The article aims at analysing and evaluating the efficiency of the Polish foreign exchange system. The author starts its considerations from a description of the system´s elements. These are the following: exchange rate regime, principles of the zloty convertibility, principles of the foreign exchange market functioning.

In the author´s opinion, the foreign exchange system is not the sum of elements but a specific arrangement; independent evolution or change in the functioning of individual components of the system is impossible. The thesis is verified further in the article. The author describes individual elements of the system, and analyses whether appropriate proportions in their development have been maintained.

According to the author, proportions between components of the system have staggered in recent years. Opening of the Polish financial system and capital flows liberalization outpace development of other elements. It is particularly clear in case of the foreign exchange market. The situation constitutes a serious threat for a smooth functioning of the Polish foreign exchange system.

In current situation Poland is primarily concerned about making an agreement on cooperation with EU and entering gradually European financial market and its institutions. It is a specific protection of our foreign exchange system against negative consequences arising from fast liberalization of capital flows.