Reduction of operating costs and effective management increases earnings of the NBP
21 November 2002
PLN 4 billion 680 million coming from the NBP earnings this year will be supplied to the state budget in 2003
The National Bank of Poland forecasts that the NBP earnings this year will be almost twice as much as the earnings generated last year. It will enable the NBP to supply the amount of approximately PLN 4 billion 680 million to the state budget next year.
Lately, the NBP has adjusted its forecast of the earnings this year due to:
- increased earnings coming from investment of the foreign exchange reserves (higher than expected level of long-term interest rates abroad),
- higher earnings coming from exchange rate differences (significant revenues have been obtained due to the release of the reserve made to cover the risk of the exchange rate change),
- lowered costs of open market operations (due to a lower over-liquidity of the banking sector and a drop of interest rates),
- and lowered operating costs of the NBP (all basic items of administration costs have been lowered).
We invite you to contact the Department of Information and Public Relations
of the NBP:
- Mr. Lukasz Kwiecien, adviser to the President of the NBP (phone no.: 0 - 609 501 222)
- Mr. Karol Smolag, manager of the press section of the NBP (phone no.: 0 - 609 501 221).