Information Bulletin 7/2007

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1 Information Bulletin 7/2007 Warsaw, December 2007

2 Compiled from NBP materials by the Department of Statistics as at September 12, Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published by: National Bank of Poland Department of Information and Public Relations ul. Âwi tokrzyska 11/21, Warszawa, Poland phone: (48) , fax: (48) Copyright by the National Bank of Poland, 2007 ISSN

3 Contents 1. Economic developments Monetary developments Balance of payments in July Major decisions of the Monetary Policy Council of the NBP Statistical Annex Tables Figures Seasonally-Adjusted Time Series Methodological Notes

4 Economic developments 1 1 Economic developments According to preliminary estimations published by the CSO the gross domestic product (GDP) in Poland increased in the 2007 by 6.7% y/y following a 7.4% increase in 2007 and 6% increase in This increase has been affected by domestic demand which has been increasing at 9.3% versus 8.6% a quarter ago. consumption increased by 4.4% y/y of which individual consumption went up by.1% y/y. In the previous period these were.7% and 6.9% respectively. Gross expenditure on fixed assets increased by 22.3% y/y following a 29.6 % increase in Preliminary data published by the CSO indicate that industrial output 1 for July 2007 was higher than a year ago by 10.4% versus.6% a month earlier. Adjusted for seasonal factors this growth was 8.3% y/y. Production in manufacturing increased by 11.1% y/y and in gas, electricity and hot water supply it went up by 7.% y/y. Mining on the other hand reported decrease in sales by 1.2% y/y. In July 2007 the increase in industrial output when compared with the corresponding period of the previous year was reported for 24 (of 29) branches of industry i.e. other transportation equipment (up by 3.6%), radio, television and telecommunication equipment (up by 42.2%), machinery and appliances (up by 21.9%), electric machinery and appliances (17.0%). Decrease in industrial output was reported in hard coal and brown coal mining; peat cutting (down by 8.8%), furriery and wearing apparel (3.7%), coke and oil refinement products (down by 3.4%) as well as production of metals (down by 0.7%). Construction and assembly production in July 2007 for enterprises of more than 9 employees exceeded last year s output by18.4%. In June the above indicator stood at 3.7%. Adjusted for seasonal factors this growth was 19.9% y/y. Preliminary data indicate that annual industrial output indicator in July 2007 was 1.% versus 1.7% a month earlier. Prices in manufacturing increased by 1.2% y/y. Price increase in gas, electricity and hot water supply was 3.6% y/y. Prices in mining remained on a last month s level. According to the CSO data for June the highest growth in prices for manufacturing was reported for other non-metallic products (up by 11.2%), food and beverages (4.1%), metals (up by 3.2%) furriery and wearing apparel (1.9%) as well as rubber and plastics (1.8%). Decrease on the other hand was reported for machinery and appliances (down by 1.1% y/y) as well as vehicles, trailers and semi-trailers (down by 2.%). Prices in construction and assembly increased in July 2007 by 8.9% y/y. versus 8.7% y/y increase reported in the previous month. Prices of consumer goods and services increased in July 2007 by 2.3% y/y versus 2.6% y/y a month ago. The highest increase in prices was reported for food and alcohol-free beverages (up by 4.4% y/y) as well as housing utilities and energy sources (up by 4.1% y/y) as well as alcohol and tobacco (3.6% y/y). Medical services increased by 2.% and transportation went up by 1.4% y/y. Decrease in prices has been reported in shoes and wearing apparel (down by 7.8%) and telecommunication services (by 0.4% y/y). Average employment rate in the enterprise sector stood at 160 thousand and thus was 4.7% higher (232 thousand) when compared to a year ago. Increase in employment opportunities 1 Enterprises of more than 9 employees. 2 industrial output prices and prices for major sections: mining and quarrying, manufacturing and electricity gas and hot water supply are published by the CSO in advance to detailed data on respective sections. 4 N a t i o n a l B a n k o f P o l a n d

