWDZNLDNF\]\GR]ZR ORQHMZ8( Monitor Polski Nr 41 — 2381 — Poz. 452 7DEHOD= =PLDQ\FHQJãyZQ\FKJUXSWRZDUyZLXVãXJNRQVXPSF\MQ\FKZODWDFK ² ]WHJR  w. rcl .go v.p l ]WHJR   ,QIODFMDSR Z\ãĈF]HQLX WRZDU\DN FHQ F\]RZH SDOLZD 7RZDU\ İ\ZQRĤFLL DONRKRO W\WRę  HQHUJLL LQQH WRZDU\ 8VãXJL NRV]W\ ]ZLĈ]DQH] XWU]\PD LQQH QLHP XVãXJL PLHV]NDQLD GRPX                               6WUXNWXUDZDJNRV]\ND&3,Z                 =PLDQDGRDQDORJLF]QHJRRNUHVXURNXSRSU]HGQLHJRZ                                                                                                                                                                                                                                                                                                                                                                                                  :NãDGGR&3, ZSNWSURF                                                                                                                                                                                                                                                           ww       , ,, ,,, ,9 9 9, 9,, 9,,, ,; ; ;, ;,, , ,, ,,, ,9 9 9, 9,, 9,,, ,; ; ;, ;,, ,;,,   ,;,,    , ,, ,,, ,9 9 9, 9,, 9,,, ,; ; ;, ;,, , ,, ,,, ,9 9 9, 9,, 9,,, ,; ; ;, ;,, ,;,,   ,;,,  į\ZQRĤþL &3, QDSRMH  EH]DONRKR (QHUJLD QRĤQLNL HQHUJLL ORZH ĭUyGãR 'DQH*86REOLF]HQLD1%3   Monitor Polski Nr 41 Poz. 452  w. rcl .go v.p l =DãĈF]QLN — 2382 — =DãĈF]QLN%LODQVSãDWQLF]\ %LODQVSãDWQLF]\ 3RREQLİHQLXVLčZ UGHILF\WXZREURWDFKELHİĈF\FKELODQVXSãDWQLF]HJRZZDUXQNDFKĤZLD WRZHJRNU\]\VXLVSRZROQLHQLDZ]URVWXJRVSRGDUF]HJRZ3ROVFHZUQDVWĈSLãMHJRSRQRZ Q\Z]URVW:UZ\QLyVãRQPOG(85 ZREHFPOG(85Z U 5HODFMDGHILF\WX REURWyZELHİĈF\FKGR3.%]ZLčNV]\ãDVLč]Z UGRZU'RSRJãčELHQLDVLč GHILF\WXREURWyZELHİĈF\FKZQDMZLčNV]\PVWRSQLXSU]\F]\QLãVLčZ]URVWGHILF\WXZKDQGOXWR ZDUDPL -HGQRF]HĤQLH GUXJL URN ] NROHL Z]UyVã GHILF\W QD UDFKXQNX GRFKRGyZ D WDNİH ]PQLHM V]\ãDVLčQDGZ\İNDZKDQGOXXVãXJDPLLZPQLHMV]\PVWRSQLXWUDQVIHUyZELHİĈF\FK 2İ\ZLHQLHKDQGOXPLčG]\QDURGRZHJR SRVSDGNXRZ UZROXPHQKDQGOXĤZLDWRZH JRZ]UyVãZUR VSU]\MDãRRİ\ZLHQLXZKDQGOX]DJUDQLF]Q\P3ROVNL2GEXGRZD HNVSRUWX ] 3ROVNL SR VLOQ\P ]DãDPDQLX Z SLHUZV]HM SRãRZLH   U QDVWčSRZDãD Z ĤODG ]D Rİ\ZLHQLHP Z VHNWRU]H HNVSRUWRZ\P 1LHPLHF -HGQRF]HĤQLH MHGQDN VLOQLHMV]\ Z]URVW LPSRUWX GRSURZDG]LãGRSRJãčELHQLDGHILF\WXZKDQGOX]DJUDQLF]Q\P3ROVNL :HGãXJZVWčSQ\FKV]DFXQNyZ*86GHILF\WZSROVNLPKDQGOX]DJUDQLF]Q\P]ZLčNV]\ãVLč]  POG(85Z UGRPOG(85ZU3RJãčELãVLčGHILF\WZKDQGOX]NUDMDPLE=655 RUD]]NUDMDPLUR]ZLMDMĈF\PLVLč ZW\PSU]HGHZV]\VWNLP]&KLQDPL -HGQRF]HĤQLH]ZLčNV]\ãD VLčQDGZ\İNDZKDQGOX]NUDMDPL8(RUD]W]ZQRZ\PLSDęVWZDPLF]ãRQNRZVNLPL8( QDG Z\İNDZKDQGOX]NUDMDPL8(Z]URVãD]GRPOG(85  :  U ZDUWRĤþ HNVSRUWX ] 3ROVNL Z]URVãD R   SR VSDGNX R  Z   U  1DMVLOQLHM ZĤUyGZV]\VWNLFKNDWHJRULLGyEUHNVSRUWRZDQ\FK]3ROVNL]ZLčNV]\ãVLčHNVSRUWGyEUSRĤUHGQLFK 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G\QDPLNč MHGQRVWNRZ\FK NRV]WyZ SUDF\ Z SU]HP\ĤOH SU]HWZyUF]\P Z 3ROVFH QLİ X MHM SDUWQHUyZ KDQGORZ\FK UHDOQ\ HIHNW\ZQ\ NXUV ]ãRWHJR GHIORZDQ\ LQGHNVHP MHGQRVWNRZ\FK NRV]WyZ SUDF\ Z SU]HP\ĤOH SU]HWZyUF]\P  5((5 RVãDELãVLčZUR ZREHF U :  U SRJRUV]\ãD VLč ZLčNV]RĤþ ZVNDĮQLNyZ REUD]XMĈF\FK ]HZQčWU]QĈ QLHUyZQRZDJč SRO VNLHM JRVSRGDUNL 5RVQĈFH Z\NRU]\VWDQLH IXQGXV]\ XQLMQ\FK Z  U NODV\ILNRZDQ\FK QD UD FKXQNX NDSLWDãRZ\P  QLH ]UyZQRZDİ\ãR Z]URVWX GHILF\WX REURWyZ ELHİĈF\FK : UH]XOWDFLH Z]URVãD]DUyZQRUHODFMDGHILF\WXREURWyZELHİĈF\FKGR3.%MDNLUHODFMDGHILF\WXREURWyZELHİĈ F\FK L NDSLWDãRZ\FK GR 3.% : U ]PQLHMV]\ã VLč QDSã\Z ]DJUDQLF]Q\FK LQZHVW\FML EH]SR ĤUHGQLFKZSRUyZQDQLX] U%\ãWRMHGQDNJãyZQLHZ\QLNSRMHG\QF]HMWUDQVDNFMLLQZHVWRUD EH]SRĤUHGQLHJRNWyU\VSU]HGDãDNW\ZDZ3ROVFH%H]WHMWUDQVDNFMLSR]LRPQDSã\ZX]DJUDQLF] Q\FK LQZHVW\FML EH]SRĤUHGQLFK GR 3ROVNL Z  U E\ãE\ ]EOLİRQ\ GR RGQRWRZDQHJR Z   U 'HILF\WREURWyZELHİĈF\FK]RVWDãZRNVILQDQVRZDQ\QDSã\ZHPNDSLWDãX]DJUDQLF]QHJRZ SRVWDFLLQZHVW\FMLEH]SRĤUHGQLFK 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]DQLİRQ\LPSRUWVDPRFKRGyZXİ\ZDQ\FK]RE V]DUX8(NRUHNW\Z]DNUHVLHSR]RVWDã\FKWUDQVIHUyZSR]RVWDã\FKVHNWRUyZZHU\ILNDFMčSU]\SDGNyZW]ZEUDQGLQJXKLSRWH]\ ]ZLĈ]DQH]UDFKXQNLHPILQDQVRZ\PLUR]OLF]DQLHPLQVWUXPHQWyZSRFKRGQ\FKF]\WHİZHU\ILNDFMHZLHONRĤFLDNW\ZyZ]DJUD QLF]Q\FKSRGPLRWyZVHNWRUDQLHILQDQVRZHJR =ZHU\ILNRZDQHGDQHRELODQVLHSãDWQLF]\P]RVWDQĈRSXEOLNRZDQH F]HUZFDU 'REU\PL PLDUDPL RFHQ\ ]PLDQ SR]\FML NRQNXUHQF\MQHM SURGXFHQWyZ NUDMRZ\FK QD U\QNDFK ]DJUDQLF]Q\FK VĈ ZVNDĮQLNL XZ]JOčGQLDMĈFH ]PLDQ\ NRV]WyZ SURGXNFML =H Z]JOčGX QD GRPLQXMĈF\ XG]LDã SURGXNWyZ SU]HP\VãX SU]HWZyUF]HJR Z Z\ PLDQLHKDQGORZHMGRRFHQ\]PLDQNRQNXUHQF\MQRĤFLSROVNLHJRHNVSRUWXZ\NRU]\VWDQRUHDOQ\NXUVZDOXWRZ\ GHIORZDQ\MHG QRVWNRZ\PLNRV]WDPLSUDF\ZSU]HP\ĤOHSU]HWZyUF]\P:REOLF]HQLDFKZ\NRU]\VWDQRGDQHNZDUWDOQHRMHGQRVWNRZ\FKNRV] WDFKSUDF\]DUSU]\F]\PGDQH]D,9NZXEUPDMĈFKDUDNWHUV]DFXQNRZ\ .UyWNRWHUPLQRZH]DGãXİHQLH]DJUDQLF]QHREHMPXMHLQVWUXPHQW\GãXİQHRSLHUZRWQ\PWHUPLQLH]DSDGDOQRĤFLGRMHGQHJRUR NX : MHJR VNãDG ZFKRG]Ĉ SU]HGH ZV]\VWNLP ĤURGNL QD UDFKXQNDFK 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PRİOLZRĤFLDJUHV\ZQHMNRQNXUHQFMLPLčG]\EDQNDPLRUD]]DSHZQLHQLHNUHG\WRELRUFRPSU]HMU]\VWRĤFLSURFHGXUEDQNRZ\FK :SURZDG]HQLHZİ\FLHZVLHUSQLXUF]čĤFL]DSLVyZ5HNRPHQGDFML7QLHPLDãRGRNRęFDU]QDF]ĈFHJRZSã\ZXQD SR]LRPDNFML NUHG\WRZHM QD U\QNX NUHG\WyZ PLHV]NDQLRZ\FK:SUDNW\FHF]čĤþLQVW\WXFML EDQNRZ\FK QLH PXVLDãD ZSURZD G]Dþ]PLDQZVZRMHMRIHUFLHNUHG\WRZHMSRQLHZDİMXİZF]HĤQLHMVSHãQLDãDZ\PRJL5HNRPHQGDFML3RQDGWRLVWRWQH]DSLV\QS GRW\F]ĈFHGRSXV]F]DOQHMUHODFMLZ\GDWNyZ]ZLĈ]DQ\FK]REVãXJD]RERZLĈ]DęNUHG\WRZ\FKLILQDQVRZ\FKGRGRFKRGyZNOLHQ WD]DF]čã\RERZLĈ]\ZDþGRSLHURRGJUXGQLDU Monitor Polski Nr 41 — 2386 — Poz. 452 w. rcl .go v.p l  Z JUXGQLX   U GR  Z OLSFX  U SR F]\P VWRSQLRZR Z]UDVWDã GR EOLVNR  Z JUXGQLXU :\NUHV= =PLDQ\UULPPNUHG\WyZGODJRVSRGDUVWZGRPRZ\FK POG3/1 .RQVXPSF\MQH PPOHZDRĤ 0LHV]NDQLRZH PPOHZDRĤ .RQVXPSF\MQH UUSUDZDRĤ 0LHV]NDQLRZH UUSUDZDRĤ POG3/1 ZU] VW\ PDM ZU] VW\ PDM ZU] VW\  PDM  ZU]  VW\  PDM  ZU]  VW\  PDM  ZU]  PDM  VW\  ZU]  VW\  PDM   ĭUyGãR 'DQH1%3 :\NUHV= 6WUXNWXUDZDOXWRZDQRZ\FKNUHG\WyZPLHV]NDQLRZ\FKGODJRVSRGDUVWZGRPRZ\FK SURF =ãRWRZH :DOXWRZH             ĭUyGãR 'DQH1%3 ww 2EOLF]HQLD VSRU]ĈG]RQR Z RSDUFLX R