Starting from 1995 the exchange rates of the foreign currencies are determined in Poland in two steps.

Every morning the central bank is announcing so called central parity exchange rates for USD and DEM. They are counted in accordance with the crawling peg rule based on the basket of five currencies. Central parity plays an informal role. The market exchange rates may vary within certain interval around it. If the market rates are too close to the border of the allowed interval, the central bank intervenes on the market.

Afternoons the central bank announces so called fixings, which are the official exchange rates.

Thus there are two factors which determine the exchange rates on Polish money market.