Information Bulletin 12/2003

Transcription

1 Information Bulletin 12/2003 Warsaw, April 2003

2 Compiled from NBP materials by the Department of Statistics as at March 15, 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/ Warszawa, Poland phone: (+48 22) , fax: (+48 22) Copyright by the National Bank of Poland, 2004 ISSN

3 Contents 1. Socio-economic situation of the country Sold production of industry Prices Labour market Wages and salaries of employees and social benefits National Budget The money supply and counterparts to changes in money Structure of the money supply M3 and counterparts Credit Credit to central government net External assets net Other items (net) Fixed assets of banks Longer-term financial liabilities Monetary policy of the central bank Interest rates Reserve requirements Foreign exchange rates Primary T-bill market Open market operations Principal decisions of the Monetary Policy Council Balance of payments on a cash basis information Statistical Appendix Tables Figures Seasonally-adjusted time series Methodological notes

4 Socio-economic situation of the country 1 1 Socio-economic situation of the country Table 1.0. Selected categories, real economy (%) Specification Monthly growth I Increase in 2003 Sold production of industry * Consumer prices Sold production of industry prices Construction and assembly production prices Average employment, enterprise sector 0,1-0,3-0, * Average monthly wages and salaries of employees, gross, enterprise sector * Average monthly gross retirement pay and pension from non-agricultural social security system * * Data not published by GUS. Source: GUS Sold production of industry In the fourth quarter of 2003 the sold production of industry 1 was higher by 12.1% than a year earlier (in comparison to the increase by 4.% in the corresponding of 2002). This rise was driven by a 14.% higher output in manufacturing and a 1.5% higher electricity, gas and water supply, whilst 3.3% lower outputs in mining and quarrying reduced the pace of rise in the overall sold production of industry. Within the structure of the overall sold production of industry (in current prices) between January and December 2003, as compared to the corresponding period of the Figure Sold production of industry (corresponding period of the previous year = 100) % I I 2003 I Manufacturing Minning and quarrying Electricity, gas and water supply 1 In the enterprises employing more than nine persons. 4 N a t i o n a l B a n k o f P o l a n d

5 Socio-economic situation of the country previous year, the share of mining and quarrying decreased (from 5.4% to 4.8%) and so did the share of electricity, gas and water supply (from 12.8% to 12.2%). On the other hand, the share of manufacturing grew from 81.8% to 83.0% in comparison to the corresponding period in In the fourth quarter of 2003 enterprises pointed to low domestic and foreign demand, heavy fiscal charges, unsteady economic situation and competitive imports as the obstacles to the growth in the current manufacturing: 1.2. Prices In December 2003 sold production of industry prices were 3.7% higher than the prices in December 2002 (in the corresponding period last year this figure was 2.2%). Last year prices grew most in the sector of mining and quarrying (7.1% as compared to 3.% the year before), slightly less in manufacturing (3.7% as compared to 1.4% the year before) and in the sector of electricity, gas and water supply (3.3% as compared to.8% the year before). Construction and assembly production prices in 2003 declined by 1.5% (as compared to the growth by 0.4% the year before). Figure Sold production of industry prices indices (corresponding period of the previous year = 100) % I I 2003 I Mining and quarrying Manufacturing Electricity, gas and water supply Figure Selected prices of consumer goods and services (corresponding period of the previous year = 100 % I I 2003 I Housing Clothing and footwear Transport Foods and non-alcoholic beverages Communication Alcoholic beverages and tobacco products Health care INFORMATION BULLETIN 12/2003 5

6 Socio-economic situation of the country 1 Figure Consumer price indices (December of the previous year = 100) % I I I At the end of 2003, inflation, as measured by annualised Consumer Price Index (CPI), reached 1.7% (as compared to 0.8% the year before). In the fourth quarter of 2003 the year-onyear rate of consumer price growth amounted to 1.5% as against 0.9% the year before. The growth rate of those prices in 2003 reflected primarily the higher growth in the prices of foods and non-alcoholic beverages (2.1% as against the decline by 2.7% in 2002). The PPI was lower than the year before in housing (3.3% as against 4.7%), healthcare (1.9% in comparison to 3.7%) and transport service (2.9% as against 5.0%). The prices of clothing and footwear decreased at a faster rate than the year before (-3.3% as against -1.2%). In the fourth quarter of 2003 the monthly rate of consumer price rise (month-on-month) reached: 0.% in October, 0.3% in November and 0.2% in December Labour market In the fourth quarter of 2003 the number of employees and the average employment in the enterprise sector continued to fall 2. As at the end of December the number of employees in the enterprise sector fell to 4,827 thousand, i.e. it was down by 3.4% as compared to the of In the period January-December 2003, the average employment in the enterprise sector stood at 4,724 thousand, i.e. it was down by 3.8% compared with the a year earlier. In comparison to the corresponding period of the previous year the largest fall in employment was observed in construction (-1.1%). At the end of December 2003 the average employment in the enterprise sector decreased to 4,71 thousand, i.e. it was down by 3.5% than the year before. Figure Number of the unemployed and unemployment rate thousands of persons 3,500 3,000 2,500 2,000 I I I I I I I I % I unemployed (left axis) Unemployment rate (right axis) 2 Ibid. Ibid. Footnote 1. N a t i o n a l B a n k o f P o l a n d

7 Socio-economic situation of the country Since March 2003, the number of the unemployed registered in the employment offices had been on a steady decline until October. By contrast, this category grew in November and in December. In December it reached 3,175.7 thousand people, i.e. went up by 2.5% as compared to the preceding month but was lower by 1.3% as compared to the corresponding period of In December the highest growth in unemployment (of a seasonal character though) occurred among school leavers. 1 In the fourth quarter of 2003 the increase in the unemployment rate was observed, at the end of December it stood at 18.0% 3. The fourth quarter of 2003 saw 742. thousand newly registered unemployed persons. In the same period 40.2 thousand people were removed from employment offices registers including thousand due to received jobs. At the end of December 2003, there were 10.3 thousand job offers available at the employment offices, i.e. 24.2% more than the year before Wages and salaries of employees and social benefits In the fourth quarter of 2003 the average monthly gross real wages and salaries of employees in the sector of enterprises grew at higher rates both in comparison to the corresponding period of 2002 and in comparison to the third quarter of The purchasing power growth rate of the average retirement pays and pensions from the non-agricultural social security system as well as that of the average retirement pays and pensions of farmers exceeded the reported the year before. The average monthly gross wages and salaries in the sector of enterprises in the period January-December 2003 reached PLN 2,341.53, i.e. they were higher by 2.8% than the year before. In December 2003 the average monthly gross wages and salaries in the enterprise sector reached PLN 2,2.21, i.e. were up by 9.1% on November and up by 5.1% in comparison to the corresponding month of In the discussed period, the average monthly gross wages and salaries in the sector of enterprises, excluding payments from profit, fluctuated from PLN 2, in October to PLN 2,58.75 in December. The level reached in December 2003 was up by 9.0% over November and up by 5.1% in comparison to the corresponding month of In the fourth quarter of 2003 the purchasing power of the average monthly gross wages and salaries in the sector of enterprises was higher by 3.2% than the year before (in comparison to the increase by 0.3% in the corresponding the year before) and up by 5.0% over the third quarter of In December 2003 the average monthly gross real wages and salaries were in real terms higher by 3.4% as compared to the corresponding period in 2002 and higher by 8.9% than in November. In the period discussed the average number of retirees and pensioners went slightly up to reach 9,209 thousand in December, i.e. was lower by 0.2% than the year before. At the end of the fourth quarter of 2003 the number of people drawing monthly retirement pays and pensions from the nonagricultural social security system went up slightly (by 0.3%) in comparison to the corresponding period of 2002, whilst the number of those drawing from the farmers retirement system decreased by 2.4%. At the end of December 2003 the average monthly gross retirement pays and pensions from the non-agricultural social security system stood at PLN 1,110.47, i.e. were up by.0% in comparison to the corresponding period of 2002 and up by 0.3% over November. In December the average monthly retirement pays and pensions of farmers reached PLN , i.e. were up by 5.7% in comparison to the corresponding period of the previous year and down by 0.1% over November. 3 As quoted by GUS on the registered unemployment rate in Poland was confirmed based on the results of the General National Census of 2002 and on the General Agricultural Census of The decline in the number of the professionally active people contributes to the increase in the unemployment rate by 2.0 pct point, therefore in December 2003, upon revision, this rate will be 20.0%. INFORMATION BULLETIN 12/2003 7

8 Socio-economic situation of the country National Budget Table Estimated National Budget performance for the period January December 2003 (million PLN) Specification 2003 Budget Act Performance Performance of Budget Act in % Income 155, , of which: indirect taxes 9, , corporate income tax 14, , personal income tax 27, , revenue of central government institutions 10, , of which: revenue from customs duty 3, , other revenue,577., of which: payments from NBP s profits 4,85. 4, Expenditure 194, , of which: domestic debt service 21, , foreign debt service 5, , subsidy for the Labour Fund 3, , subsidy for the Retirement and Disability Fund 15, , subsidy for the Social Insurance Fund 28, , general subsidies for local government institutions 31, , Budget deficit -38, , Income less the shares for December 2003 and transferred in January in accordance with the Act on the Local Government Income, in the shares amount to: in personal income tax PLN 1,080. million in corporate income tax PLN million Source: Ministry of Finance s data. In the period January to December 2003, the central government revenue rose by PLN 8. billion than the year before. In comparison to the corresponding period of the previous year, there was higher revenue on the side of indirect taxes, personal income tax, revenue of state budget units and other revenue. The execution of the provisions of the Act in terms of the revenue declined in comparison to the corresponding period of 2002, to reach 97.7% in 2003 as against 98.9% the year before. In the period January December 2003 the central government expenditure was higher than the year before and amounted to PLN billion as against PLN billion the year before. 97.3% of the amount planned for this year was expended, whilst in the corresponding period of 2002 the execution of the Budget Act was higher by 1.5 pct point. At the end of 2003, central government deficit reached PLN 37.0 billion, i.e. 95.5% of the amount stipulated in the 2003 Budget Act. Central government financed its needs predominantly via the issue of securities. At the end of the year, the revenue from the sale of T-bills reached 359.1% of the amount stipulated in the 2003 Budget Act, whereas that from the sale of bonds amounted to 100.4% of this amount. In 2003 the revenue from privatisation reached PLN 3.0 billion, i.e. 40.0% of the amounts envisaged in the provisions of the Act. 8 N a t i o n a l B a n k o f P o l a n d

9 The money supply and counterparts to changes in money 2 The money supply and counterparts to changes in money Structure of the money supply In the fourth quarter of 2003 the money supply increased by PLN 9.2 billion, i.e. by 2.8%, whilst in the period January December 2003 by PLN 18.1 billion (5.%). Save for the decline in the money supply in 2002, the growth in this category in 2003 was the historic low recorded over the last seven years. Since March 2003 the annualised growth rate of the broad aggregate had reached positive yet low values to increase to 5.% in December. The fluctuations in the levels of broad aggregate M3 in the fourth quarter of 2003 were primarily fuelled by such effects as a boost in the deposits of non-financial corporations and the growth in households deposits which happened for the first time after two years. Deposits and other liabilities included in M3, following a period of decline since the end of 2001, had featured a steady growth as from May In the fourth quarter of 2003 those liabilities grew by PLN 10.1 billion, i.e. by 3.%, to reach PLN billion at the end of December. In the examined period movements in deposits and other liabilities included in M3 reflected primarily the growth in zloty liabilities by PLN 8.9 billion (i.e. 3.8%). The growth in foreign currency liabilities by PLN 1.2 billion (i.e. by 2.%) was under a significant restrictive influence of the exchange rate fluctuations. In the fourth quarter of 2003 the highest growth in banking system liabilities 4 both in comparison to other sectors and as against the previous years was reported in those to nonfinancial corporations. Zloty liabilities to this sector grew most (by PLN.2 billion, i.e. 12.2%). The growth in foreign currency liabilities by PLN 1.3 billion (13.0%) was to some extent restricted by the Figure The annual nominal growth rate of M3 and M1 (corresponding month of the preceding year = 100) % I M3 I I I I I I I I M1 4 According to the methodology in force as from March 2002, the term banking system was replaced by a wider term monetary financial institutions covering the central bank and other monetary financial institutions (formerly: commercial banks). However, in order to ensure clarity and better understanding, the terms banking system and monetary financial institutions are used interchangeably throughout the report. INFORMATION BULLETIN 12/2003 9

10 The money supply and counterparts to changes in money Table Changes in money supply by sectors in the fourth quarter of Monthly growth Quaterly Quaterly Specification 31 growth growth I million zloty million zloty % M3 340, , ,818. 9, Currency in circulation (excluding vault cash) 49, Deposits and other liabilities 288, ,93.3 1, , , Hourseholds 192, ,73.7 2, Non-monetary financial institutions 8, , , Non-financial corporations 8, , ,75.9 7, Non-profit institutions serving households 8, Local government 8, , Social security funds 1, Other components of M3 2, , , exchange rate fluctuations. The growth was more significant in deposits and other liabilities with agreed maturity (up by 22.3%) than in the overnight ones (up by 4.5%). The growth in agreed maturity deposits was primarily fuelled by the growth in deposits with the agreed maturity up to one month; in December 2003 it reached 90.%. A significant growth in deposits in the fourth quarter of 2003 (by PLN 7,5 billion, i.e. 12.3%) may be attributable to the growth in export revenue being higher than the growth in the import expenditures. In the fourth quarter of 2003, for the first time in two years, the growth in deposits and other liabilities to households was observed. The growth reflected the increase in zloty deposits by PLN 2.2 billion (i.e. by 1.4%). The foreign currency deposits declined by PLN 0.1 billion (0.3%) mainly due to the exchange rate fluctuations. Exclusive of the exchange rate fluctuations, the deposits would grow by PLN 1.0 billion. The growth in liabilities to households in the last quarter of 2003 to a significant extent reflected the situation in the alternative forms of saving, including the redemption of anti-tax" bonds issued by banks at the end of 2002 and withdrawal of funds from the bond funds by individuals. During the last months of the year, the outflow of funds from investment funds was also observed, e.g. due to the expiry of some anti-tax" funds and withdrawing of funds from the entities investing in bonds due to the revaluation of debt securities. Since the end of 2001, the annualised growth rate of deposits and other liabilities to households had featured declining trends, whereas as from July 2002 the growth indices for this category had showed negative values. In December 2003 the annual growth rate reached 2.0%. The steady decline in the balance of deposits and other liabilities with the agreed maturity up to two years, which had been observed since the end of 2001, did not occur in the fourth quarter of Contrary to previous periods, this category grew by PLN 4. billion (2.%). The growth primarily reflected the increase in zloty deposits by PLN 4.3 billion (i.e. by 3.0%). The increase in the foreign currency deposits was under a significant limiting influence of the exchange rate fluctuations, exclusive of the fluctuations the growth would amount to PLN 1.1 billion. Deposits grew most in the sector of non-financial corporations, in comparison to the end of September 2003 they grew by PLN.0 billion, i.e. by 22.3% Since March 2002, the for the annualised growth rate had shown negative values (in December 2003, -2.1%). In the fourth quarter of 2003 the low growth rate of the broad money aggregate M3 was accompanied by the intensive growth in the M1 narrow money. A significant growth by PLN.3 billion (4.2%) in the M1 comprising currency in circulation and overnight deposits in the banking system reflected the shift to more liquid counterparts the tendency prevailing for nearly two years 10 N a t i o n a l B a n k o f P o l a n d

11 The money supply and counterparts to changes in money Table M3 and counterparts in the fourth quarter of 2003 Specification 31 Monthly growth I million zloty Quaterly growth million zloty Quaterly growth 1. Currency in circulation (excluding vault cash) 49, Overnight deposits and other liabilities 108, , , , of which: households 57, , , non-financial corporations 35, ,535. 1, M1 (1+2) 158, , ,853.2, Deposits and other liabilities with agreed maturity up to 2 years 179, , , ,95.3 4, of which: hourseholds 135, ,01. 1, , non-financial corporations 32,89. 4, , , Repurchase agreements Debt securites issued with maturity up to 2 years 2, , , M3 (5++7) 340, , ,818. 9, % 2 in the time structure of money supply. The share of the M1 in the aggregate M3 increased in the fourth quarter of 2003 from 45.9% in September to 4.5% in December. In the fourth quarter of 2003 the growth in currency in circulation (excluding vault cash) reached PLN 0.8 billion and it was the lowest quarterly-measured growth rate in The growth in currency in that period was limited by the decline in this category by PLN 0.4 billion (0.7%) in December. The list of factors generating the increase in currency in the fourth quarter of 2003 includes the purchase of foreign currency net carried out by the banks from bureaux du change and individuals for the amount of USD 1.9 billion (as against USD 1.2 billion the year before). The growth in currency may also reflect the high volume of retail sales prevailing over all the year. According to GUS, the retail sales effected by trade and non-trade corporations? in December grew by 17.3% as against the year before, compared to 4.9% at the end of The annualised growth rate of currency all the year stood at a high level to reach 17.1% in December. Over the said period the level of overnight deposits increased by PLN 5.5 billion (i.e. by 5.4%) in the wake of the growth in zloty deposits by PLN 4. billion (5.3%) and in foreign currency deposits by PLN 0.9 billion (5.8%). The growth in foreign currency deposits was under the influence of the exchange rate fluctuations. Exclusive of the fluctuations, this category would grow by PLN 1.4 billion. The most significant growth in overnight deposits was observed in the sector of households (PLN 3.4 billion, i.e..3%) and in the sector of non-financial corporations (PLN 1.5 billion, i.e. 4.5%) M3 and counterparts The changes in the M3 and counterparts structure in the fourth quarter of 2003 as compared to the third quarter of 2003 and the corresponding period of 2002 are presented in the Table below. In the discussed period the liabilities were the main source of money creation. By contrast, money absorption reflected the fluctuations in the credit to central government net Credit In the fourth quarter of 2003 banking system credit total grew by PLN 4.2 billion (1.%) and it constituted the main money creating factor. The growth in this category reflected the growth by INFORMATION BULLETIN 12/

