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 a reactor made of stainless steel and treated by electropolishing or acid pickling or buffed on a surface part thereof which contacts 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.