What ETFs does the National Bank of Poland invest in? A portfolio worth billions of zlotys

In the first quarter of 2025, the National Bank of Poland (NBP) increased its ETF portfolio to 10% of its foreign exchange reserves investment portfolios, announced Marta Kightley, First Vice President of the National Bank of Poland, at a parliamentary committee meeting. At the end of 2024, the NBP's ETF portfolio accounted for 5% of its foreign exchange reserves.

"The basis for achieving reserve management objectives is maintaining a diversified currency and investment structure in line with this assumption. In line with this assumption, in 2024, a portfolio of ETF investment fund shares was built, passively replicating major stock market indices while also offering exposure to the global stock market. In the first quarter of 2025, the share of this portfolio was increased to 10% of investment portfolios, which represented the implementation of one of the main assumptions of the foreign exchange reserves management strategy updated in 2024," Kightley said.

"We invest so that our reserves are liquid. But on the other hand, we are looking for ways to increase the profitability of our reserves. This is one of the reasons behind our decisions to invest in ETFs, which are based on the stock market indices of our reserve currencies. (...) Safe, liquid, and profitable – this is the purpose of our foreign exchange reserve management," she added elsewhere in her statement.

At the end of 2024, the National Bank of Poland had an ETF portfolio worth PLN 30.4 billion.

In 2024, the National Bank of Poland invested in the following ETFs: S&P 500 Total Return (USA), NASDAQ 100 (USA), Euro STOXX 50 Net Return (eurozone), FTSE 100 Net Tax (UK), S&P TSX Capped Composite Total Return (Canada), S&P ASX 200 Total Return and Solactive Australia 200 (Australia). (PAP Biznes)

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