5 Economic developments for industry has been reported only in manufacturing (up by 4.3% y/y). Decrease in average employment occurred in mining enterprises(down by 1.6% y/y) and in gas electricity and hot water supply (down by 0.% y/y). Among branches of manufacturing characterised with the highest share in employment, the biggest increase thereof was reported for vehicles, trailers and semi-trailers (up by 12.% y/y) metallic products (9.6% y/y), rubber and plastics (9.8% y/y), machinery and appliances(.6% y/y) as well as other non-metallic products (up by.7% y/y). Average employment in units manufacturing food and beverages increased by 0.6% y/y. Decrease in employment occurred in furriery and wearing apparel (down by 4.2% y/y). 1 Figure 1. Indices of gross domestic product (corresponding period of the previous year = 100) I I I I I I Figure 2. Sold production of industry (corresponding period of the previous year = 100) I I I I I I I Manufacturing Mining and quarrying Electricity, gas and water supply Figure 3. Sold production of industry prices indices (corresponding period of the previous year = 100) I I I I I I I Manufacturing Construction and assembly production Mining and quarrying Electricity, gas and water supply INFORMATION BULLETIN 7/2007

6 Economic developments 1 Figure 4. Selected prices of consumer goods and services (corresponding period of the previous year = 100) I I I I I I I Alcoholic beverages and tobacco products Housing Transport Foods and non-alcoholic beverages Clothing and footwear Health care Communication Figure. Average paid employment in enterprise sector (corresponding period of the previous year = 100) I I I I I I I Mining and quarrying Manufacturing Electricity, gas and water supply Construction Figure 6. Registered unemployment persons (corresponding period of the previous year = 100) and unemployment rate 88 Unemployment rate (%) I I I I I I I 12 Registered unemployment persons Unemployment rate 6 N a t i o n a l B a n k o f P o l a n d

7 Economic developments Figure 7. Average monthly wages and salaries in enterprise sector (corresponding period of the previous year = 100) I I I I I I I 1 Mining and quarrying Manufacturing Electricity, gas and water supply Construction In non-industrial branches increase in employment was reported for hotels and restaurants (up by 8.% y/y), construction (7.7%) trade and repairs (up by 7.3%), servicing real estate and companies (.7%) as well as in transportation, storage and telecommunications (up by 3.1%). Number of the registered unemployed amounted to thousand down by 87.3 thousand (24%) when compared to a year ago. Unemployment rate amounted to 12.2%, down by 3. percentage points when compared with the corresponding period of the previous year. Average employment rate in the enterprise sector stood at thousand and thus was 9.3% higher when compared to a year ago. Wages and salaries in the in manufacturing increased by 10.2% y/y, in gas, electricity and hot water supply these went up by.7% y/y whereas in mining wages decreased by 4.7% y/y. In non-industrial sections, the increase in average wages was reported for construction (up by 18.2% y/y), trade and repairs (up by 11.4% y/y),in transportation, storage and communication (up by 10.1%), servicing real estate and companies (10% y/y) and in hotels and restaurants (up by 7.%). In January July 2007 revenues of the national budget stood at PLN billion whereas its expenditure amounted to PLN billion. The above amounts were higher by 2.4% and 9.3% respectively, when compared with the corresponding period of the previous year and were 60.1% and 2.9% of the budgetary estimates for After first 7 months of the year the budgetary surplus amounted to PLN 0.6 billion versus estimated PLN 30 billion of budgetary deficit Revenues against indirect taxes exceeded those of the previous year by 16%. Increase was also reported for PIT revenues (up by 34.4%) and with regard to CIT (up by 29.4%). INFORMATION BULLETIN 7/2007 7

