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Information on transactions held by Ministry of Finance on the financial market in 2024

03.06.2025

The Ministry of Finance informs that in 2024 following transactions were concluded on the financial market:

  1. Interest Rate Swap Transactions (IRS) in domestic currency,
  2. Cross Currency Swap (CIRS), 
  3. Exchange of foreign currency. 

1. Interest rate swap transactions in PLN  had a maturity of up to 1 year and their notional amount  was PLN 106.0bn. The aim of these transactions was to distribute the debt servicing costs over time within the years 2024–2025. As a result of the concluded transactions, the debt servicing costs in PLN rose in 2024 and decreased in 2025 by PLN 7.1bn. Transactions were concluded without generating market risk. The Supreme Chamber of Control did not raise any objections connected with the rationale and effectiveness of these operations. The settlement of the transactions was undertaken according to the Eurostat guidelines and methodology. Information about these transactions was included in the fiscal notification for 2024 delivered to the European Commission.

2. Cross currency swaps transactions consist of the exchange of nominal amount of one currency for another at the starting and maturity dates of the swap contract. The same exchange rate is used for initial and final exchange of nominal amounts. Additionally there are temporary exchanges of interest cash flows calculated on the basis of nominal amounts and fixed interest rates agreed on the date of concluding the transaction. As a result of the conducted cross currency swaps the Ministry of Finance exchanged USD 7.5bn for EUR 6.9bn. During the 5- and 10-year maturity of the transaction the Ministry of Finance will receive annually fixed interest in USD and pay interest in EUR. These contracts were published in the fiscal notification for 2024 and reported to the European Commission.

3. In 2024, as in previous years, Ministry of Finance exchanged foreign currencies on the financial market and in the central bank. Total exchange amounted to equivalent of EUR 25.3bn. in National Bank of Poland and 4.9bn. on the financial markets. The Supreme Chamber of Control did not raise any objections connected with the rationale and effectiveness of these operations.

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