12 The money supply and counterparts to changes in money Table M3 and counterparts* change 2 Q4 Q3 Q3 Specification billion zloty % billion zloty % billion zloty % M3 ( ) Counterparts: Money supply counterparts: 1. External assets net Credit Credit to central government net Longer-term financial liabilities Fixed assets (exclusive of financial assets) Other item net * Following the changes in methodology dating back to March 2002, the counterparts to M3 money supply include longer term financial liabilities (negative) and fixed assets of the banking sector (exclusive of financial assets). Source: NBP s. PLN 3.4 billion (1.3%) in the balance of credits, loans and other credit 5 from other domestic sectors. Zloty loans grew by PLN 5.9 billion (3.3%), whereas foreign currency loans declined by PLN 2.5 billion, i.e. by 3.2%. The exchange rate fluctuations had little effect on the balance of foreign currency deposits in the discussed period. The volume of debt and equity securities purchased by banks and issued by other domestic sectors also included in credit grew by PLN 0.8 billion, i.e. by 7.5% In the fourth quarter of 2003 the annual growth rate of liabilities gained momentum to reach 7.9% in December. In December 2003 the share of liabilities in the broad money reached 79.5% as against 80.5% in September. The highest growth in credit was reported in household loans. Since the beginning of 2003 the share of this category in the structure of total credit was on a steady increase to eventually come to 37.7% in December. In the fourth quarter of 2003 the most pronounced increase occurred in the share of zloty loans (by PLN 3.2 billion (4.5%), foreign currency loans grew by PLN 0.1 billion (0.5%), primarily due to exchange rate fluctuations. Loans raised by Table The structure of liabilities in the fourth quarter of 2003 Specification Stock as at 31 Change / 2003 Change /I 2002 billion zloty % billion zloty % Credit total Households Non-monetary financial institutions Non-financial corporations Non-profit institutions serving households Local government Social security funds Source: NBP s. 5 The category other credit comprises specially: purchased liabilities, cashed guarantees and warranties, conditional transactions and interest due. Other domestic sectors comprise: non-monetary financial institutions, non-financial sector entities, local government institutions and social insurance funds. 12 N a t i o n a l B a n k o f P o l a n d

13 The money supply and counterparts to changes in money Figure Comparison of twelve-month dynamics of growth of foreign currency and zloty loans % I Zloty I I I I I Currency 2 individuals financed mainly housing purposes, their growth in the fourth quarter of 2003 reached PLN 2.7 billion. Growth in housing loans accounted for 81.% of the total growth in loans for households in the discussed period. Reflecting the narrowing gap of interest rates charged on housing loans in foreign currencies and in the zloty and as a result of exchange rate fluctuations, the zloty loans were growing at higher rates in the last months of the year. What fuelled the higher demand for housing loans was a clear revival on the housing market primarily due to concerns about the increase in the prices of flats with the accession of Poland to the UE (e.g. forecast of increasing the AT rate on construction materials) and lower price and wider availability of the housing loan. Following the stabilisation in the first half of the year, the annualised growth rate of household loans had been on a steady increase in the individual months of the year to reach 13.% in December. Since March 2003, the share of non-financial corporations credit in the total structure of credit has been steadily, though slowly, decreasing to reach 49.5% at the end of December. In the discussed period, the debt of this sector from credits, loans and other liabilities in the banking sector declined by PLN 2.9 billion (2.2%) reflecting the decline in the foreign currency loans by PLN 2.3 billion (5.3%) and zloty loans by PLN 0. billion (0.7%). In the discussed period the influence of exchange rate fluctuations on the trends in foreign currency loans was small, exclusive of those fluctuations the foreign currency loans would decline by PLN 2.0 billion. In the individual months of the fourth quarter of 2003 the annualised growth of non-financial corporations credit run at a low level to reach 3.0% in December. The reasons behind the stagnation of this sector included e.g. the fact that viable companies financed their current business to a significant extent from their own funds and the non-viable ones did the same with their liabilities towards the contractors. The non-viable entities declared more demand for gaining loans to finance investment. Due to the tightening requirements of banks with reference to credit worthiness those enterprises were rejected access to lending Credit to central government net Contrary to the third quarter of 2003, credit to central government net was the main money absorbing factor. At the end of December 2003 the credit to central government net reached PLN 70.1 billion, i.e. during the discussed period it declined by PLN 4.3 billion (5.8%). This decrease resulted from: the decline in claims related to debt securities by PLN 3.1 billion (3.5%) accompanied by the growth in those related to loans by PLN 2.2 billion (125.%) (total decline by PLN 0.9 billion, i.e. by 1.0%); growth in banking sector liabilities towards the central government by PLN 3.4 billion (19.2%). INFORMATION BULLETIN 12/

14 The money supply and counterparts to changes in money 2 The decisive effect on the credit to central government net was exerted by the growth in the value of funds placed in the central government deposits with the NBP. The highest growth was reported in October and in November 2003 due to placing by the Ministry of Finance of large funds in the zloty deposits with the agreed maturity. In contrast, December saw a decline in the value of deposits, which is typical of this month, primarily due to the termination of zloty deposits by the government. The primary factor which fuelled the augmentation in the credit to central government net was the increase in the banks syndicated loan to the Ministry of Economy, Labour and Social Policy for the Labour Fund. At the same time, the decline by PLN 1. billion was seen in the volume of government debt securities in the banks assets, including the decline in bonds by PLN 0.8 billion and also the decline in T-bills by PLN 0.8 billion. At the end of December 2003, the volume of debt securities issued by the central government in the banking sector reached PLN 87.3 billion, including PLN 8.9 billion in the portfolio of commercial banks External assets net At the end of December 2003 external assets net of the banking sector reached PLN 135. billion and they grew by PLN 2.2 billion, i.e. by 1.% as against September. This growth reflected the increase in the external assets by PLN 5.1 billion (2,8%) and the increase in the external liabilities by PLN 3.0 billion (.0%). The growth in the zloty external assets net was under a significant restrictive influence of the exchange rate fluctuations. Exclusive of this category, the growth would have accounted for PLN.9 billion. In USD terms, external assets net reached USD 3.2 billion at the end of 2003, i.e. grew by USD 2.7 billion (8.1%) in comparison to the end of September The fluctuation in the external assets was the result of the increase in this category by 7.4% in commercial banks and by 13.% at the NBP. Meanwhile, in the fourth quarter of 2003 the fluctuations in the external liabilities of the banking sector were the resultant of the growth in external liabilities by 51.5% in commercial banks accompanied by the decline in this category by 8.5% at the NBP Other items (net) In the fourth quarter of 2003 the deficit of other items net declined by PLN. billion, i.e. by 9.8 % to close December with the negative balance of PLN 0.5 billion. The size and direction of change in this category in the discussed period was affected mainly by the remaining assets (net) at the NBP on the liabilities side. The remaining assets (net) at the NBP on the liabilities side declined by PLN 2.1 billion, i.e. by 5.5% and at the end of December 2003 it reached PLN 3.3 billion. This decrease resulted mainly from the decline in the revaluation reserve to cover the effects of exchange rate fluctuations resulting from valuation of foreign currency assets and liabilities as expressed in zloty. Other elements which contributed to the decline in the negative balance of the other net items in the fourth quarter of 2003 included the intra- and inter- bank settlements in other monetary financial institutions which declined by PLN 1.5 billion, i.e. 48.7%, whilst the value of their negative balance reached PLN 1. billion at the end of December Fixed assets of banks The value of fixed assets of banks (net of financial assets) at the end of 2003 reached PLN 30.5 billion, i.e. was up by PLN 0. billion (by 2.0%) over the end of the third quarter of The decreasing twelve-month growth rate continued, and reached 4.5% in December Longer-term financial liabilities In the fourth quarter of 2003 the balance of longer-term financial liabilities of the banking system showed no change and at the end of December it reached PLN billion. The result 14 N a t i o n a l B a n k o f P o l a n d

15 The money supply and counterparts to changes in money reflected on the one hand the decline in deposits with the agreed maturity over two years by PLN 1.2 billion (5.5%), on the other hand, the growth in the capital and reserves by PLN 1.1 billion (1.3%) and in debt securities with the agreed maturity over two years by PLN 0.1 billion. A quite significant growth in deposits with the agreed maturity over two years was seen in October, the consecutive months saw the decline in this category, including very significant decline in November by PLN 1. billion, i.e %. At the end of December those deposits reached PLN 20. billion. For the first time since October 2003, banks issued debt securities with the agreed maturity over two years, they reached the PLN 0.1 billion at the end of December. 2 INFORMATION BULLETIN 12/

