Poland’s foreign exchange reserves declined to $20.75 billion in July, the first monthly decrease since January, central bank data showed on Friday.
The National Bank of Poland reported that total reserves fell from $21.1 billion in June, marking a $350 million reduction. The decline follows six consecutive months of growth, during which reserves had risen from $19.8 billion in January to a peak of $21.3 billion in May.
Analysts attributed the drop to a combination of currency valuation effects and potential interventions in the foreign exchange market. The zloty has faced intermittent pressure in recent months amid shifting global risk sentiment and central bank policy expectations.
The central bank did not provide an immediate breakdown of the factors driving the decline. Reserves are closely monitored as a gauge of a country’s external liquidity and ability to meet short-term obligations. Poland’s reserves remain well above the levels observed during the 2022 energy crisis but have trended lower since mid-2023 highs.
Poland’s foreign exchange reserves are primarily held in major currencies such as the U.S. dollar, euro and other reserve assets, with gold comprising a smaller portion of the total. The central bank has not disclosed the composition of the latest reserve figures.