8 Monetary developments 2 2 Monetary developments During its July meeting ( ) the Monetary Policy Council decided against increasing the basic interest rates of the NBP. Thus: the reference rate is 4.%. the lombard rate is 6%. the deposit rate is 3%. The redisctount rate is 4.7%. During most of the June reserve requirement period 3 the short term money market interest rates (WIBOR O/N and WIBOR 1W) have been steady in the brackets of the official interest rates of the NBP, slightly above the reference rate. Average monthly deviation of WIBOR 1W from the NBP reference rate was 9 base points whereas for WIBOR O/N this ratio was 13 base points. In July three of four open market operations proved that banks demand was lower that the supply of NBP monetary bonds, which resulted in positive deviation of average current account from the reserve requirement. In July 2007 banks increased the interest on zloty denominated loans for non-financial corporations up by 0.2 percentage points to 6.%. 4 Interest on loans for single proprietors have been higher by ca. 1 percentage point (monthly increase of 0.2 percentage points). Interest rates for zloty denominated housing loans for households increased by 0.2 percentage points to 6.1% and interest on loans denominated in Swiss francs increased by 0.3 percentage points to 4.3%. During the month in question an increase was reported in the prices of consumer loans up by 0.2 percentage points to 14.3%. In July 2007 increase (0.2 and 0.1 percentage points) was reported for deposits of households and deposits of non-financial corporations up to 3.8% and 4.1% respectively. olume of the M3 aggregate in July 2007 increased by PLN 6.3 billion (i.e. 1.2%) and stood at PLN 27.7 billion. Annual adjustment rate thereof decreased by 0.8 percentage points and stood at 1.6% y/y. Impact of non-transaction items referring to exchange rate adjustments, was not really significant for the period in question. The fastest growth within M1 aggregate was disclosed by components characterized with high liquidity (down by 0.3 percentage points to 22.9% y/y). Other components of broad money (7%) have been up by 1.7 percentage points when compared with the previous month. alue of the currency in circulation item increased in July 2007 by PLN 0.3 billion (0.4%) and stood at PLN 73.7 billion. Annual adjustment thereof decreased by 0.8 % and reached 13.6% y/y. M3 liquidity ratio measured with the share of cash and overnights in M3 increased by 0.7 percentage point and stood at 7.%. 3 The respective reserve requirement and settlement of liquidity period is Interest on loans and deposits refers to new businesses concluded in a given reporting month. Appendices to existing agreements are deemed new businesses. In credit to non-financial corporations businesses of up to PLN 4 million were included. For calculation method of average interest please refer to MIR users manual available at Statistics\MBS\MIR Statistics. 8 N a t i o n a l B a n k o f P o l a n d

9 Monetary developments Liquidity of liabilities in M1 measured with the share of cash outside vaults in M1 increased by 0. percentage points and stood at 24.3%. Deposits and other liabilities in M3 increased in July by 4. billion (1%) and reached PLN billion. Annual adjustment thereof decreased by 0.7% and reached 1.9% y/y. Deposits of non-financial corporations increased by PLN 2.2 billion (1.7%), general government, up by PLN 1 billion, i.e. 4.3% and social security funds 0.7 billion i.e. 14.3%. Deposits 2 Figure 8. Interbank rates vs. NBP base rates % WIBOR ON Lombard rate WIBOR 1W Reference rate NBP deposit rate Figure 9. Average MFI deposit interest rates on new business, PLN denominated % I I I I I I I I I I I I I I Non-financial corporations Households Figure 10. Average MFI loan interest rates on new business, PLN denominated % I I I I I I I I I I I I I I Households (loans for house purchases) Households (loans for consumption) Non-financial corporations INFORMATION BULLETIN 7/2007 9

10 Monetary developments Figure 11. Share of currency in circulation and overnight deposits of domestic residents in M3, M1 and M3-M1 growth (corresponding period of the previous year = 100) Share (%) I I I I I I I I I I I I I I I I I I I I I M3-M1 M1 Share of currency in circulation and overnight deposits in M3 Figure 12. Share of currency in circulation (excluding vault cash) in M1 % I I I I I I I I I I I I I I I I I I I I I Figure 13. Deposits and other liabilities of MFIs to non-financial corporations and households included in M3 (corresponding period of the previous year = 100) I I I I I I I I I I I I I I Non-financial corporations Households of households increased by PLN 0.8 billion (0.3%). Decrease on the other hand was reported in deposits of non-monetary financial institutions, down by PLN 0.6 billion i.e. 2.2%. Major counterpart to creating M3 in July was credit to domestic sectors, (up by PLN 11.9 billion i.e. 2.9% to PLN 427. billion). Nd less significantly increase in external assets net (up by PLN 0. billion i.e. 0.4% to PLN 147 billion). Credit to MFI against loans, debt purchase as well as guarantees and warrantees. This category does no include interest due and liabilities against securities. Domestic sector includes non-monetary financial institutions, non-financial corporation, non-commercial institutions serving households, self-government and social security funds. 10 N a t i o n a l B a n k o f P o l a n d