LQIRUPDFMH SR]\VNLZDQH GR VSUDZR]GDZF]RĤFL VWyS SURFHQWRZ\FK ] SUyE\ Z\EUDQ\FK EDQNyZNWyU\FKXG]LDãZU\QNXNUHG\WyZGODVHNWRUDQLHILQDQVRZHJRVWDQRZLRNRãR .UHG\W\GODSU]HGVLčELRUVWZ 3RSUDZD V\WXDFML HNRQRPLF]QHM SU]HGVLčELRUVWZ RUD] VWRSQLRZR URVQĈFH Z\NRU]\VWDQLH PRF\ SURGXNF\MQ\FK QLH ZSã\Qčã\ LVWRWQLH QD ]PLDQč SRS\WX QD NUHG\W ]H VWURQ\ SU]HGVLčELRUVWZ 1RPLQDOQDZDUWRĤþ]DGãXİHQLDNUHG\WRZHJRSU]HGVLčELRUVWZZEDQNDFKREQLİ\ãDVLčZUR  POG]ãZREHFVSDGNXRPOG]ãZ U5RF]QDG\QDPLNDNUHG\WyZGODSU]HGVLčELRUVWZ E\ãDXMHPQDSU]H]FDã\UFKRþRGPDMDUVWRSQLRZRZ]UDVWDãD Monitor Polski Nr 41 — 2387 — Poz. 452 w. rcl .go v.p l 1DVSDGHN]DGãXİHQLDSU]HGVLčELRUVWZZSã\QĈãSU]HGHZV]\VWNLPVSDGHNNUHG\WyZRFKDUDNWH U]HELHİĈF\PRUD]NUHG\WyZGãXJRWHUPLQRZ\FKQD]DNXSQLHUXFKRPRĤFL=DGãXİHQLHSU]HGVLč ELRUVWZ ] W\WXãX NUHG\WyZ ELHİĈF\FK REQLİ\ãR VLč Z  U R  POG ]ã ZREHF VSDGNX R   POG]ãZ 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:UZ]URVãDQDWRPLDVWZDUWRĤþGãXJRWHUPLQRZ\FKNUHG\WyZLQZHVW\F\MQ\FK RPOG]ã ZREHF Z]URVWX R  POG ]ã Z   U  Z\NRU]\VW\ZDQ\FK SU]H] SU]HGVLčELRUVWZD GR ILQDQVR ZDQLD QRZ\FK OXE SRZLčNV]HQLD LVWQLHMĈF\FK ]GROQRĤFL Z\WZyUF]\FK L XVãXJRZ\FK 3RPLPR SHZQHJRRİ\ZLHQLDZVHJPHQFLHNUHG\WyZLQZHVW\F\MQ\FKZVNDOLFDãHJRURNXJãyZQ\PĮUy GãHP ILQDQVRZDQLD LQZHVW\FML SR]RVWDã\ ĤURGNLZãDVQH SU]HGVLčELRUVWZ F]HPX VSU]\MDã\ GREUH Z\QLNLVSU]HGDİ\]QDMGXMĈFHRG]ZLHUFLHGOHQLHZV]\ENLPZ]URĤFLHGHSR]\WyZSU]HGVLčELRUVWZ ww 'HSR]\W\LDJUHJDW\PRQHWDUQH :  U VWDQ V]HURNLHJR SLHQLĈG]D 0 Z]UyVã R  POG ]ã ZREHF Z]URVWX R  POG ]ã URN ZF]HĤQLHM 7HPSR Z]URVWX DJUHJDWX 0E\ãR VWRVXQNRZR VWDELOQHLNV]WDãWRZDãR VLč SU]HFLčWQLH QDSR]LRPLHRNUU Monitor Polski Nr 41 — 2388 — Poz. 452 w. rcl .go v.p l 6]\EFLHMQLİV]HURNLSLHQLĈG]URVã\MHJRSã\QQHVNãDGQLNL]DOLF]DQHGRDJUHJDWX0 SU]HFLčWQLHZ WHPSLH RN  UU  =QDF]ĈFR ]ZLčNV]\ã\ VLč GHSR]\W\ ELHİĈFH JRVSRGDUVWZ GRPRZ\FK LSU]HGVLčELRUVWZ ,FK ZDUWRĤþ Z]URVãD ãĈF]QLH R POG]ã Z  U  UU  'UXJL NRPSR 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Wyjaśnienie AI na podstawie urzędowego tekstu ustawy. Orientacyjne, nie zastępuje porady prawnej.