The paper aims at analysing changes in regulations on international economic relations concerning the convertibility, exchange rate system and currency market in Poland in the years 1990 - 2002. This period was characterised by a gradual liberalisation with regard to every item of the balance of trade. At present, there are practically no restrictions in this field. At the same time, also the exchange rate system underwent changes. It was transformed from a fixed exchange rate into the floating one. The currency market developed as well, as is reflected in the increasing turnover observed.

An important element of this analysis, apart from the coherent presentation of the changes concerning the abovementioned phenomena, is the emphasis on the factors underlying these changes. A significant part of the paper has been devoted to the study of results and effects that deregulation has brought in the aforementioned areas. As for the convertibility of the Polish Zloty, it has a direct influence on the structure of the balance of payments, particularly on the capital account and on individual values which determine the country's international investment status (due to the lack of data, the analysis of this particular category has only been possible since 1994). As regards the exchange rate system, the direct outcome of the changes is the fluctuation of the Polish currency. As a result of the gradual increase in the flexibility of the Zloty exchange rate, the amplitude of its fluctuations has been far wider.