NBP: NBP’s loss in 2025 amounted to PLN 35.740 bln
NBP reported a net loss of PLN 35.74 bln in 2025, significantly higher than PLN 13.35 bln in 2024.
The main factors were large negative exchange rate differences of about PLN 36.7 bln, losses from monetary policy operations of PLN 20.96 bln, and negative financial operations of PLN 32.77 bln. These were partly offset by gains of PLN 24.69 bln from managing foreign exchange reserves.
The loss was driven mainly by the strengthening of the Polish currency, which reduced the value of foreign reserves and generated accounting losses. Lower interest income from foreign investments also contributed. Overall, currency appreciation and monetary policy costs heavily weighed on the central bank financial result.