16 Monetary policy of the central bank 3 Monetary policy of the central bank Interest rate The analysis of situation in the external environment of the Polish economy, tendencies in the real sphere, in the sector of public finance and money supply, loan and interest rate, as well as the tendencies in inflation expectations and inflation forecasts pointed to no premises to lower the base interest rates. Therefore, in the fourth quarter of 2003, as in the third quarter, the Monetary Policy Council resolved on keeping the base interest rates at the unchanged level. The interest rate on the products offered by banks to households and to non-financial corporations in the fourth quarter of 2003 showed no material change. This was directly attributable to keeping the level of basic rates of the central bank unchanged in that period. Practically, the interest rates on households deposits did not change, whilst the average interest rate on non-financial corporations deposits increased by 0.2 pct point. The average interest rates on zloty consumers, housing loans and loans for farming purposes showed practically no change. In comparison to the third quarter of 2003, the average growth by 0.2 pct point occurred in the interest rate on loans for non-financial corporations and for entrepreneurs. The most significant change occurred in the category of the remaining loans whose interest rates were on average lower by 0. pct point. It must be explained that the time series of interest rates on zloty loans for the period as from December 2002 to the end of 2003 was reviewed. Previously, the information on the average weighted interest rate on loans was prepared on the basis of data applying to the interest rates quoted by banks, i.e. the starting interest rates for the process of negotiations with the customer. The reviewed series was prepared on the basis of information which included the interests rates agreed for representative products. The verified interest rates refer Figure Changes in interest rates and in inflation* % I I 2002 I I I 2003 I Rediscount rate Minimum yield on 14-day open market operations Lombard rate Consumer price index * Commencing on , the basic open market operations with the 14-day maturity. 1 N a t i o n a l B a n k o f P o l a n d

17 Monetary policy of the central bank to those customers who were not classified by the bank to the group of increased-risk borrowers. The fluctuations of the average weighted interest rate in both perspectives show that both of the time series consistently reflect the banking system response to the changes in the central interest rates at the NBP Reserve requirement On September 30 th, 2003, the Monetary Policy Council adopted the resolution No. 14/2003 on the change in the reserve requirement for banks from 4.5% to 3.5%. The resolution came into force as of October 1 st, 2003 and was applied starting from the required reserve subject to maintaining until October 30 th, Under the new provision of the NBP Act, since September 30 th, 2003 the banks may depreciate the accrued required reserve by the equivalent of EUR 500,000 (lump-sum allowance). The foregoing decisions brought the Polish system of reserve requirement to the solutions adopted in the eurozone. The reasons for the implemented changes included the increased liquidity of the banking sector along with the increase in the sector s competitiveness Foreign exchange rates In the fourth quarter of 2003 the average monthly PLN/USD rate at the NBP fluctuated from PLN/1 USD in December to PLN/1 USD in November. The average rate fluctuated in the band from PLN/1 USD on November 4th, 2003 to PLN/1 USD on December 22 nd, The average monthly exchange rate of the zloty to the euro fluctuated from PLN/1 EUR in October to PLN/1 EUR in December. Over the analysed period, the EUR rate fluctuated from PLN/1 EUR on October 13 th, 2003 to PLN/1 EUR on December 31 st, In the discussed period, as it was in the third quarter, the PLN/USD and PLN/EUR rate significantly reflected the development on the international currencies market, especially on the Eurodollar one. The ratio of the average dollar rate to the average euro rate fluctuated from USD/EUR on the days of November 7 th 9 th, 2003 to USD/EUR on December 31 st, The ratio USD/EUR reported on the last day of the year constituted a record-high level of appreciation of the euro to the dollar in the history of the single currency. The average monthly rate of the euro to the dollar in December stood at the highest Figure Average PLN against USD and EUR exchange rates and USD/EUR rate in the fourth quarter of PLN USD/EUR NBP average PLN/USD exchane rate (fixing) NBP average PLN/EUR exchange rate (fixing) USD/EUR (right axis) INFORMATION BULLETIN 12/

18 Monetary policy of the central bank level during the last five years. The dollar to the euro rate reflected primarily the development in the American and European economies. The economic situation in the USA deteriorated due to, e.g. growing deficit in the current account. By contrast, in the discussed period the European economy featured improvement in economic situation which came to be seen particularly in the German economy. The investors concerns about the condition of the Polish system of public finance were an additional factor adversely affecting the Polish foreign currency market Primary T-bill market The fourth quarter of 2003 saw 13 tenders for T-bills, including 5 in October, 4 in November and 4 in December. The total nominal value of bonds for sale reached PLN 17,200.0 million. The bonds with the agreed maturity of 52 weeks were offered for sale continuously, those of 10 weeks in October, whilst those of 13 weeks in October and in December. In the analysed period bills of 2-, 3-, -, 8-2- and 39-week maturities were not put up for sale. The structure of sale was dominated by the bonds of 52-week maturity, with their share accounting for from 50.7% in October to 100.0% in November. In the period under analysis, the demand declared by bidders totalled PLN 33,871.0 million and in each individual month exceeded the value of bonds offered for sale nearly twofold. The demand for bonds of 52-week maturity fluctuated from 50.9% of the total demand declared at the sales in October to 100.0% in November. Figure Offer for sale, demand declared by bidders and the sales of Treasury bills at tenders in 2003 million PLN 20,000 18,000 1,000 14,000 12,000 10,000 8,000,000 4,000 2,000 0 I I I Bills offered for sale Sales of bills Demand declared by bidders Yield on T-bills (right axis) Figure Sales of treasury bills at tenders in 2003 by instruments million PLN 8,000 7,000,000 5,000 4,000 3,000 2,000 1,000 0 I I I 10-week 13-week 2-week 52-week 18 N a t i o n a l B a n k o f P o l a n d

19 Monetary policy of the central bank Overall, in the fourth quarter of 2003 the volume of bonds sold at their nominal value reached PLN 17,200.0 million, i.e % of the bonds offered for sale. The nominal value of individual bill types was as follows 10-week bills PLN 3,500.0 million 13-week bills PLN million 52-week bills PLN 13,400.0 million The sale value of T-bills sold at their nominal value in the period discussed was up by 77.3% in comparison to the corresponding period of last year. In the fourth quarter of 2003 the average weighted yield on all bills offered for sale fluctuated from 5.27% in October to.12% in December and at the end of December it was up by 1.15 pct point over the end of the third quarter of The highest yield, -.14% - was provided to investors by 52-week bills purchased in December. 3 In the fourth quarter of 2003 the volume of T-bills sold at tenders and outstanding fluctuated from PLN 4,47.2 million in October to PLN 45,05.5 million in December. The level at the end of December increased by PLN 3,759.0 million in comparison to the end of September Open market operations The fourth quarter of 2003 saw 13 tenders for money T-bills, including 5 in October, 4 in November and 4 in December. Bills of 14-day maturities were offered for sale, their total nominal value amounted to PLN 38,000.0 million. In the period discussed the demand declared by investors totalled PLN 8,37.7 million. Each month, it by far exceeded the sale offer. Overall in the fourth quarter of 2003 the sale of bills at the nominal prices was PLN 35,00.0 million, i.e. 93.7% of the volume of bills offered for sale In the period under analysis the average weighted monthly yield on the purchased bills stood at a stable level of 5.25%. At the end of the fourth quarter of 2003 the volume of money bills from tender and outstanding reached PLN 5,987.8 million, i.e. went down by PLN 2,494.9 million over the end of the third quarter Figure Offer for sale, demand declared by bidders and the sales as well as the yield on 14-day NBP money-market bills in 2003 (at the nominal value) million PLN 70,000 0,000 50,000 40,000 30,000 20,000 10,000 % I I I Bills offered for sale Demand declared by bidders Sale of bills Yield on NBP bills (right axis) INFORMATION BULLETIN 12/

20 Principal decisions of the Monetary Policy Council 4 Principal decisions of the Monetary Policy Council 1. resolution No. 17/2003 of December 1 th, 2003 on the principles of establishing and dissolution of reserves for covering the risk of the exchange rate of the zloty to foreign currencies at the National Bank of Poland N a t i o n a l B a n k o f P o l a n d

21 Balance of payment on a cash basis information 5 Balance of payment on cash basis information In this issue of NBP s Information Bulletin the data on the monthly balance of payments on a cash basis were published for the last time. In 2003 the National Bank of Poland launched compiling the monthly balance of payments on a transaction basis. Publishing the quarterly balance of payments brings the NBP into conformity with the standards of balance of payments statistics in force in the Member States of the European Union. The NBP s web site presents quarterly balances of payments beginning from the first quarter of The quarterly balances of payments will be compiled a quarter after closing the reporting period. Meanwhile, the comments on a quarterly balance of payments will be published five months from closing the reporting period. Textual information referring to data of the fourth quarter 2003 will be published in the Information Bulletin 3/04. 5 INFORMATION BULLETIN 12/

22 Statistical Appendix Statistical Appendix 22 N a t i o n a l B a n k o f P o l a n d

23 Statistical Appendix Tables.1. Tables Table 1. Basic Economic Data 1. Industrial output 2. Construction output 3. Consumer Price Index 4. Producer Price Index I 1999 I I I 2000 I I I 2001 I I I 2002 I 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 % % % % % % , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,78.1 1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , INFORMATION BULLETIN 12/

