The National Bank of Poland (NBP) started to invest in New Zealand’s currency (NZD) in 2013 in an attempt to broaden its diversification of foreign currencies, according to NBP's report. At the same time, it limited the share of assets in GBP by 3pps last year.
The main currencies used by NBP are: USD, EUR, GBP, AUD, NOK. The central bank stressed that it continues to invest the major part of Poland's foreign FX reserves in sovereign securities of countries with the highest ratings and highest levels of liquidity.
Its portfolio primarily includes securities issued by international institutions and government agencies, with a small part located in deposits at banks with high ratings and in US corporate bonds.
All in all, 86.0% of FX reserves were invested in sovereign securities in 2013 vs. 86.2% a year before.
The rate of return on FX reserves - calculated in PLN - amounted to minus 3.2% in 2013, which NBP attributed to the zloty's appreciation against all the currencies, except the euro.
Related Articles
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Eurozone manufacturing growth hits four-year high in April but Middle East war drives record price surge
Eurozone manufacturing activity expanded at the fastest pace in nearly four years in April as factories rushed to build safety stocks ahead of expected price rises and supply shortages linked to the ... more
Poland’s BGK to begin operations in Ukraine under new cooperation deal
Polish state development bank BGK will launch operations in Ukraine following the signing of a cooperation agreement between the two countries’ economic ministries, reported Ukraine Business News. ... ... more