Information Bulletin 4/2007

Transcription

1 Information Bulletin 4/2007 Warsaw, September 2007

2 Compiled from NBP materials by the Department of Statistics as at May 18, 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 April 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 April witnessed an improvement in major macroeconomic indicators describing the national economy. Increased activity was reported mostly for manufacturing and nonindustrial enterprises. Positive trends on the labour market sustained. Furthermore in the respective period there has been a decrease in both annual CPI and PPI dynamics. Prices in construction on the other hand increased decisively. Industrial output for April 2007 was higher than a year ago by 12.4% versus 11.3% a month earlier. Adjusted for seasonal factors this growth was 10.9%. Output in manufacturing increased by 14.1% y/y and in mining it went up by 3.7 % y/y. Decrease in sales was reported in gas electricity and hot water supply (down by 1.4% y/y). When compared with April 2006 sales increased in 23 (of 29) branches of industry. Increase was reported in other non-metallic products (up by 33.9%), metal products (up by 29%), machinery and appliances (up by 28.%), rubber and plastics (up by 2.1%) as well as electric machinery and appliances (22.2%) and metals (21.7%). Decrease was reported in tobacco (down by 19.%), mining, peat deposits (4.1%) and furriery and wearing apparel (3.%). Construction and assembly in April 2007 for enterprises of more than 9 employees exceeded last year s output by 36.7%. In March the above indicator stood at 39.1%. Adjusted for seasonal factors this growth was 26.8%. Industrial output prices for April 2007 were higher than a year ago by 2.3% versus 3.3% a month earlier. Prices in mining increased by.6% y/y. Prices in gas, electricity and hot water supply increased by 3.% and in manufacturing these went up by 1.9% y/y. The highest growth in prices for manufacturing was reported for metals (up by 16.1%) other nonmetallic products (up by 8.9%), food and beverages (4.4%), chemical products (3.%), metallic products (3.2%) as well as rubber and plastics (2.6%). Decrease on the other hand was reported for vehicles, trailers and semi-trailers (down by 1.1% y/y) as well as coke and refinement products (down by 7.%). Prices in construction and assembly increased by 7.%, versus 6.% y/y increase reported in the previous month. Prices of consumer goods and services increased by 2.3% y/y versus 2.% y/y a month ago. The highest increase in prices was reported for food and alcohol-free beverages (up by 4.6% y/y) as well as housing utilities and energy sources (up by 3.% y/y). Prices in telecommunication services increased by 2% y/y, transportation went up by 1.3% y/y while prices in healthcare services, alcohol beverages and tobacco went up by 1.9% y/y. Decrease in prices has been reported in shoes and wearing apparel (down by 7.%). Average employment rate in the enterprise sector stood at 10 thousand and thus was 4.4% higher (216 thousand) when compared to a year ago. Increase in employment opportunities for industry has been reported only in manufacturing (up by 4.4% y/y). Decrease in average employment occurred in mining (down by 1.% y/y) and in gas electricity and hot water supply (down by 1% 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 (10%), rubber and plastics (9.9%), machinery and appliances (.6% y/y) as well as other non-metallic products (up by 6.3% y/y). Average employment in units manufacturing food and beverages increased by 0.9% y/y. Decrease in employment occurred in furriery and wearing apparel (down by 4.4% y/y). 4 N a t i o n a l B a n k o f P o l a n d

5 Economic developments Among non-industrial branches, the increase in employment has been reported for construction (up by 9.7% y/y), serving real estate and companies (up by.% y/y), hotels and restaurants (up by 4.4% y/y) and transportation telecommunication and storage (by 2.8% y/y). Number of registered unemployed for April 2007 amounted to thousand, down by 600. thousand (22.2%) when compared to a year ago. Unemployment rate stood at 13.7% down by 3.% when compared with April Average monthly gross wages in the enterprise sector amounted to PLN i.e. up by 8.4% when compared with the corresponding period of the previous year. Wages in manufacturing Figure 1. Indices of gross domestic product (corresponding period of the previous year = 100) I I Figure 2. Sold production of industry (corresponding period of the previous year = 100) 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 Manufacturing Construction and assembly production Mining and quarrying Electricity, gas and water supply INFORMATION BULLETIN 4/2007