24 Statistical Appendix Tables Table 1. Basic Economic Data, cont. I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I 5. Construction Price Index the same month previous year = 100 previous month = 100. 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 , , , ,59.9 9, , , , , , , , ,0.3-7, , , , , , ,47.0-9, , , , , ,79. 4, , ,94.0 5, , ,7. 4, , , ,90.0 5, , ,82.0 5, , , ,93.0 5, , , , , , , , , , , , , ,92.0 5, , , , , , , , , , , , , , , , , , , , ,84.0 5,79.0 2, , , , , , , , , , , , , ,31.0 2, , , , , , , , , , , , ,44.0 5, , , , , , ,42.0 5, , , ,71.7 1, , ,43.0 5, , , , , , , , , , ,819. 8, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,83.4-4, , , , , , , , , , , , ,23.1 4, , ,32.0 5,15.0 2, , , , , , , , , , , , ,29.0 5, , , , , , , , , , , , , , , , , , , , , ,00.0 2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,5. -13, , , , , , , , , , , , , , , , ,89.0 3, , , , , , , , , , , , ,04.0 4, , , , , , , ,87.0 3, , , , , , ,84.0 3, , , , , , , , , , , , , ,82.0 3, , , , , , , , , , , , , ,73.0 3, , ,5.3 15, , , , , , , , , , , , , , , , , ,72.0 3, , , , , , , , , , , , , , , , , , , , , , , , , , ,90.0 4, , , , , , , , , , , , , , , , , , , , , , , , , , , , ,71.0 3, , , , , N a t i o n a l B a n k o f P o l a n d

25 Statistical Appendix Tables Table 1. Basic Economic Data, cont. I 1999 I I I 2000 I I I 2001 I I I 2002 I 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 , , , , ,744. 2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,99.9 9, , , ,559., , , , , , , , , ,159.9, , , , , , , ,15.2 2,19. 2, , , , , , , , , ,810. 1, , , , , , , , ,8.3 7,17.8 2, , , , , , , ,100.2,3.4 8, , , , , , , , , , , , , , , , , , ,48.3, , , , , , , , , , , ,43.9 3, , , , , , , ,89.0 7, , , , , , ,7.1 14, , ,184.9,30.9 3, , , , , , , , , ,047.2, , , , , , , , , ,57.2 9, , , , , ,080, , ,050,71.7 1, , , , , , ,772.5 net margin quick liquidity ratio INFORMATION BULLETIN 12/

26 Statistical Appendix Tables Table 2. Financial Market Basic Information 1. NBP interest rates 2. Reserve requirement Reserve Reserve requirement ratio required reserves held requirement ratio on foreign currency deposits on zloty deposits (zloty equivalent) of which: demand time demand time Lombard rate Rediscount rate Refinancing rate Deposit rate Minimum yield on 14-day open market operations (reverse repo rate)* current account declared vault cash I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I % % % % % % % % % million zloty million zloty million zloty ,0/18, , , , ,0/18, , , , ,0/18, , , , ,0/18, , , , ,0/18, , , , ,0/18, , ,44.7 2, ,0/18, , ,44.7 2, ,0/18, , , , ,0/18, ,95.0 8, ,0/18, ,95.0 8, ,5/21, ,07.2 9, , ,5/21, ,07.2 9, , ,5/21, ,31.9 9,59.5 1, ,5/22, , , , ,5/22, ,58.3 9, , ,5/22, ,58.3 9, , ,5/22, , , , ,5/22, , , , ,5/22, ,33. 10, , ,0/24, , ,594. 1, ,0/24, , ,594. 1, ,0/24, , , , ,0/24, , , , ,0/24, , , , ,0/24, , ,504. 1, ,0/24, , , , ,0/22, , , , ,0/22, , ,81.2 1, ,0/22, , , , ,5/20, , , , ,5/20, , , , ,5/19, , , , ,5/19, , , , ,0/18, , ,50.2 1, ,5/1, , , , ,5/1, ,8.4 12,288. 1, ,5/14, , , , ,5/14, , , ,5/14, , , ,5/13, , , ,0/13, , , ,5/12, , , ,5/12, , , ,5/11, , , ,0/11, , , ,0/10, , , ,75/9, , , ,75/9, , , ,50/9, , , ,0/9, , , ,75/8, , , ,25/8, , , ,00/8, , , ,75/7, , , ,75/7, , , ,75/7, , , ,75/7, , , ,75/7, ,00.0 9, ,75/7, ,00.0 9, ,75/7, , , * 28 -day operation till December 2002, 14 -day operation from January N a t i o n a l B a n k o f P o l a n d

27 Statistical Appendix Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders Face value of bills offered for sale Number of tenders during month of which: 2-week 3-week -week 8-week 10-week 13-week 2-week 39-week 52-week I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty , , , , , , , , , , , , , , , , , , ,100.00, , , , , , , , , , , , , , , , , , , , , , , , , , , , ,000.00, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , INFORMATION BULLETIN 12/

28 Statistical Appendix Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders, cont. Demand declared by bidders (at face value) of which for: 2-week 3-week -week 8-week 10-week 13-week 2-week 39-week 52-week I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty , , , , , , , , , ,24.9 9, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,350.4, , , , , , ,821.99, , , , , , , , , , , , , , , ,4.79 2, , , ,932.5, , , ,8.90 4, , , , ,839.49, , , , , , , , , , , , , , ,043.05, , , , , , , , , , , , , , , , , , , , , ,99.7 8, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

29 Statistical Appendix Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders, cont. Face value of bills sold of which: 2-week 3-week -week 8-week 10-week 13-week 2-week 39-week 52-week I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty , , , ,99.80, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,590.3, , , , , , , ,9.97, , , , , ,99.8 3, , , , , , , ,7.92 3, , , , , , , , , , , , , , , , , , , , , , ,200.00, , , , , , , , , INFORMATION BULLETIN 12/

30 Statistical Appendix Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders, cont. Yield on bills purchased, weighted average of which on: 2-week 3-week -week 8-week 10-week 13-week 2-week 39-week 52-week Bills outstanding from tender sales at month end (purchase prices) I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I % % % % % % % % % % million zloty , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

31 Statistical Appendix Tables Table 2. Financial Market Basic Information, cont. 4. Tenders for NBP money-market bills Face value of bills offered for sale Demand declared by bidders (at face value) Number of tenders during month of which: 1-day 7-day 14-day 28-day of which for: 1-day 7-day 14-day 28-day I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I million zloty million zloty million zloty 58 million zloty 59 million zloty 0 million zloty 1 million zloty 2 million zloty 3 million zloty 4 million zloty , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,00.00, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , INFORMATION BULLETIN 12/

32 Statistical Appendix Tables Table 2. Financial Market Basic Information, cont. 4. Tenders for NBP money-market bills, cont. Face value of bills sold of which: 1-day 7-day 14-day Yield on bills purchased, weighted average of which on: 28-day 1-day 7-day 14-day 28-day Bills outstanding from tender sales at month end (purchase prices) I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I million zloty million zloty million zloty million zloty million zloty % % % % % million zloty , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,7.18, , , , ,500.00, , , , , , , , , , , , , , , , , , , ,54.7 9, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

33 Statistical Appendix Tables Table 2. Financial Market Basic Information, cont. 5. Outright sales of securities by NBP. Data on trading sessions of Warsaw Stock Exchange Number of tenders face value of securities alloted for sale face value of bids submitted by banks face value of bids accepted value of bids accepted Number of companies at month end Capitalisation at month end P/E ratio at month end Warsaw Stock Exchange Index (WIG) at month end WIG monthly average Second-Tier Market Index (WIRR) at month end WIRR monthly average Monthly turnover Turnover ratio I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I million zloty million zloty million zloty million zloty million zloty million zloty , , , , , , , , , , ,48.4 1, , , , ,82. 2, , , , , , , , , , , ,015. 2, , , , ,78.8 3,055. 3, , , , ,30.2 3, ,082.4, , , , , , , , , , , , , , , , , , , ,97. 2, , , , , , , , ,3.5 2,50.5 7, , , , , , ,748. 2,28.7 8, , , , , , , ,59.4 7, , , , , , , , , ,489.5, , , , , , ,73.2 2, ,30.1 5, , , , , ,07. 2, , , , , , , ,259. 2,29. 2,2.8 4, , , , ,509. 2,13.2 2, , , , , , , , ,01.3 4, , , , , ,29.5 1, , , , , , , ,335. 1,71.3 1, , , , , , ,77.7 1, ,789.7, , , , ,132. 1, ,829. 5, , , , ,73.7 1,75.9 3, , , , , , ,10.5 1,9.7 1, , , , , , ,35.5 1,85.9 1,78.5 4, , , , , , ,17.9 1,30. 3, , , , , , ,50.0 3, , , , , , , , , , , , ,10.8 1,51.7 1, , , , , , , ,35.0 1, , , , , , , , , , , , , ,07.4 1, , , , , , , ,32.3 1, , , , , , , ,2.9 14, ,385. 1, , ,54. 29, ,3.7 14,53.5 1,35. 1, , , , , , , , , , , ,99. x 13, , , ,40. 2, , ,252. x 13, , ,34.2 1, , ,885.3 x 14, ,23.0 1, , , ,793.7 x 15, , , ,15.4 4, ,8.7 x 15, ,50.3 1,99.1 1,95.3 3, ,924.1 x 18, , , , , , , ,431. 2,44.5 2, , , , , , , , , ,3.7 20,71.2 2,13.0 2,52.7 7, , , ,81.4 2, ,57.7 5, , , , , ,58.0 5, % 90 INFORMATION BULLETIN 12/

