FinMin: Poland to inject EUR 5.5bn of FX reserves to ECB upon euro-zone entry.

By bne IntelliNews March 21, 2013
When Poland joins the euro-zone, it will have to transfer EUR 5.47bn of its foreign-currency reserves to the European Central Bank, according to a statement by the ministry of finance. The calculations were based on current parameters used for establishing the value of theses reserves' transfers, the ministry stressed. Of this amount, EUR 0.51bn would be a contribution to ECB's capital, EUR 2.82bn - a contribution to ECB's FX reserves. Poland's official reserve assets were up by 7.8% y/y to EUR 81.61bn at the end of February of 2013. According to recent official statements, the Polish government will now focus on fulfilling the so-called Maastricht criteria, required from bidders to the euro-zone, and the decision on the date of the euro adoption should be made only after the 2015 parliamentary and presidential elections. When Poland joined the European Union in 2004, it obliged itself to take on the euro, but with no time restraints.

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