The National Bank of Poland ended significantly in the red for the third year in a row, and this time, the loss was almost twice as big as experts predicted at the end of 2024, according to Business Insider Polska.
Estimates had called for a loss at the end of last year of PLN 7.4 billion (€1.73 billion). The loss, however, ended up coming in at around PLN 13.4 billion. This means no money for the state budget once again, although Finance Minister Andrzej Domański has said he calculated the 2025 budget without assuming any money from the central bank.
The portal points out that under the former Conservative (PiS) administration, the NBP recorded better results, transferring over PLN 43 billion to the budget.
NBP President Adam Glapiński does not appear to be losing any sleep over the negative financial results, says BI, claiming the bank depreciates their significance in its announcements and points out that the losses are “on paper” due to external factors such as the złoty exchange rate against the euro and the dollar plus the costs of fighting inflation.
After the central bank’s results for 2023 with a historically high loss and negative capital became public, the bank stressed that such data should not be used as a negative criterion for assessing it. However, back in 2021, the NBP had a record profit and paid as much as PLN 10.4 billion into the budget, which Glapiński had called “a great success.”
Commenting on 2023, the central bank pointed out that due to persistently higher interest rates worldwide, more and more central banks are recording negative financial results. The main reason for the NBP loss for 2023 was the strengthening of the złoty against foreign currencies, which negatively impacted the valuation of currency resources held by the central bank. At that time, the negative result from exchange rate differences alone amounted to as much as PLN 31.0 billion.