34 Statistical Appendix Tables Table 3. PLN/USD and PLN/EUR Daily Exchange Rates September 2003 October 2003 November 2003 December 2003 Days NBP average exchange rates PLN/USD PLN/EUR USD/EUR NBP average exchange rates PLN/USD PLN/EUR USD/EUR NBP average exchange rates PLN/USD PLN/EUR USD/EUR NBP average exchange rates PLN/USD PLN/EUR USD/EUR Average monthly rate N a t i o n a l B a n k o f P o l a n d

35 Statistical Appendix Tables Table 4. Weighted Interest Rates on Zloty Deposit Offered by Commercial Banks current accounts (private entrepreneurs and farmers) checking accounts (ROR) 1 month 3 months Zloty deposits households time deposits: months 1 year 2 years > 2 years total 2002 I I I I Zloty deposits, cont. non-financial corporations time deposits: current accounts 1 month 3 months months 1 year 2 years > 2 years total 2002 I I I I INFORMATION BULLETIN 12/

36 Statistical Appendix Tables Table 5. Weighted Average Interest Rates on Zloty Lending Offered by Commercial Banks non-financial corporations Zloty loans households original maturity of: consumer loans with original maturity of: housing loans with original maturity of: overdrafts 1 year 2 years 3 years 5 years > 5 years total overdrafts 1 year 2 years 3 years 5 years > 5 years total 1 year 2 years 3 years 5 years > 5 years total 2002 I I I I I I I I loans to private entrepreneurs with original maturity of: 1 year 2 years 3 years 5 years > 5 years total 1 year 2 years Zloty loans, cont. households, cont. agricultural loans with original maturity of: 3 years 5 years > 5 years total 1 year other loans with original maturity of: 2 years 3 years 5 years > 5 years total total total loans to non-financial corporations and households 3 N a t i o n a l B a n k o f P o l a n d

37 Statistical Appendix Tables Table. Weighted Average Rate of Foreign Currency Deposit and Loans at Commercial Banks Foreign currency deposits 2002 I I I I current accounts 1 month 3 months months original maturity: USD EUR USD EUR USD EUR USD EUR USD EUR USD EUR USD EUR USD EUR year 2 years > 2 years total 2002 I I I I overdrafts 1 year USD EUR Foreign currency loans 2 years USD EUR original maturity: 3 years USD EUR years USD EUR 25 2 > 5 years USD EUR USD EUR USD EUR INFORMATION BULLETIN 12/

38 Statistical Appendix Tables Table 7. Number of Accounts Operated by Commercial Banks as of 31 December September 2003 Account type Resident Non-resident Individuals ,800, ,014 41,959, Zloty deposits 1.1. Overnight deposits 1.2. Deposits with agreed maturity 1.3. Blocked deposits 1.4. Deposits redeemable at notice 38,238,58 79,329 38,317,915 24,584,117 54,30 24,38,477 13,459,827 24,088 13,483, , ,7,821 35,85 2. Foreign currency deposits 2.1. Overnight deposits 2.2. Deposits with agreed maturity 2.3. Blocked deposits 2.4. Deposits redeemable at notice 3,51,709 79,85 3,41,394 2,087,72 2,582 2,150,344 1,452,994 1,20 1,49,254 20, , Farmers, private entrepreneurs 2,08, ,08, Zloty deposits 3.1. Overnight deposits 3.2. Deposits with agreed maturity 3.3. Blocked deposits 3.4. Deposits redeemable at notice 2,050, ,051,111 1,959, ,959,229 8, ,485 23, , Foreign currency deposits 4.1. Overnight deposits 4.2. Deposits with agreed maturity 4.3. Blocked deposits 4.4. Deposits redeemable at notice 35, ,833 33, ,058 1, , Non-financial corporations, non-monetary financial institutions, non-profit institutions serving households 1,511,71 5,98 1,517,84 5. Zloty deposits 5.1. Overnight deposits 5.2. Deposits with agreed maturity 5.3. Blocked deposits 5.4. Deposits redeemable at notice 1,418,939 2,42 1,421,581 1,29,744 2,33 1,272, , ,848 17, , Foreign currency deposits.1. Overnight deposits.2. Deposits with agreed maturity.3. Blocked deposits.4. Deposits redeemable at notice 92,777 3,32 9,103 71,438 2,843 74,281 18, ,31 2, , N a t i o n a l B a n k o f P o l a n d

39 Statistical Appendix Tables Table 8. Deposits in Selected Foreign Currencies by Maturity as of 31 December 2003 Deposits in selected foreign currencies Households Overnight deposits Time deposits, original maturity up to 1 month Time deposits, original maturity over 1 and up to 3 months Time deposits, original maturity over 3 and up to months Time deposits, original maturity over months and up to 1 year Time deposits, original maturity over 1 and up to 2 years Time deposits, original maturity over 2 years Blocked deposits Deposits redeemable at notice Non-financial corporations Overnight deposits Time deposits, original maturity up to 1 month Time deposits, original maturity over 1 and up to 3 months Time deposits, original maturity over 3 and up to months Time deposits, original maturity over months and up to 1 year Time deposits, original maturity over 1 and up to 2 years Time deposits, original maturity over 2 years Blocked deposits Deposits redeemable at notice 11 commercial banks* Currency/ currencies, million zloty % share USD EUR USD EUR , , , , ,30.8 2, , , , , , ,38.3 1, , , ,870. 2, , , , Table 9. Loans in Selected Foreign Currencies by Maturity as of 31 December 2003 Loans in selected foreign currencies: Households Loans to 1 year, including current accounts Loans over 1 and up to 2 years Loans over 2 and up to 3 years Loans over 3 and up to 5 years Loans over 5 years Non-financial corporations Loans to 1 year, including current accounts Loans over 1 and up to 2 years Loans over 2 and up to 3 years Loans over 3 and up to 5 years Loans over 5 years 11 commercial banks* Currency/ currencies, million zloty % share USD EUR USD EUR , , , ,547. 7, , , , , , , , , , , * Banks are specified in Methodological Notes. INFORMATION BULLETIN 12/

40 Statistical Appendix Tables Table 10. Balance Sheet of the National Bank of Poland (million zloty) ASSETS Loans to domestic residents other monetary financial institutions general government other domestic residents 1 Holdings of securities other than shares issued by domestic residents other monetary financial institutions general government Holdings of shares/other equity issued by domestic residents other monetary financial institutions other domestic residents 1 External assets Fixed assets 2 Remaining assets assets I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I ,43. 7,37.0 1, , , , , , , , , , , , , , , ,02.5 1, , , , , , ,274. 7, , , , , , , , , , , , , , ,829. 9, , , , , , , , ,07.1 7,21.1 1, , , , , , , ,22.9 1, , , , , , , , , , , , ,535. 7, , , , , , , , , , , , , ,97.1 7,151. 7, , , , ,027. 2, , , , , , , ,02.3 3, ,19. 8,11.2 8, , , , , , ,002.0,974.3, , , ,07.8 1, , , ,57.0 7, , , ,80.0 1, , ,34.0,930.3, , , ,044. 1, , ,404.8,801.3, , , , ,05.4 3, ,050.7,741.5, , , , ,02.4 2, ,334.1,723., , , , , , ,933.4,84.4, , , ,24. 1,081. 1, ,991.2,592.2, , , ,04.2 1, , ,932.7,0.2, , , ,49.3 1, , ,938.3,937.8, , , , , ,892.9,45.1, , , , , , , , , , , ,98.0 1, ,48.1 7,20.8 7, , , , , ,097.,230.0, , , , , , ,871.8,227.1, , , , ,13.0 1, , ,3.8 7, , , , , , ,999.9,089.3, , , , , ,805.2,185.4, , , ,573. 1, , , , , , , , ,24.3 7,118.4, , , , , , , , , , , , ,17.0 5,84. 5, , , , , , , , , , , , , , , , , , , , , , , , ,34.2 1, , ,32.9 5, , , ,89.0 1, , ,70.5 5, , , , , , , , , , , , ,181. 5,51.2 5, , , ,379. 1, , , , , , , , ,885. 5, , , , ,34.8 1, , ,39.4 5, , , ,11. 1, , , , , , ,44.0 1, , ,25.7 5, , , ,52.7 1, , , , , , ,05. 1, , , , , , ,845. 1, ,52.0 5,15.4 5, , , , , , , , , , , , , , , , , , , ,99. 5, , , , ,00.4 1, ,1.7 4,98.5 4, , , ,994. 1,55.2 1, ,995. 5, , , , , ,71.2 1, , ,893. 4, , , , , , , , , , , , ,83. 4, ,20. 1, , , , , , , , Non-monetary financial institutions and non-financial sector. 2 Excluding financial fixed assets, included in column N a t i o n a l B a n k o f P o l a n d

