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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POLAND
- Poland FX reserves continued to fall in March to 158.1bn USD, down from 160.7bn USD and from an all time high of 169.5bn USD reached in August 2021 (top chart).
- As the gold reserves have remained steady at around 230 tons (over 14bn USD), changes come from ‘other reserves’ as NBP used its FX reserves to defend PLN following the invasion of Ukraine.
- Despite the $10bn+ fall in FX reserves in the past 7 months, Poland reserves-to-GDP ratio remains above the 20-percent threshold and is the second highest among the major CEE economies (after Czech Republic).
- The bottom chart shows that total reserves in Poland can cover over 7 months of imports (vs. slightly less than 4 months for Hungary).
Source: Bloomberg/NBP/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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