6 Economic developments 1 Figure 4. Selected prices of consumer goods and services (corresponding period of the previous year = 100) I I I I 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 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 92 Unemployment rate (%) I I I I 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 Mining and quarrying Manufacturing Electricity, gas and water supply Construction 1 increased roughly by 9.2% y/y; wage increase in mining stood at 2.8% and in gas, electricity and hot water supply it was higher by 2.%. In non-industrial sections, the increase in average wages was reported for construction (up by 14.8% y/y), trade and repairs (up by 10.7% y/y), hotels and restaurants (up by 6.6%) servicing real estate and companies (7.2% y/y) and in transportation, storage and communication (up by 10.2%). In January April 2007 revenues of the national budget stood at PLN 81.2 billion whereas its spending amounted to PLN 83.2 billion. The above amounts were higher by 28.1% and 13.4% respectively, when compared with the corresponding period of the previous year and were 3.% and 32.1% of the budgetary estimates Expenditure of the national budget exceeded its revenues by PLN 2.1 billion. This ratio equalled 6.9% of the deficit scheduled for This deficit was 80% lower than a year ago. Revenues against indirect taxes exceeded those of the previous year by 17.8%. Increase was also reported for PIT revenues (up by 46.4%) and with regard to CIT (up by 28.1%). INFORMATION BULLETIN 4/2007 7

8 Monetary developments 2 2 Monetary developments During its April meeting ( ) the Monetary Policy Council decided to increase the basic interest rates of the NBP by 0.2%. Thus: the reference rate is now 4.2%, the lombard rate.7%, rediscount rate 4.%, deposit rate 2.7%. Expected increase in interest rates have translated in to increased deviation of short-term money market rates from the reference rate in the third decade of April. Until the abovementioned period the WIBOR O/N and WIBOR 1W have been fairly stable and remained below the reference rate (4.2%). After April 20, a decrease in WIBOR O/N has resulted from increased liquidity, a consequence of second-to last market operation before the lapse of April reserve requirement 1. On April 2, WIBOR O/N stood at 2.88% its lowest. Average monthly deviation of WIBOR O/N from the NBP reference rate was 28 base points whereas for WIBOR 1W this ratio was 8 base points. Data for February indicate that banks did not change the 6% 2 interest on zloty denominated loans for non-financial corporations. Interest on loans for single proprietors have been higher by ca. 1.3 percentage point (monthly increase of 0.2 percentage point). Interest on housing loans drawn by households remained unchanged. Interest on zloty denominated loans stood at.6% and loans denominated in Swiss francs at 3.9%. A decrease in interest was reported for consumer loans. These went down by 0.6 percentage points and stood at 13.9%. In March, interest on deposits placed by households and non-financial corporations remained broadly unchanged and stood at 3.4% and 3.6% respectively. Similarly to previous periods high dynamics of M3 demand prevailed. olume of the M3 aggregate in April 2007 increased by PLN.6 billion (i.e. 1.1%) and stood at PLN billion. Annual adjustment thereof increased by 0.2% and reached 17.8% y/y. Impact of non-transaction items referring to exchange rate adjustments, was significant for the period in question as it led to a decrease in currency component of M3 by ca. PLN 1.8 billion. The fastest growth within M1 aggregate was disclosed by components characterised with high liquidity (down by 0. percentage points to 28.4% y/y) Other components of broad money (M3-M1) have been 7.3% up by 0.2 percentage points when compared with the previous month. alue of the currency in circulation item increased in April 2007 by PLN 1.7 billion (2.%) and stood at PLN 72 billion. Annual adjustment thereof decreased by 2.7% and reached 17.% y/y. M3 liquidity ratio measured with the share of cash and overnights in M3 decreased by 0.8 percentage point and in April stood at 4%. 1 The respective reserve requiremtn 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 0.7 percentage points and stood at 26.7%. Deposits and other liabilities in M3 increased in April by 3.2 billion (0.8%) and reached PLN 414 billion. Annual adjustment thereof decreased by 0.4% and reached 17.9% y/y. Deposits of non-financial corporations increased by PLN 1.3 billion (1.1%); in nonmonetary financial institutions, up by PLN 2.2 billion (i.e. 7.0%) and general government, up 2 Figure 8. Interbank rates vs. NBP base rates 6 % 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 Non-financial corporations Households Figure 10. Average MFI loan interest rates on new business, PLN denominated % I I I I I I I I Households (loans for consumption) Households (loans for house purchases) Non-financial corporations INFORMATION BULLETIN 4/2007 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) 13 Share (%) 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 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 Non-financial corporations Households by PLN 1.4 billion, i.e. 6.8%. A decrease was reported in household deposits, down by PLN 2.1 billion, i.e. 0.9%. Major counterpart to creating M3 in March was credit to domestic sectors 3 (up by PLN 9.7 billion i.e. 2.% to PLN 39.9 billion). Decrease in external assets net, down by PLN.9 billion (3.6% 3 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 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 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 Over 1 year up to years Up to 1 year (including current accounts) Over years to PLN billion) and drop in credit to central government net, down by PLN 3.9 billion (.9% to PLN 63.1 billion) contributed to a decrease in money supply. In April 2007, credit to monetary financial institutions (MFI) increased by PLN 3.6 billion (2.4%) and reached PLN 12.1 billion. Annual adjustment thereof increased by 1.6% and reached 18.7% y/y. Loans with maturity up to 1 year and checking accounts were growing at 16.8% y/y (up by 2.4 percentage points). Increase in loans with maturity from 1 year up to year was 23.2% y/y (up by 2.7 percentage points) and loans over years 17.4% y/y (up by 0.1 percentage points). INFORMATION BULLETIN 4/

