(Bloomberg) -- Polish residents queued to withdraw cash from banks amid concerns over the fallout from Russia’s invasion of neighboring Ukraine, triggering a statement from the central bank that the country has sufficient reserves despite some ATMs running out of zloty.

“All bank orders are carried out without value limits, in the full nominal value, throughout the country,” the National Bank of Poland said on its website on Friday. “Due to the increased scale of transactions, in some locations there may be delays in the delivery of cash to ATMs from logistic centers of commercial banks and cash-handling companies.”

Demand for cash at Poland’s unit of ING Groep NV has spiked several fold due to the war in Ukraine, Chief Executive Officer Brunon Bartkiewicz told Business Insider. He said the situation should stabilize within days as Polish banks are stable and there is no risk to people’s savings.

In another indication of tighter liquidity, the amount of surplus cash that Polish banks placed in 7-day bills at the central bank’s weekly auction dropped to 187 billion zloty ($45 billion) on Friday, the smallest amount in 2022 and 22% below this year’s average.

Poland’s government expects a surge of refugees to come across the country’s 535 kilometer (326 mile) border with Ukraine as the conflict grows. Besides queuing for cash, Poles are also buying larger than usual quantities of fuels, with PKN Orlen SA, Poland’s biggest oil company, reporting record daily sales at filling stations. 

 

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