Notes to the consolidated financial statements
Download note19. Cash and balances in the Central Bank
| Balance as at | Balance as at | |
|---|---|---|
| 31 December 2016 | 31 December 2015 | |
| PLN’000 | PLN’000 | |
| Cash in hand | 3 222 | 3 120 |
| Cash in the current account at Central Bank | 62 137 | 423 755 |
| Other cash | 6 | 0 |
| Total | 65 365 | 426 875 |
The Group uses cash in the current account at the Central Bank to cover the required reserve and make current cash settlements on a daily basis. However, the Group has to provide an average monthly level of cash in the account in order to satisfy the minimum reserves requirements declared.
The Group maintains a mandatory provision of 3.5% of deposits received in the current account with the National Bank of Poland. The arithmetic average of the declared mandatory provision to be maintained with the National Bank of Poland amounted to:
- PLN 210,335 thousand in the period from 30 November 2016 to 1 January 2017;
- PLN 206,746 thousand in the period from 31 December 2015 to 31 January 2016.
Cash in the current account at the National Bank of Poland comprise customers’ deposits, including those of Poczta Polska S.A. and funds obtained on the interbank market. Cash deposited by Poczta Polska S.A. does not constitute a material item of the current account balance at the National Bank of Poland.