12 Monetary developments Figure 17. Share of monetary aggregates and MFI loans and other claims on other domestic residents in GDP % I 200 I 2006 M1/GDP M3/GDP Loans/GDP Credit to households increased by PLN.7 billion (2.8%) and stood at PLN billion. Annual adjustment thereof decreased by 1.2% and reached 38.9% y/y. Growth rate of housing loans was 6% (down by 1 percentage point). Growth rate of consumer loans was 26.1% y/y (up by 1.1 percentage points). According to data for end-q monetisation of the economy increased gradually. Ratio of M1 and M3 to GDP in the percentage perspective increased by 1.4 percentage points to 24.6% and by 1.1 percentage points to 4.1% respectively. Share of credit to domestic sections in GDP in the respective period increased by 1 percentage point and stood at 34.1%. In April average zloty exchange rate in NBP 4 increased with regard major currencies by: 2.1% to EUR, 4.1% tp USD, 2.% to GBP, 3.3% to CHF, 2.1 to DKK, 0.2% to SK, and.4% to JPY. 4 Exchange rate adjustments have been calculated for the period from end-march to end-april 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 April Balance of payments in April 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 678 million.the current account components were: negative balance of income (EUR million), trade in goods (EUR 779 million) and positive balance of current transfers (EUR million) and services (EUR 147 million). When compared with the corresponding period of the previous year the negative balance of current account went down by EUR 81 million. In March 2007 exports was estimated at EUR 8 12 million and imports at EUR million. When compared to the corresponding period of the previous year, exports went up by EUR million i.e. 1.7% and imports increased by EUR million i.e. 24.9%. Negative balance of trade in goods stood at EUR 779 million versus minus EUR 108 million in April Credits against services in April 2007 increased when compared with April 2006 by 20.% and stood at EUR 1 14 million. Debits increased by 1.8% and stood at EUR million. Balance of services in the respective period was positive and amounted to EUR 147 million. The balance of services components were: positive balance of transportation (EUR 179 million) and travel (EUR 101 million) and negative balance of other services (EUR 133 million). Balance of the current account was negative and amounted to EUR million. In the corresponding period of the previous year this balance was also negative and stood at EUR 937 million. olume of negative balance of income was determined by EUR 879 million income of non-resident investors against their capital invested in Polish entities (including: reinvested profits EUR 481 million, dividends received EUR 36 million and interest on loans drawn EUR 41 million). Negative balance of income was also influenced by interest on debt securities issued by Polish entities (EUR 333 million). During the past 12 months (i.e. from May 2006 to April 2007) negative balance of current account amounted to EUR million, whereas in the corresponding period of May 200 to April 2006 this deficit stood at EUR 231 million. Deterioration in negative balance of current account resulted mainly from increasing trade in goods deficit (up from EUR million in the previous period to EUR 43 million) and growing negative balance of income (from EUR million to EUR million). Exports, during the past 12 months, stood at EUR million whereas imports amounted to EUR million. When compared with the corresponding 12 month period (May 200 April 2006) exports increased by EUR million i.e. by 18.% and imports went up by EUR million i.e. 21.7% Positive balance of EU transfers In April 2007 balance of EU transfers was positive and amounted to EUR 784 million. Inflow of funds from the EU, in the bop perspective, amounted to EUR 968 million. This inflow in the INFORMATION BULLETIN 4/

