NBP with a huge loss? The report was adopted
The Monetary Policy Council adopted the report of the National Bank of Poland. All documents have been signed. It seems that the National Bank of Poland ended last year with a huge loss, which is causing a lot of controversy.
The members of the council got acquainted with the documents showing the huge financial loss of the NBP for 2023. The public is still waiting for the content of these documents to be revealed, but it is already known that the Monetary Policy Council unanimously approved the resolution to adopt the report. The resolution comes into force on the day of its adoption.
Important MPC meeting
As expected by analysts, on Thursday the Monetary Policy Council decided to maintain the interest rates. without changes. The main rate is 5.75%. Interest rates However, this was not the only point of the April Council meeting that aroused emotions. The Monetary Policy Council met for the first time after submitting a motion to bring the head of the NBP before the State Tribunal.
President Adam Glapiński was to present the NBP financial result for 2023 to the members of the Monetary Policy Council and explain the reasons for the huge loss in the bank's cash register. The NBP statement following the Monetary Policy Council's decision does not mention the bank's financial statements and results for 2023. However, the official journal of the National Bank of Poland shows that the council adopted a resolution on the adoption of the financial statements for 2023.
The report was adopted
The content of the resolution is essentially limited to two sentences: “The annual financial statements of the National Bank of Poland as at December 31, 2023 are adopted” and “The resolution enters into force on the day of its adoption.” All ten MPC members signed this resolution. However, the financial statement document itself has not been disclosed yet. According to tradition, this will take place in April. This year, the issue of the NBP's financial result raises particular emotions, as everything indicates that the central bank will record a huge loss in 2023.
According to the Polish Business Insider, NBP closed the previous year with a loss of up to PLN 27 billion. Such conclusions can be drawn from the financial plan for 2024, which the National Bank of Poland adopted at the beginning of December.
In February, the central bank explained the reasons for the poor financial results. “We would like to inform you that the key factor influencing the financial result of the National Bank of Poland is the exchange rate, which is subject to dynamic and unpredictable changes. (…) The increase in the zloty exchange rate alone reduced the financial result at the end of the year by approximately PLN 31 billion,” NBP wrote in a statement at that time.
