The working of exchange markets in Poland The article begins with a study of the workings of the exchange markets newly set up in May 1987, which enables the author to classify them ; he then goes on to analyse the interconnections among the various exchange rates in operation and the official exchange rate, as well as the free market rate. There are three markets identified as belonging to the socialist sector (plus the obligatory exchange at the official rate) and three markets belonging to the private sector. The method of adjusting the official rate of exchange has led to some approximation with the free market rate, but it is still ill-adapted for dealing with economic instability. The Export Promotion Bank (EPB) operates as a concession-holder on the market reserved for entreprises having foreign currency accounts, but its role differs from that of a simple broker. There is a proposal that this market should be classified as an administered concessionary market (ACM). The part plaved by the EPB proved ineffective, and from the autumn of 1988, it accepted the role of following the free market rate. The market reserved for the sector of internal trade attached to the Bank Pekao S.A. is somewhat akin to the Banque de France's calls for tenders section. The rate in force on this market has a more pronounced tendency to follow the free market rate. On the market of calls for tenders for quota-ed imports, the lack of competition has made it possible to maintain the rate practically at the level of the official rate of exchange. In the private sector, the oldest market is the free (black) market, officially "whitened" by the currency law of 15.2.89. Over the long run, the free market rate follows the rate of inflation, but in the short run, goes ahead of inflation, by reason of rational anticipation. It then catches up with the price variations of other « security commodities », such as gold, for example. The officialization of this market was aknowledged by the opening of special counters in the Bank PKO-BP (June 1988) and the legalization of private middlemen (March 1988). The concessionary market at the Bank Pekao S.A., for the use of private enterprises, made its appearance in December 1988, and was incorporated in the ACM two months later. In conclusion, the author states that the move towards marketization of the currency exchange has for the time being been characterized by the continuance of the system of the multiple exchange rate, except that the conversion coefficients have been replaced by exchange rates set by interested commercial parties.