11 Monetary developments Figure 14. MFI loans and other claims on non-financial corporations and households (corresponding period of the previous year = 100) I I I I I I I I I I I I I I 2 Non-financial corporations Households Figure 1. Bank loans to households (corresponding period of the previous year = 100) I I I I I I I I I I I I I I Loans for house purchases Loans for consumption Figure 16. Bank loans to non-financial corporations (corresponding period of the previous year = 100) I I I I I I I I I I I I I I Over 1 year up to years Up to 1 year (including current accounts) Over years Decrease in credit to central government net, down by PLN 3.6 billion (.9% to PLN 8 billion) contributed to a decrease in money supply. In July 2007, credit to monetary financial institutions (MFI) increased by PLN 2.7 billion (1.7%) and reached PLN 161. billion. Annual adjustment thereof increased by 0.1% and reached 22.2% y/y. Loans with maturity up to 1 year and checking accounts were growing at 27.7% y/y (down by 1.7 percentage points). Increase in loans with maturity over years was 19.6% y/y (up by 1.7 INFORMATION BULLETIN 7/

12 Monetary developments Figure 17. Share of monetary aggregates and MFI loans and other claims on other domestic residents in GDP % I 200 I I I I I M1/GDP M3/GDP Loans/GDP percentage points) and loans with maturity from 1 up to years was 18.7% (down by 0.1 percentage points). Credit to households increased by PLN 8.9 billion (4%) and stood at PLN billion. Annual adjustment thereof increased by 2.6% and reached 40.2% y/y. Growth rate of housing loans was.7% y/y (up by 4,7 percentage point). Growth rate of consumer loans was 29.3% y/y (up by 1. percentage points). According to data for 2007 monetisation of the economy have gone in an opposite direction. olumes of M1 to GDP ratio increased during by 0.2 percentage points and stood at 26.7% and M3 to GDP decreased by 0.3 percentage points to 47%. Share of credit to domestic sections in GDP in the respective period increased by 1.8 percentage point and stood at 37.%. In July average zloty exchange rate in the NBP, 6 increased against USD (up by 1.2%) and decreased against other major currencies: down by 0.6% against EUR, down by 1% against CHF, down by 0.3% against GBP and down by 2.3% against JPY. 6 Exchange rate adjustments have been calculated for the period from end-june to end-july 2007 based on average exchange rate at the NBP. 12 N a t i o n a l B a n k o f P o l a n d

13 Balance of payments in July Balance of payments in July 2007 Components of monthly bop are estimated based on monthly payments registered in the banking system, monthly information regarding external trade in goods registered in CELINA system, quarterly information reported by residents investing abroad and public statistics surveys. This version of bop is preliminary and may be subject to further adjustments Negative balance of current account Balance of the current account was negative and amounted to EUR 1,300 million. The components of the negative balance were: Negative trade in goods balance (EUR 1,278 million) and negative balance of income (EUR 904 million) as well as positive balance of current transfers (EUR 606 million) and services (EUR276 million). When compared with data for July 2006 the negative balance of current account increased by EUR 773 million. In July 2007 exports was estimated at EUR 8,642 million and imports at EUR 9,920 million. When compared with data for July 2006 exports increased by EUR 1,182 million i.e. 1.8% and imports went up by EUR 1,941 million i.e. 24.3%. Negative balance of trade in goods amounted to EUR 1,278 million versus EUR 19 million in July Credits against services in July 2007 increased when compared with July 2006 by 24.8% and stood at EUR 1,803 million. Debits increased by 1.6% and stood at EUR 1,27 million. Balance of services was positive and amounted to EUR 276 million. The balance of services comprised: positive balance of transportation (EUR 242 million), positive balance of travel (EUR 140 million) and negative balance of other services (EUR 106 million). Balance of income was negative and amounted to EUR 904 million. In the corresponding period of the previous year this balance was also negative and stood at EUR 70 million. olume of negative balance of income was determined by EUR 807 million income of non-resident investors against their capital invested in Polish entities (including: dividends paid EUR 603 million, reinvested profits EUR 149 million and interest on loans received EUR million). Negative balance of income was also influenced by dividends paid to portfolio investors (EUR 131 million) and interest on debt securities issued by Polish entities (EUR 102 million). During the past 12 months (i.e. from August 2006 to July 2007) negative balance of current account amounted to EUR 9,48 million, whereas in the corresponding period of August 200 to July 2006 this deficit stood at EUR,416 million. Deterioration in negative balance of current account resulted mainly from increasing trade in goods deficit (up from EUR 2,723 million in the previous period to EUR 6,900 million) and growing negative balance of income (from EUR 9,634 million to EUR 12,274 million). Exports, during the past 12 months, stood at EUR 100,674 million whereas imports amounted to EUR 107,74 million. When compared with the corresponding 12 month period (August 200 July 2006) exports increased by EUR 14,019 million i.e. by 16.2% and imports went up by EUR 18,196 million i.e. 20.4%. 3.2 Positive balance of EU transfers In July balance of EU transfers was positive and amounted to EUR 191 million. Inflow of funds from the EU stood at EUR 39 million and refereed to transfers included in the capital INFORMATION BULLETIN 7/

