Communiqué of Narodowy Bank Polski
Narodowy Bank Polski is carefully analysing the situation in the economy and financial markets, which is strongly influenced by the Russian military aggression against Ukraine. The small share of goods exports to Russia and Ukraine in Poland’s total exports is a factor that will limit the negative impact of this situation on the Polish economy. On the other hand, hikes in prices of energy commodities negatively affect the European and Polish economies. In the light of the available information, despite the negative impact of heightened uncertainty and higher commodity prices, Poland’s GDP growth will remain strong.
The depreciation of the Polish zloty, which has been observed in recent days, is not consistent with the fundamentals of the Polish economy and the direction of the monetary policy implemented by NBP. NBP has an adequate level of foreign exchange reserves and has at its disposal an appropriate set of instruments to counteract negative trends in the financial and currency markets. NBP is ready at any time to respond to excessive exchange rate fluctuations of the Polish zloty which could disrupt the smooth functioning of the foreign exchange market or financial market, or negatively affect financial stability or the effectiveness of NBP’s monetary policy.