41 Statistical Appendix Tables Table 10. Balance Sheet of the National Bank of Poland (million zloty) LIABILITIES Currency in circulation Deposits of domestic residents other monetary financial institutions central government other domestic residents 1 Debt securities issued Capital and reserves Tier-1 capital reserves External liabilities Remaining liabilities liabilities I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , , , , , , , , , , , , , , , , , , , , , ,80. 18, ,09.9 1, ,429. 2, , , , , , , , , , ,297. 1, , , , , , ,38. 5, , , , , , , , , ,08.8 3, , , , , , , , , , , , , , , , , , , ,948.5, , , , ,3.9 45, , , , ,20.4, , ,71.8 1, , , , , , , ,10. 3, , , , , , , , ,04.0 1, ,748. 5, , , , , , , , , ,21.8 9, , ,48. 24,94.0 5, ,549. 3, , , , , , , , , , , ,89. 12, , ,19. 3, ,95.8 4, , ,98.8 5,45.2 1, , , , , ,43.5 1,90. 8,74.1 7, , ,43. 1, ,879. 9, , , , , ,037.1, , ,41.2 1, ,88.1 9, , , , ,1.7 9,97.9 5, , ,47.3 1, , , , , , , ,8.2 1, , , ,27.8 3, , , , , , , , ,071.8, ,18.7 5, , , , , , ,22.5 5, ,193.4,72.2 1,18.8 5, , , , , , ,72.8 5, ,181.4, ,18.3 4, , , , , , , , ,004.0, ,07.1 4,53.9 8, , , , , , , ,37.3 5, ,0.9 4, , , , , , , , , , , ,05.9 3,79.5 8, , , , , ,87.2 9, , , ,59.0 3, , , , , , , , , , ,00.3 3, ,52. 38, , , , ,02.3 8,95.1 1, , ,505. 1,17.0 2,888. 7,92.3 3, , , , ,989., , , ,43.8 1,0.8 2, , , , , , ,875.4, , , ,31.9 2,901.2, , , , , , , , ,52.0 1, ,794.5, , , , , , , , , , ,17.9 8, , , , , ,80.8 8, , ,2.5 1, ,545.2, , , , , , , , , , ,492.3,93. 38, , , ,83. 12, , ,19.3 4, , ,33.0 7, , , , , , , ,35.8 4, , ,31.7 7, , , , , ,57.7, ,17.1 4, , ,3.1 7, , , , , , , , , ,95.1 2, , , , , , , , , , ,95.0 2, , , , , , , , , , ,94.4 2, , , , ,1.7 21, , , , ,05.1 1,94.4 1, , , , , , , , ,21.5 3,511. 1,94.4 1,817.2, , , , , , , , , ,94.4 1,92.9, , , , , ,25.2 1, ,47.1 3, , ,59.5, , , , , ,17.8 1, ,41.2 3, , , , , , , , , , ,07.4 2, , , , , , , , , , , ,975. 1, , , , , , , ,1.4 13, , ,87.2 1, , , , , , , ,312.9,33.1 1, , ,59.0 1, , , , , , , , ,25.9 2,573. 1, , , , , , , , , , , , , , , , , , ,23.9 2, , , , , , ,52. 11, , , , , ,1. 39, , , , , , , , , , , ,99. 51, , , , , ,575. 1, , , ,1.7 51, ,15.7 1, , , , , ,29.9 3, , , , ,20.8 9, , ,84. 1, ,019.5, , , , , ,948. 7, ,58.0 2, , , , , , , ,01. 12, , , , , , , , , ,79.1 8, , ,12.9 2, , , , , , ,17. 23, , , , , , , , , Non-monetary financial institutions, local government, social security funds and non-financial sector. INFORMATION BULLETIN 12/

42 Statistical Appendix Tables Table 11. Aggregated Balance Sheet of Other Monetary Financial Institutions (million zloty) ASSETS I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I Loans to domestic residents monetary financial institutions general government other domestic residents 1 Holdings of securities other than shares issued by domestic residents monetary financial institutions general government other domestic residents 1 Holdings of shares/ other equity issued by domestic residents monetary financial institutions other domestic residents , ,055.8, , ,.2 23, ,45.4 1, , , , , , , , , , , ,0.7 31, , , , , , , , , , , , , , , , , , , , , , , , ,8. 7, , , , , , ,82.2 1, , , , , ,9.4 21, ,.8 8, , , , ,27.7 2, , , , , , , , , , , , , , , , , , , , , , , , , , , , ,541. 1,81.9 5, , , , ,97.9 3, , ,90. 9, , , , ,88.9 2, , , , , , , , , , , , , ,274. 1, ,78.3 1,37.4 4, , , , , , ,9.4 10, , , , , ,230.3, , , ,72.8 1, , , , , , , , , , , , ,0. 4,8.4 33, ,2.3 24,9.4 39, , , , , , , , , , , ,2. 17, , , , , , , , , , ,12.8 5,93.3 1, , , , , , , , , ,3. 92, , , , ,.2 1, , , , , , , , , , , , , ,94.2, , , , , , , , , , , , , , ,871., , , , , , , , ,09.5 8, , ,0.9 32, , ,735.9, , , , ,17.5 2, , , ,74.2 8, , , , ,71.5 3,139.4,47.3 1, , , , , , , , , , , , , ,254.1, , , , , , , , , , , , , , ,471.3,974. 1, , , , , , , ,908.0, ,2.7 90, , , , ,07.2 1,48.4, , , , , , ,07.3 7, ,737. 8, , , ,24.1 7, ,323.0, , , ,32. 43, , , , , , , ,91. 3, , ,33.2, , , , , , ,349., , , ,91. 53,03. 3, , ,40.5, , ,5.8 21, , , ,94., , , , , , , , , , , , , , , , , , , , ,1.0 7,1.8 1, , , , , , , ,59.9 5, , , , ,4.7 3, , ,273.0, , , , , , , , , ,.9 30, , , ,77.3 1,27.7, , , ,7.5 4, , , , , , , , , ,74.9 1,24.1, , , , , , , , , , , , , , ,259., , , ,82. 47, , ,39.3 7, , , , , , , ,29., , ,29. 31,7.2 48, , ,35.5 8, , ,34. 31,1.2 58, ,0.4 7, , , , , , , ,99.7 9, , , ,722. 3, , , ,020.0, , , , , , , , , ,9.8 32, , , , ,039.5, , , , , , , , , , , , , , ,055., , , , , , , , , , ,3.9 2, ,955. 7,01.7 1,050.4, , , , , , ,744. 9, , , , , ,271.3, , , , , , , , , , , , , , ,123.1, , , , ,10. 27, , , , , , , , , ,75.0 7, ,13.1 5, , , ,70. 49, , , , , , ,48.0 9,733. 3,20.8 7, , , , , , , , , , , , , , , ,234. 1, , , , , , , , , , , , , , , ,275., , , , , , ,4.1 12, , , ,8.2 77,70.0 3,100. 7,22.0 1, , , , , , , , , , , , , ,10.8 7,28.4 1, , , , , , , , , , , , ,440. 2, ,07.5 1,277.0, , , , , ,2.9 4, , , , ,55. 7,72.8 3, , ,24., , , , , , , , , , ,.2 80, , ,98.1 1,241.1, , , , , , , , , ,4.0 21, , , , , , , , , , , ,35.8 1, , , , ,35.5 3,525. 7, ,194.5, ,8.4 27, , , , , , , , , , ,93.7 7, ,215.5, , , , , , , , , ,03.8 1, ,14.9 2, ,18.9 1,14., , , ,7. 517, , , , , , , , , , , , , , , , , , , , , , , , ,025. 1, , , ,9.2 28, , ,17.2 4, , , , , , , ,33. 1,203.8, , , , , , , , , , , , , ,48.4 1,322., , , , , , , , , , , ,97.8 2,3. 7,43.3 1,300.1, , , , , , , , , , , ,59.0 2, ,49.0 1,358.3, , , , , , , , , , , , , ,358. 1,280.1, , , , , , , , , , , , ,77.2 7,18.4 1, ,89.0 5, , , , , ,2.7 19, , , , ,28.4 3, , ,28.8, , , , ,503.1 External assets Fixed assets 2 Remaining assets assets 1 Non-monetary financial institutions and non-financial sector. 2 Excluding financial fixed assets, included in column N a t i o n a l B a n k o f P o l a n d

