Although the bank has existed under its current name since 1945, it is a continuation of two previous central banks of Poland, both named simply "Bank of Poland" ("Bank Polski"). The first one was founded in Warsaw in 1828 by Prince Franciszek Ksawery Drucki-Lubecki. An institution of the government of the Kingdom of Poland, it was entitled with issuance of the Polish currency as well as control over the credit rates. It was also entitled with a concession to operate foreign currencies and buy off credits issued by foreign companies and banks.