The exchange rate regime in Poland changed in 2000. On April 11, the Council of Ministers, acting in consultation with the MPC, took the decision to float the zloty, which signified the abolition of the central parity rate for the zloty, and also the crawling band mechanism to a reference currency basket, with its trading band for permissible deviations in market exchange rates from central parity. The resolution introducing these changes took effect on April 12, 2000. Following the change in the exchange rate regime, the National Bank of Poland continued to refrain from intervention in the currency market. Zloty exchange rates thus ceased to be employed as a monetary policy instrument. In the long run, it is not possible to influence interest rates with a view to achievement of the inflation target while at the same time controlling exchange rates.