A prestigious laurel for the National Bank of Poland. The strategy implemented by the bank is the best in the world

The International Monetary Association (IACA) has recognized the National Cash Security Strategy as the best initiative in the world.

Narodowy Bank Polski received a prestigious award from the International Monetary Association (IACA) for the world's best initiative to strengthen the resilience of cash transactions. The distinction was awarded during the Global Currency Forum for the development and implementation of the National Cash Transaction Security Strategy.

– We are glad that the National Cash Transaction Security Strategy has been appreciated internationally. This is a confirmation that consistent actions to strengthen the resilience of the cash system are of real importance for the security of the state and citizens. Your own currency and cash remain a key element of the state's financial security – comments the President of the National Bank of Poland, Prof. Adam Glapiński.

According to the central bank, the awarded initiative – the National Cash Transaction Security Strategy – was developed at the Cash Transaction Council of the NBP Management Board. It constitutes a comprehensive roadmap agreed with stakeholders for strengthening the resilience of the cash system in Poland. The strategy is based on four interconnected pillars: universal acceptance and availability of cash, smooth cash supply, cybersecurity of systems used in cash processes, and physical security of cash and its logistics.

The adopted solutions translate into specific operational goals, regulatory activities, standards and coordinated emergency planning in the entire cash ecosystem.

– The effectiveness of the Strategy has been confirmed, among others, by: during the sharp increase in demand for cash after Russia's invasion of Ukraine in 2022, as well as in other situations disrupting the continuity of the supply of cash – emphasizes the president of NBP.

– The implementation of the Strategy also created a new quality of cooperation between the central bank, cash market participants and national regulators. This approach, based on partnership and long-term planning, is an example of modern cash circulation management and strengthening its resilience, he adds.

The IACA (International Association of Currency Affairs) award is granted by an international organization with 77 members, including central banks (including the Bank of England, The Federal Reserve, Schweizerische Nationalbank, Banque de France, Narodowy Bank Polski), producers of cash and components (including the Polish Security Printing Works, the Mint of Poland, Monnaie de Paris), cash processing companies and entities offering services for the cash sector. The association, operating since 2004 as a non-profit organization, is a global forum for cooperation for the development and security of cash transactions.

TGS, nbp.pl

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