14 Balance of payments in July 2007 Poland: Balance of Payments (mln EUR) Cumulated** Specification I* * I I * 3 A. Current Account Balance on goods Goods: exports f.o.b. Goods: imports f.o.b Balance on services Services: Credit Services: Debit Balance on Income Income: Credit Income: Debit Balance on Current Transfers Current Transfers: Credit Current Transfers: Debit B. Capital Account Capital account: Credit Capital account: Debit C. Financial Account Polish direct investment abroad Foreign direct investment in Poland Portfolio investment assets Equity securities Debt securities Portfolio investment liabilities Equity securities Debt securities Other investments assets Monetary authorities Central and local govenment MFI (excluding Central Bank) Other sections Other investments liabilities Monetary authorities Central and local government MFI (excluding Central Bank) Other sections Financial derivatives C. Net errors and omissions Overall Balance D. Official Reserve Assets ,343-1,300-6,866-11, ,278-3,928-8,129 7,361 8,680 8,642 86, ,6 8,043 9,466 9,920 90, , ,364 3,031 1,441 1,641 1,803 14,970 18,47 1,321 1,287 1,27 13,606 1, , ,907-12, ,818 3,434 1,163 1,44 1,23 12,72 16, ,60 6, ,161 10, ,6 3, ,066 1, ,312 2, , ,334 1, ,667-7, ,116 9,041 17, ,964 -, ,729-3, , , ,046-1, ,101-1, , , , , , , ,921-1, , ,407 12, ,134 1, , , ,617 7, ,64, , , ,66 3, ,66-3,638 * Preliminary data. ** Cumulated data are presented progressively in the 12 month perspective. account (EUR 227 million). EU membership premium paid by Poland to the EU budget was EUR 168 million. 3.3 Positive balance of non-resident investment in Poland Balance of non-resident investment in Poland was positive and amounted to EUR 1,234 million. The said balance was influenced by inflow of net capital against foreign direct investment. Balance of foreign direct investment in Poland was positive and amounted to EUR 1,116 million. The balance comprised: net inflow of funds against equity capital of Polish direct 14 N a t i o n a l B a n k o f P o l a n d

