The National Bank of Poland (NBP) has reported a significant financial loss for 2025, marking a continued trend of deficits for the country’s central bank. During a press conference on Thursday, Governor Adam Glapiński disclosed that the strata NBP za 2025 rok amounted to 35.7 billion PLN, a figure that underscores the volatility of the Polish zloty and the costs of current monetary policy.
This latest deficit is the steepest the bank has seen in recent years, extending a streak of negative results that dates back to 2021. Whereas the bank managed to generate a positive return from its foreign exchange reserve management, these gains were eclipsed by the macroeconomic pressures of a strengthening currency and the operational costs of managing inflation.
The financial report for the year has already undergone an audit by an independent certified auditor, receiving a positive opinion. According to the Governor, the final documentation is scheduled to be submitted to the government for formal approval in April.
The Mechanics of the Deficit: Currency and Policy
The 35.7 billion PLN loss was not the result of a single failure but rather a combination of three distinct financial drivers. The most significant impact came from the appreciation of the Polish zloty. While a strong currency is often viewed as a sign of economic health, for a central bank holding massive foreign reserves, it creates a “translation loss.”
Glapiński detailed that the strengthening of the zloty resulted in a negative exchange rate difference of minus 36.7 billion PLN. This effectively wiped out the gains made through active investment. Specifically, the NBP’s management of foreign exchange reserves yielded a positive result of 24.7 billion PLN, but this was insufficient to offset the currency’s volatility.
Adding to the burden was the cost of conducting monetary policy, which resulted in a further loss of 21 billion PLN. In the context of a central bank, these losses often stem from the interest paid on deposits by commercial banks, which can exceed the income the central bank earns on its own assets during periods of aggressive rate adjustments to combat inflation.
A Five-Year Trend of Financial Volatility
To understand the scale of the 2025 loss, We see necessary to look at the NBP’s trajectory over the last half-decade. The bank has not seen a profit since 2021, when it recorded a surplus of 10.97 billion PLN. Since then, the financial landscape has shifted from a period of growth to one characterized by systemic losses.
The transition from profit to deficit reflects the broader challenges faced by central banks globally, including the transition from low-interest-rate environments to high-inflation regimes. The Polish experience has been particularly acute due to the geopolitical instability in Eastern Europe and the resulting fluctuations in the Narodowy Bank Polski‘s balance sheet.
| Year | Financial Result (PLN) |
|---|---|
| 2021 | +10.97 billion |
| 2022 | -16.9 billion |
| 2023 | -0.8 billion |
| 2024 | -13.3 billion |
| 2025 | -35.7 billion |
Broader Strategic Implications
Beyond the immediate numbers, the NBP has been adjusting its strategy to hedge against future volatility. This includes a strategic pivot toward gold. In recent communications, Governor Glapiński has noted that the bank increased its gold holdings, stating that they “utilized the opportunity” to strengthen the reserves with a hard asset that traditionally holds value when currencies fluctuate.
The recurring losses of the central bank do not typically threaten its solvency in the way they would a commercial bank, as the NBP can operate with negative equity. However, these figures are closely watched by markets and policymakers as they impact the bank’s ability to transfer profits to the state budget—a primary source of revenue for the government in prosperous years.
For the average citizen, the strata NBP za 2025 rok is a reflection of the complex trade-offs involved in stabilizing a national economy. The loss of 35.7 billion PLN is, in part, the “price” paid for a stronger zloty, which helps keep import prices lower and tames inflation, even if it creates a bookkeeping loss for the central bank.
Disclaimer: This article is intended for informational purposes only and does not constitute financial or investment advice.
The next critical checkpoint for the NBP’s financial standing will occur in April, when the annual report is officially transmitted to the government for approval. This process will provide further clarity on how the state intends to account for the central bank’s deficit in the broader national budget.
We invite our readers to share their perspectives on the NBP’s financial trajectory in the comments below and share this report with your network.
