NBP Reserves continue to remain safe under Balcerowicz

The govner of the National Bank (NBP) Leszek Balcerowicz has dismissed government ideas to use currency reserves on current expenditure. "They are a very important stabilizer for the economy," Balcerowicz said during a banking seminar. The remarks came after the U.S. launched missile strikes on Iraq, and appeared directed against proposals by Finance Minister Grzegorz Kolodko to use some of the reserves to finance EU accession costs. The Ministry argues the central bank should use part of its zl. 27 billion revaluation provision from its books and transfer it to the state coffers. "The NBP cannot agree to any moves which would violate global standards and would not help national public finances in a sustainable way," Balcerowicz said. He added the Bank would continue cooperating on the use of its foreign reserves to help service the national debt. (Reuters) M.M.