2025-06-16-花旗集团-波兰经济_2024年波兰财政部的外汇交易_10页_166kb

FX Transactions in 2024: Poland's Ministry of Finance executed EUR 30.2 billion in FX conversions, marking a 50% increase from 2023. This surge was driven primarily by heightened inflows from EU funds, especially the Recovery and Resilience Facility (RRF), and elevated eurobond issuances.

Transaction Locations: The majority (84%) of FX funds were converted at the National Bank of Poland (NBP). Only 16% occurred directly in the market, aligning with projections based on key inflow periods.

Objective: The Ministry aimed to mitigate potential appreciation of the Polish zloty, which could hinder exports. Data showed the zloty's strength in real terms limiting export competitiveness.

Future Outlook: In 2025, FX inflows are expected to remain robust at around EUR 30 billion, with continued reliance on EU funds and potential FX bond sales. Most funds are projected to be cleared through the NBP.