For several years banks have been systematically presenting their inflationary expectations. The article uses findings of Reuters' monthly polls held since October 1994 (they cover analysts of about twenty major banks), and findings of monthly surveys held since April 1995 by Pentor, the Institute of Public Opinion Pooling and Market Research with the participation of the managers from over 200 banking units throughout the country.

Average answers of respondents have been taken as a ratio of inflationary expectations. Expectations "waves" in particular years was the basis for an analysis of short-term changes in expectations, while the annual slope down of "waves" provided for the analysis of long-term changes in expectations. Analysts polled by Reuters referred their expectations to known inflation rate and new impulses of the price growth, showing moderation in revising the expectations in the course of the year. The managers polled by Pentor based on their previous expectations counting on some decline in inflation, however, they were prudent when adjusting their prognosis during the year. In the long time perspective, progress in halting inflation and the growth of confidence in the anti-inflationary policy - despite strong inertness - enhanced the role of inflationary expectations for the group of bank analysts and the role of adjustment expectations for the group of bank managers. Controlled prices and money supply, and the behavior of the central bank and the government in terms of institutional breakdown, were - in the opinion of respondents - most important information affecting their inflationary expectations.

Reduction of the inflationary target for 1999 has provided for a new opportunity to analyze expectations in conditions of one-digit inflation. Numerical relations between expectations and related determining factors presented in the article may - although they refer to the past - be helpful in further research when the downward trend of inflation will be probably accompanied by short-term, even strong fluctuations.