A polycarbonate is produced by transesterification from a dihydroxy compound such as 2,2-bis(4-hydroxyphenyl)propane and a diester of carbonic acid such as bisphenyl carbonate in the presence of a substance containing iron in an amount of 50% by weight or less to contact the reactants. Also, a polycarbonate is produced by transesterification from a dihydroxy compound and a diester of carbonic acid in a reactor made of stainless steel and treated by electropolishing or acid pickling or buffed on a surface part thereof to contact the reactants. As the transesterification catalyst, (a) a nitrogen-containing, electron-donating compound and (b) a nitrogen-containing, electron-donating compound and an alkali metal compound or an alkaline earth metal compound are preferably used.