Polish foreign reserves fall in December

By bne IntelliNews January 7, 2018

Poland’s international reserves contracted 2.1% m/m to PLN394.4bn (€94.5bn, $113.3bn) in December, data released by the National Bank of Poland (NBP) showed on January 5. In annual terms, Polish forex reserves fell 17.5% in the last month of 2017.

The monthly fall in December came on the back of reductions across all main segments. The monetary gold reserves fell 0.9% m/m to PLN14.9bn. SDRs fell 1.4% on the month to PLN1.49bn.

Poland’s reserve position in the IMF fell 5.3% m/m to PLN1.85bn. There was also a fall of 2.1% in the foreign exchange reserves segment to a total of PLN376.1bn. In euro and US dollars terms, the reserves also fell m/m in December.

The NBP invests foreign exchange reserves in standard instruments used by central banks. The majority of investments are in government securities, although some volumes are invested in securities issued by international institutions and government agencies. A small part of the foreign exchange reserves is held as deposits at highly rated banks abroad or in gold.

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Polish foreign reserves fall in December

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The board of the Central Bank of Russia resolved on June 15 to keep the key interest rate unchanged at current 7.25%, citing this week's government's decision to hike the VAT rate to 20% as the main reason for further postponing monetary easing.

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Uncertainty surrounds the Central Bank of Russia (CBR) monetary policy meeting on June 15, as analysts can’t agree on if the regulator will cut rates by 25bp from current the 7.00% or leave them on hold.

Short-term loans jump 7% m/m as of the end of the fourth month.

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