2.9 The year 1998
The year 1998 was a difficult year for Poland. As a result of financial and currency crises that engulfed the
world last year - most particularly the Russian crisis - there was a reduction in the growth rate of the economy and
an increased deficit in the trade balance and the current account.
In the beginning of 1998 a new act of the National Bank of Poland took effect. From this moment decisions
on monetary policy measures are taken by a ten-member Monetary Policy Council (MPC).