Beam: in 2013, the NBP is not generated profit

                                          Beam: in 2013, the NBP is not generated profit

In 2013, the Polish National Bank had profit, which was caused by, among others, appreciation of the zloty - said the chairman of National Bank of Poland Marek Belka at a press conference after the meeting of the Monetary Policy Council.

Belka said that the MPC adopted the financial statements of the Polish National Bank. - The financial result for 2013 amounted to zero and was significantly lower than the profit for the year 2012, which amounted to more than 5.5 billion zł - informed. He explained that the result for 2013 was determined not only by the policy of the NBP interest rates, but by a number of factors beyond the control of the central bank. Among them mentioned, among others, appreciation of the zloty especially at the end of the year, low interest rates abroad and the high scale of excess liquidity of the financial sector in Poland.
- The strengthening of the zloty , which is good news for borrowers indebted in foreign currencies , importers, Polish tourists negative impact on the financial result of the NBP. In contrast, a significant weakening of our currency, the profit increases - said Beam. He noted that a profit is not a direct objective of the NBP , as is not the purpose of other central banks . Belka added that the financial statements will be submitted to the Council of Ministers for approval.

When asked about the consequences of possible adoption by the European Central Bank ( ECB) asset purchase program - which would mean the supply of money - said that if that happened, it could possibly affect the strengthening of the zloty, which would also " toned effect" on inflation. - In turn, the excess money can be poured out in the form of capital flows into Polish , which will operate in the opposite direction - he said.

The beam also spoke about the impact of the economic situation in Russia and the Ukraine to Poland. - A possible recession in the Ukrainian economy , and very weak growth in Russia , possibly associated with some sanctions or retaliation in trade (...) , it can of course affect both the inflation and GDP , in both cases reducing these two variables - Belka said . He stressed, however , that today it is difficult to determine the scale of problems , except that they are not decisive for the size of the Polish economy.

The Communication MPC written that national data on economic activity confirms the continuation of the gradual recovery of growth in Poland. " The economic recovery is gradually translating into the labor market . There are signs of growth in employment in the enterprise sector and a decline in unemployment. Spite of a slight decline in February, the unemployment rate remains elevated , which reduces the dynamics of wages " - indicated.

- In the opinion of the Council, in the coming quarters is likely continuation of a gradual upturn , however, inflationary pressures remain contained . (...) The Council believes that interest rates should remain unchanged in the long term , ie, at least until the end of the third quarter of this year . - Added .

According to the MPC lowering interest rates in the first half of last year and keeping them stable in the coming quarters conducive to recovery of the national economy, the gradual return of inflation to the target and to stabilize the financial markets.

The Monetary Policy Council meeting on Wednesday left interest rates unchanged ; NBP reference rate will continue to be 2.50 percent . on an annual basis , the lombard rate 4.00 per cent . , the deposit rate of 1.00 percent . , and the rediscount rate 2.75 percent .
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