Poland’s international reserves grew 3.5% m/m to PLN406.6bn (€94.4bn, $111.3bn) in September, the first expansion in terms of local currency after two months of falls, data released by the National Bank of Poland (NBP) showed on October 6.
In annual terms, the Polish forex reserves fell 5.7%. in September. The monthly growth in the ninth month was mainly because of an expansion of 3.6% in the foreign exchange reserves segment.
Meanwhile, SDRs grew 1.8% on the month, as did Poland’s reserve position with the IMF, which inched 0.4% on the month. The monetary gold reserves also grew in September, by 0.4% m/m.
The NBP invests foreign exchange reserves in standard instruments used by central banks. The majority of investments are government securities, although some volumes are invested in securities issued by international institutions and government agencies. A small part of the foreign exchange reserves are held as deposits at highly rated banks abroad or in gold.