Poland's foreign exchange reserves experience record decline
17:14
In a historic development, the foreign exchange reserves of the National Bank of Poland (NBP) have witnessed the most significant drop on record. On November 7, the NBP released data regarding the state of official reserve assets, revealing that as of the end of October 2023, the reserves expressed in euros amounted to €165.8 billion. This marked a decrease of €3.9 billion compared to the end of September 2023. Simultaneously, the reserves expressed in dollars declined by $3.1 billion to reach a level of $176.9 billion.
The decrease in reserve assets, expressed in Polish zlotys, is the largest ever recorded, amounting to nearly PLN 50 billion. The central bank has not provided a reason for the magnitude of this decline.
