Polish zloty strong exchange rate may contribute to c. bank loss of PLN 30 bln for 2025
A strong PLN exchange rate may contribute to a loss of PLN 30 billion (EUR 7.03 bln) for the Poland's central bank NBP in 2025, according to a statement released by the NBP.
"The strengthening of the zloty against foreign currencies (in particular the US dollar) observed this year may contribute to Poland's central bank NBP recording a negative financial result for 2025 (exceeding even PLN 30 billion if foreign exchange rates remained at the level of the end of June this year)," Poland's central bank said.
The NBP pointed out that the strengthening of the zloty does not mean a change in the size of the NBP's official reserve assets, which at the end of July 2025 amounted to over USD 255 billion, of which the value of monetary gold accounted for almost USD 55 billion.
"However, the appreciation of the zloty results in a decrease in the value of reserve assets converted into zlotys, which, in accordance with Eurosystem accounting rules, reduces the central bank's financial result at the end of the year. At the same time, the strong increase in the price of gold this year should limit the impact of the negative valuation of foreign currencies on the NBP's capital," it added.
The National Bank of Poland notes that forecasting its financial result is subject to considerable uncertainty and depends on factors over which the central bank has no direct influence (namely, foreign exchange rates, foreign interest rates).
"Daily changes in these factors contribute to significant fluctuations in the NBP's financial result," the NBP wrote.
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