22. Cash and balances with the Central Bank

Accounting policies

The item “Cash and balances with the central bank” presents cash recognized at nominal value, and funds in the current account and deposits with the Central Bank measured at amounts due, including interest on those funds (if any).

Annual report

Financial information

Cash and balances with the Central Bank 31.12.2018 31.12.2017
Current account with the Central Bank 17 391 11 172
Cash in hand 5 534 4 673
Deposits with the Central Bank 1 965
Total 22 925 17 810

During the course of the working day, the Group may use funds from the obligatory reserve accounts for ongoing payments, on the basis of an instruction submitted to the National Bank of Poland (NBP). However, the Group must ensure that the average monthly balance on this account complies with the requirements set in the obligatory reserve declaration.

As at 31 December 2018 Funds on the obligatory reserve account bore interest of 0.5% (as 31 December 2017 this interest rate was 0.9% of the reference rate, i.e. 1.35%).

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