15 Balance of payments in July 2007 investment enterprises (EUR 664 million), net outflow of funds against loans received from direct investors (EUR 303 million) and net value of reinvested profits (EUR 149 million). July noted an outflow of capital against non-resident investment in Polish securities. Foreign portfolio investors have withdrawn net capital in the amount of EUR 186 million of which EUR 11 million in equity securities and EUR 3 million in debt securities. Increase in liabilities to external counterparts in other investments (EUR 304 million) was broadly determined by: increase in NBP liabilities by EUR 37 million (mostly resulting from shortterm passive repo transactions) and decrease in credit to external counterparts by EUR 327 million (as a result of non-resident withdrawal of deposits from Polish banks in the amount of EUR 1,070 million and inflow of capital against received loans in the amount of EUR 743 million) Increase in resident investment abroad Polish investment abroad increased by EUR 66 million. Portfolio investments significantly influenced the abovementioned balance (increase in assets by EUR 902 million). Residents were keen to invest in equity securities. Net resident investment in equity securities issues by foreign entities amounted to EUR 693 million and balance of debt securities amounted to EUR 209 million. Polish investment abroad increased by EUR 193 million. Other investments reported a decrease in external assets by EUR 29 million, mostly in the enterprise sector (EUR 49 million) 3. Official reserve assets Further to bop transactions the official reserve assets increased by EUR 693 million. olume of official reserve assets by the end-july 2007 amounted to EUR 40,929 million. BoP data revisions Pursuant to the data revision policy quarterly bop data have been revised since 2004 to 2007 and quarterly data on external debt have been revised since Q to Revisions covered also monthly bop data since January 2004 until June Data on P have been revised for NOTICE Balance of errors and omission was exceptionally high in July It indicates that data put in the estimation might have increased the current account deficit or decrease capital inflow on the financial account. Therefore caution needs to be exercised while going though the bop data for July given that the potential volume of adjustment may be significantly higher than before. INFORMATION BULLETIN 7/2007 1

16 Major decisions of the Monetary Policy Council of the NBP 4 Major decisions of the Monetary Policy Council of the NBP 1. Resolution No 9/2004 of the MPC dated August 2, 2004 on reference rate, interest on refinanced loans, interest on deposits with agreed maturity and rediscount rate of the NBP N a t i o n a l B a n k o f P o l a n d

17 Statistical Annex Statistical Annex INFORMATION BULLETIN 7/

18 Statistical Annex. Tables.1. Tables Table 1. Basic Economic Data 1. Industrial output 2. Construction output 3. Consumer Price Index 4. Producer Price Index 2002 I 2003 I I I I I I I 2004 I I I I I I I 200 I I I I I I I 2006 I I I I I I I 2007 I I I current prices constant prices the same month previous year = 100 previous month = 100 current prices constant prices the same month previous year = 100 previous month = 100 the same month previous year = 100 % previous month = 100 December previous year = 100 the same month previous year = 100 previous month = 100 million zloty % % million zloty % % % % % % , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

19 Statistical Annex. Tables Table 1. Basic Economic Data, cont I 2003 I I I I I I I 2004 I I I I I I I 200 I I I I I I I 2006 I I I I I I I 2007 I I I. Construction Price Index the same month previous year = 100 previous month = Number 7. Average of employed, employment, corporate corporate sector sector total total 8. Number of unemployed 9. Unemployment rate 10. Average monthly employee earnings, gross, corporate sector 11. National Budget revenue & expenditure financial surplus/deficit revenue expenditure and net foreign lending/ borrowing % % thousands thousands thousands % zloty million zloty million zloty million zloty , , , , , , , , , , , ,66.3 1, , ,92.0 4, , , , , , ,91.0 4, , , , , , , , , , , , , , , , , , , , ,91.0 4, , , , , , , , , , , , , , , , , , , , , , , , , , , ,90.0 4,71.0 3, , , , , , , , , , , , , , , , , , , ,86.0 4, , , , , , ,8.0 4, , , , , , ,84.0 4, , , , ,81.0-8, , ,67.0 3, , , ,824. -, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,68.0 2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,74.0 3, , , , , ,93.0 4, , , , , , ,90.0 4,74.0 2, ,471.22,99. 69, , ,94.0 4,76.0 2, , ,.1 87, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,09.0 4, , , , , , , , , , ,78.0 6, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,19.0 4,97.0 2, , , , , , , , , , , , ,19.0 4, , , , , , , ,99.0 2, , , , , ,23.0, , , , , , ,271.0, , , , ,22.6-1, ,294.0, , ,82.71, ,73. -2, ,303.0,10.0 2, , , ,276. 1, ,320.0, , , , , ,342.0, , , , , ,36.0, , , , , ,082.8 INFORMATION BULLETIN 7/