14 Balance of payments in April 2007 Poland: Balance of Payments (mln EUR) Cumulated** Specification * * * 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 ,231-6, ,346 -,43 7,044 9,222 8,12 82,320 97,61 7,12 9,849 8,931 84, , ,386 2,00 1,27 1,2 1,14 14,142 17,362 1,184 1,304 1,367 12,76 1, ,000-1,128-9,316-11, ,22 2,967 1,136 1,238 1,422 11,41 14, ,082,04 8, ,108 1,36 8,20 11, ,47 3, , , ,039 8, ,479-3, ,813 9, ,661-3, ,639-2, ,022-1, , ,114-1, , , , , , ,224 1, , , , ,233 9, ,100-1, , ,17 4, ,930 2, ,930-2,897 * Preliminary data. ** 12 month cumulated presented in a moving approach. current transfers item was EUR 728 million and in the capital account it stood at EUR 240 million. Membership premium paid by Poland to the EU budget was EUR 184 million Positive balance of non-resident investment in Poland Balance of non-resident investment in Poland was positive and amounted to EUR million. Significant influence on this component was exercised by inflow of net capital against direct investment and portfolio investment. 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 April 2007 Balance of foreign direct investment in Poland was positive and amounted to EUR million. olume of this item was determined by: reinvested profits (EUR 481 million), net inflow of funds to Polish direct investment companies (EUR 292 million) and net outflow of funds against loans received from direct investors (EUR 218 million). Balance of non-resident portfolio investment in Poland was positive and amounted to EUR 36 million. Non-residents invested mainly in the government securities (net inflow EUR 266 million). Net inflow against non-resident investment in equity securities amounted to EUR 88 million. Increase in liabilities to external counterparts in other investments (EUR 12 million) was broadly determined by: increase in the liabilities of the NBP resulting in passive repo transactions (EUR 362 million) and increase in liabilities of enterprise sector (EUR 218 million). Central government sector reported outflow of capital against repayment of debt to the Paris Club (EUR 608 million) decrease in liabilities of the banking sector which resulted from deposits withdrawn by non-residents with Polish banks (EUR 147 million) Increase in resident investment abroad Polish investment abroad increased by EUR 742 million. Portfolio investments significantly influenced the abovementioned balance (increase in assets by EUR 36 million) mainly as a result of resident investment in equity securities (EUR 336 million) and other investment (increase in assets by EUR 23 million) mainly as a result of deposits placed by Polish banks with banks abroad (EUR 128 million). 3.. Official reserve assets Further to bop transactions the official reserve assets increased by EUR 426 million. olume of official reserve assets by the end-april 2007 amounted to EUR million. INFORMATION BULLETIN 4/2007 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 4/

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 2004 I I I I 200 I I I I 2006 I I I I 2007 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 2004 I I I I 200 I I I I 2006 I 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, , , , ,349.2 INFORMATION BULLETIN 4/

20 Statistical Annex. Tables Table 1. Basic Economic Data, cont I 2003 I I I I 2004 I I I I 200 I I I I 2006 I I I I 2007 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, , , , , , , , , , , , , , 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 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: current account declared vault cash 2002 I 2003 I I I I 2004 I I I I 200 I I I I 2006 I I I I 2007 % % % % % % % % % % % million zloty million zloty million zloty ,7/9, , , ,0/9, , , ,0/9, , , ,7/8, , , ,2/8, , , ,00/8, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, ,9** 10, , ,7/7, ,9** 10, , ,0/8, ,9** 10, , ,0/9, ,9** 10, , ,0/9, ,9** 10, , ,0/9, ,9** 10, , ,0/9, ,9** 10, , ,0/9, ,9** 11, , ,0/9, ,9** 11, , ,0/9, ,9** 10, , ,/8, ,9** 11, , ,0/8, ,9** 11, , ,0/8, ,9** 11, , ,/7, ,9** 11,34. 11, ,2/7, ,9** 11,34. 11, ,2/7, ,9** 11, , ,0/7, ,9** 11, , ,0/7, ,9** 11, , ,0/7, ,9** 12, , ,0/7, ,9** 12, , ,0/7, ,9** 12, , ,7/6, ,9** 12, , ,0/6, ,9** 12, , ,0/6, ,9** 12, , ,0/6, ,9** 12, , ,0/6, ,9** 12,98. 12, ,0/6, ,9** 12, , ,0/6, ,9** 13, , ,0/6, ,9** 13, , ,0/6, ,9** 13, , ,0/6, ,9** 13, , ,0/6, ,9** 13, , ,0/6, ,9** 14, , ,0/6, ,9** 14, , ,0/6, ,9** 14, , ,7/6, ,9** 1, , * 28-day operation till December 2002, 14 -day operation from January 2003, 7-day operation from January 200. ** The rediscount rate. INFORMATION BULLETIN 4/

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 2004 I I I I 200 I I I I 2006 I I I I 2007 million zloty million zloty million zloty 18 million zloty 19 million zloty 20 million zloty 21 million zloty 22 million zloty 23 million zloty 24 million zloty 2 million zloty 26 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 2004 I I I I 200 I I I I 2006 I I I I 2007 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 4/

24 Statistical Annex. Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders, cont. Face value of bills sold of which: 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 2004 I I I I 200 I I I I 2006 I I I I 2007 million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty , ,900.00, , , , ,400.00, , , , , , , ,9.49 3, , , , , , , , , , ,400.00, , , , , ,200.00, , , , , , , , , ,400.00, , , , , , , , , , , , , , , ,200.00, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d