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NBP’s Juliusz Jabłecki on geopolitics, bitcoin and gold

Director of financial risk management department talks tactics versus strategy, operations following breakout of war in neighbouring Ukraine, FX interventions and independent risk-taking

Juliusz Jabłecki

In the last decade, the National Bank of Poland’s foreign exchange reserves have more than doubled, and are among the top 20 highest in the world. They stood at $229.2 billion in February. Governor Adam Glapiński said in an NBP book published last year that the central bank for years had been preparing “analytically, operationally and legally” for a potential crisis like that of 2008–09 developing in Europe or globally. In what ways has the investment strategy and strategic asset allocation

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