Today, Poland can boast of record-breaking foreign exchange reserves in its history. In December, their value amounted to USD 154 billion. In addition, our central bank for the first time in 10 years was selling Polish currency for foreign exchange in order to weaken the zloty.
At the end of 2020, the NBP already had reserve assets worth exactly USD 154.2 billion. This is USD 9.8 billion more than a month earlier. The value of gold accumulated by the Polish central bank also increased. At the end of December, it was worth nearly USD 14 billion. On the other hand, reserves valued in EUR, after an increase by 5.1 billion, reached EUR 125.6 billion.
Let us recall, however, that in December the NBP intervened on the currency market several times in order to weaken the zloty.
– The recent pressure to increase the value of the zloty is very worrying and very harmful. Harmful in terms of the reflection of the growth of our starting point and export dynamics. In the situation of our inflation projection for next year at a low level, this obviously creates space for possible decisive interventions by the central bank – said president Adam Glapiński.
“Interestingly, interventions lasted only until the morning of December 31st – then the central bank stopped selling the Polish currency and the EUR / PLN exchange rate fell from 4.62 to 4.51. Experts suspect that the weakening of the Polish currency was aimed at improving the NBP result and, consequently, a greater injection of funds into the state budget this year. According to the estimates of central bank analysts, the profitability rate for exports is close to PLN 4 per euro. Citi Handlowy economists estimate that December interventions of the Polish central bank probably amounted to USD 6.7 billion “
– analyzes bankier.pl.
The NBP data show that in 2019 dollar assets were predominant in Polish currency reserves – they accounted for 51 percent. It was followed by the euro (20%), the pound (12%), the Australian dollar (8%), Norwegian kroner (6%) and New Zealand dollars (3%).