The złoty (symbol: zł; ISO code: PLN) is the main monetary unit of Poland. It is divided into 100 groszy. The term złoty literally means “golden.” On January 1, 1995, the new złoty (PLN) replaced the old złoty (PLZ, created in 1950) following the hyperinflation of the early 1990s at the rate of 1 PLN = 10,000 PLZ. Poland's monetary policy falls under the jurisdiction of the National Bank of Poland (Polish: Narodowy Bank Polski, NBP), founded in 1945.