21:09 9 April 2026
NBP posts record loss
Poland’s central bank will report a PLN 35.7 billion loss for 2025, Governor Adam Glapiński confirmed, ruling out any transfer to the state budget. The deficit—larger than expected—stems from a stronger złoty and high interest costs tied to liquidity operations. The last payout to the government was in 2022.
Despite losses, the National Bank of Poland continues to expand gold reserves, now at 580 tons, targeting 700. Glapiński dismissed plans to fund military spending via gold profits, citing a lack of political consensus, and confirmed the bank will not sell reserves.
Interest rates remain on hold, with neither cuts nor hikes likely soon amid geopolitical uncertainty linked to the Middle East. The Monetary Policy Council has already reduced rates from 5.75% to 3.75% since May 2025.
Glapiński also downplayed inflation risks, pointing to stable energy prices, weaker global demand, slower wage growth, and a stable złoty.
Source: pb.pl