20 Statistical Annex. Tables Table 1. Basic Economic Data, cont I 2003 I I I I I I I 2004 I I I I I I I 200 I I I I I I I 2006 I I I I I I I 2007 I I I total revenues of which: sales of goods & services total operating costs of which: cost of sales pre-tax profit/loss 12. Corporate financial performance statutory deductions net profit/loss cost to sales ratio total current assets accounts receivable and associated claims accounts payable million zloty million zloty million zloty million zloty million zloty million zloty million zloty % % % million zloty million zloty million zloty , , , , , , , , , , , , , , , ,18.9 3, , , , , , , , , , , , , , , , , , ,76.2 9, , , , , ,080, , ,00, , , , , , , , , , , , , ,9.7 13, , , , , ,37.8 7, , , , , , , , , , , ,48.9 7, , , , , , ,28, ,00.3 1,186, ,21.7 7, , , , , , , , , , , , , , , , , , , , , ,31. 24, , , , ,2.0 86, , ,28. 0, , , , , , ,314, ,174. 1,20, , , ,4.1 1, , , , , , , , , , , , , , , , , , ,26.3 7, , , , , ,079, , ,016, , , , , , , , ,497, , ,411, , , ,42. 69, , , , , , , , , , , , , , , , , , ,478. 9, , , , , net margin quick liquidity ratio 20 N a t i o n a l B a n k o f P o l a n d

21 Statistical Annex. Tables Table 2. Financial Market Basic Information 2002 I 2003 I I I I I I I 2004 I I I I I I I 200 I I I I I I I 2006 I I I I I I I 2007 I I I Lombard rate Rediscount rate 1. NBP interest rates Refinancing rate Deposit rate Minimum yield on open market operations (reverse repo rate)* Reserve requirement ratio on zloty deposits Reserve requirement ratio on foreign currency deposits (zloty equivalent) demand time demand time 2. Reserve requirement Reserve requirement ratio on repo operations Interest on reserve requirement required reserves held of which: % % % % % % % % % % % million zloty million zloty million zloty / , , / , , / , , / , , / , , / , , / , , / , , / , , / , , / , , / , , / , , / , , / , , / , , / , , / ** 10, , / ** 10, , / ** 10, , / ** 10, , / ** 10, , / ** 10, , / ** 10, , / ** 11, , / ** 11, , / ** 10, , / ** 11, , / ** 11, , / ** 11, , / ** 11,34. 11, / ** 11,34. 11, / ** 11, , / ** 11, , / ** 11, , / ** 12, , / ** 12, , / ** 12, , / ** 12, , / ** 12, , / ** 12, , / ** 12, , / ** 12,98. 12, / ** 12, , / ** 13, , / ** 13, , / ** 13, , / ** 13, , / ** 13, , / ** 14, , / ** 14, , / ** 14, , / ** 1, , / ** 1,10.8 1, / ** 1,10.8 1, / ** 1, , current account declared vault cash * 28-day operation till December 2002, 14 -day operation from January 2003, 7-day operation from January 200. ** The rediscount rate. INFORMATION BULLETIN 7/

22 Statistical Annex. Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders Face value of bills offered for sale Number of tenders during month 1-week 2-week 3-week of which: -week 6-week 8-week 10-week 13-week 26-week 39-week 2-week 2002 I 2003 I I I I I I I 2004 I I I I I I I 200 I I I I I I I 2006 I I I I I I I 2007 I I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty , , , , , , ,400.00, , , , , , , , , , , , , , , , , , , , , , , , ,200.00, , , , , , , , , ,400.00, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

23 Statistical Annex. Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders, cont. Demand declared by bidders (at face value) of which for: 1-week 2-week 3-week -week 6-week 8-week 10-week 13-week 26-week 39-week 2-week 2002 I 2003 I I I I I I I 2004 I I I I I I I 200 I I I I I I I 2006 I I I I I I I 2007 I I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,36.81, , , , , , , , , , , , , , , ,4.21 4, , , , , , , , ,49.7 6, , , , , , , , , , , , , , , , , , ,93.49, ,8.33 1, , , , , , , , , , , , , , , ,324.1, , , , , , , , , , , , , , , , , , , , , , , , , INFORMATION BULLETIN 7/

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