The National Bank of Poland has published data on Poland’s official reserves. The value of currency and gold reserves is at record levels.
The data covers the period until the end of November 2023. They show that Poland’s currency and gold reserves are worth 170.9 billion euros, and when converted into US dollars – 186.7 billion dollars. For the first time in history, NBP reserves exceeded $185 billion.
Compared to October this year, euro-denominated assets were EUR 5.0 billion higher, while dollar-denominated assets increased by USD 9.7 billion.
The National Bank of Poland manages the foreign exchange reserves and ensures the maximization of their profitability, but the priority is their safety and maintaining the necessary level of liquidity. The NBP invests reserves in typical instruments used by central banks. The vast majority of this (66.6%) is invested in government bonds, in securities issued by international institutions and government agencies. The remaining amount is held in the form of deposits in banks with high creditworthiness and in monetary gold.
What’s next for inflation?
During Thursday’s press conference, the President of the National Bank of Poland, Adam Glapiński, presented an inflation forecast. According to him, the decline will decrease further in the coming quarters.
– – After a sharp decline in previous months, the decline in inflation is now – of course – slower. This is fully consistent with our previous predictions. Inflation still behaves as or almost as it results from our forecasts and projections. NBP forecasts indicate that inflation in Poland will continue to decline gradually in the coming quarters, he explained.
As previously reported by Statistics Netherlands, consumer inflation was 6.5%. annualized in November 2023 by flash estimate.
According to the National Bank of Poland, consumer inflation – according to the central path of the November inflation projection – will amount to 11.4%. in 2023 4.6 percent in 2024 and 3.7 percent in 2025
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