43 Statistical Appendix Tables Table 11. Aggregated Balance Sheet of Other Monetary Financial Institutions (million zloty) LIABILITIES Deposits of domestic residents monetary financial institutions other domestic residents 1 overnight with agreed maturity central government redeemable at notice repurchase agreements Debt securities issued Capital and reserves Tier-1 capital Tier-2 capital reserves External liabilities Remaining liabilities liabilities I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , ,7.0 7, , , , , , , , , , , , ,718.2, , , , , , , , , , , , ,50. 7, ,20.5 2, , , ,30.5 2, , , , , , , , , , , , , , , , , , , ,52.5 7, ,15.8 3, , , , , ,14. 21, , , , , , , , , , ,053. 2, , , , , , ,948.0, ,95.1 5, , , , , , , , , , ,47.2 7, ,24.0 7, , , , ,27. 15, , , , , , , , , , , ,51.7 2, , , , , , ,32.1 7, , , , , ,77.1 2, , , , , , , , ,09. 70, , , , ,19.9 1, , , , ,58.3 3,239.1, , , , , , ,09.4 2, , , , , , , , ,93.1 7, , , , , , , , , , , , , , , , , , ,70.2 2, , , , , , , , , , , , ,07.3 2,087. 2, ,25.8 2, , , ,35. 43, , ,041.9, , , , , , , , , , ,10. 45,705.8, , , , , , , , , , , , , ,03.5, , , , , , ,78.8 2, , , , , , ,204., , , , , , , , , , , , , ,74., , , , , , , , , ,8.8 44, , , ,010.8, ,01.1 8, , , ,5.0 29, , , ,89.0 4, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,8.4 5, , , , , , , , , , , , ,29. 43, , ,85.0 8, , , , , , , , , , , ,779. 5, , , , , , , , , , , , , ,510.2, ,85.9 8, , , , , , , , ,0. 42, , ,752.1, , , , ,91.8 0, , , , , , , , ,411.4, , , , , ,80. 33, , , , , , , ,87.9, , , , ,49.4 3, ,232. 3, , , , , , ,144.2, , , , , , ,24.4 3, , , , , , ,092.7, , , , ,11.9 4, , , , , , , , ,54.1 8, , , , , , , , , , , , , ,578.9, , , , ,923.0, , , , , , , , ,184.7, , , , , , , , , , , , , ,970.8, , , , ,99.2 9, , , , , , , , ,1.0, ,5.5 74, , ,999. 7, , , , , , , ,095.5, , , , , , , , , , , , , , , , , , , ,47.5 1, , , , , , , , , , , , , , , , , , , , , , , , , , ,7. 39, , , , , , , , , ,53. 84, , , ,9.7 40, , , , , , ,983. 9, , , , , , , , , , , , , , , , , , , , , ,11. 44, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,4.8 10, , , , , , , , , , , , ,78.2 9, ,4.3 93, , , , , , , , , , ,034. 9, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,23.9 3, , , , , , , , , , , , , , , , , , ,55. 80, , ,30. 37,5.5 47, , , ,1.4 10, , ,3. 198, , , ,229. 1, , , , , , , , , , , , , , , , , , , ,5.9 37, , , , , , , ,511. 1, , , , , , , , , , , , , ,09.3 1, , , , , , , , , , , , , , , , , , , , , , , , , , , ,4.3 4, , , , , , , , , , , ,44.5 1, , , , , Non-monetary financial institutions, local government, social security funds and non-financial sector. INFORMATION BULLETIN 12/

44 Statistical Appendix Tables Table Loans to domestic residents households and non-financial corporations (million zloty) Loans Households Other claims Non-financial corporations Loans Other claims Polish zloty individuals foreign Polish currencies individuals zloty individuals foreign currencies individuals Polish zloty foreign currencies Polish zloty foreign currencies 2002 I I I I ,85.1, , , , , , , , ,201.1,2. 1, , , , , , , , , , ,714.1, , ,52.2 5, , , , , , , , ,87.8, ,17.7 8,749. 4, , , , , , , , ,74.,90.2 1, , , , , , ,997. 1, , , ,428.2, , ,47. 5, , , , , , , , ,205.9, , ,474.5, ,57. 19, ,151. 3, , , , ,58.1 7, , ,321.3, , , ,35.8 3, , , , , , , ,357.5, , , ,45.7 3, , , , , , , , , , , , , , , , , ,3.7 1, ,07.8 5, , ,8.1 17,355. 3, , , , , , , , , , , , , , , ,41.8 3, , , ,087.4,13. 44,32. 22, , , , , , , ,15.1 1, ,81.9,5. 44, , ,17.7 3, , , , , , , , , , , ,82.7 3, , , , ,14.4 7,05.7 1, , , , ,5.9 23,3.2 3,28.2 1, , , ,84.9 7, , , , , , ,545. 3,21.7 1, , , , ,0.1 1,2.9 95,99.2 4, , , , , , , ,83. 39,572. 7, ,9. 98,3.5 5, , , , ,392. 1, , , ,28.2 7, , , , , , , , , , , , ,999. 1, , , , , , , , , , , , , ,949. 9, , , , ,415. 1, , , , , ,52.0 Table Deposits and other liabilities households and non-financial corporations (million zloty) Deposits Households Other liabilities Non-financial corporations Deposits Other liabilities Polish zloty individuals foreign Polish currencies individuals zloty individuals foreign currencies individuals Polish zloty foreign currencies Polish zloty foreign currencies 2002 I I I I , , , , , , ,95. 10, , , , ,52.7 3, , , , , , , , , , , ,7.0 1, , , , , , ,154. 3, , , , , , , , , ,81.3 1, , , , , , , ,33.8 9,870. 1, , , , , , , , ,81.5 1, , , , , , , , , , , , , , , , , , , , ,83.8 1, , , ,9.5 44,22. 9, , , , , , , , , , , , , ,37.0 3,44. 3, , , , , , , , , , , , , , , , , , , , ,20.0 9, , , , , , , , , , , , , , , , , , ,481. 1, , , , , , , ,. 10, , , , , , , , ,57.5 9, , , , , , , , ,72.7 9,73.1 1, , , , , , , , ,885. 1,31.4 1, , , , , , , ,91. 11, , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

45 Statistical Appendix Tables Table 12. Consolidated Balance Sheet of Monetary Financial Institutions (million zloty) ASSETS Loans to domestic residents general government other domestic residents 1 Holdings of securities other than shares issued by domestic residents general government other domestic residents 1 Holdings of shares/other equity 2 issued by other domestic residents 1 External assets Fixed assets 3 Remaining assets assets I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I ,28.4 8, , , , , , , , , , ,09.0 8, , , , , , , , , , , , , , , , , , ,34. 21, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,84.4 1, , , , , , , ,29.8 1,81.9 4, ,31.4 1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,9.1 10, , , ,28.5 2, , , , , , , , , , , , , , , , , , , , , ,73.0 2,12.8 4, , ,55. 23, , , , , , , , , , , , , ,37.4 9, , , , ,94.2 4, , , , , , , , , , ,871. 4, , , , , ,38.4 8, ,30.3 7, , , , , , , , , , , , , , , , , , , , , , , ,29.9 3, , , , , , , , , , ,29.9 3, , , , , , ,395.8, , , , ,542.0, , , , , , , , , ,79.0 3,24.1, , , , , ,38.9 8, , ,15.9 9,08.5 3,548.4, , , , , ,003.3, , ,139. 9, ,331.3, ,2.3 21, , , ,485., , , , ,373.7, , , , , , , , ,84.4 7,98.4 3,1.0, , , , , ,88.9 5, , ,28.5 9, ,450.7, , , , , , , , , , ,359.2, , , , , , , , , , ,204.0, ,07. 24, , , ,879. 5, , , , , , , ,2.1 25, , , , , , , ,287.8, , , , , ,520. 8, , ,81. 70, ,0.4, , , , , ,81.4 9, , , , ,843.8, , , , , , , , , , ,853.3, , , , , , , ,71. 87, , ,259.3, , , , , , , , , , ,955., , , , , , , , , ,55.5 4,271.3, , , , , , , , , ,58.3 4,123.1, , , , , ,02.8 9, , , , ,75.0, ,855. 2, , , ,58.9 9, , , , ,20.8, ,254. 2, , , , , , , ,89.3 2,893.1, ,9.8 2, , , , , , , , ,843.2, , , , , , , ,48. 91, , ,100., , , , , , , , , , ,10.8, , , , , , , , ,80.7 8,877. 2,983.1, , , , , , , , , , , , , , , , , , , , , ,531.8, , , , , ,7. 14, , , ,394. 3,517.9, , , , , ,00.1 1, , , ,310. 3,525., , , , , , , , , , ,93.7, , , , , , , , , , ,783.8, , , , , , , , , , ,010.3, , , , , , , , , ,47.7 3,100.3, , , , , ,14. 14, , , , ,140.3, , , , , , , , , , ,772.9, , ,2.4 24, , , , , , ,89.3 2,3., ,14. 29, , , , , , , , ,551.5, , , , , ,48.8 1, ,0.7 93, ,15.9 2,533.5, , , , , , , , , , ,77.2 5, , , , , , , , , ,52.2 3,005.7, , , , , Non-monetary financial institutions and non-financial sector. 2 Including rights issues, units in investment funds and financial fixed assets. 3 Excluding financial fixed assets, included in column 7. INFORMATION BULLETIN 12/

46 Statistical Appendix Tables Table 12. Consolidated Balance Sheet of Monetary Financial Institutions (million zloty) LIABILITIES Currency in circulation Deposits of central government Deposits of other domestic residents 1 overnight with agreed maturity redeemable at notice repurchase agreements Debt securities issued Capital and reserves External liabilities Remaining liabilities Excess of inter-mfi liabilities liabilities I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , , ,5.5 58, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,1.7 10, , , , , , , , , , ,0.5 5, , , , , , , , , , , ,54. 44, , , , , ,87.9 8, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,45.0 7, , , , ,39.2 7,29. 13, , , , , , , , , , , , , , , , , ,83. 7, , , , , , ,1.2 34, , ,519.8, , , , , , , , , ,82. 9, , , , , , , ,11.0 8, , , , , , ,825. 9, , , , , , , , , ,03. 88, , , , , , , , , , , ,5.0 34, , ,93.5 9, , , , , , , , ,39.8 9, , , , , , , , , , , , , , , , , ,.8 271, , , , , , , , , , , , , , , ,29.5 8, , , , , , , , , , , , , , , , , , , , , , , , , , , ,24.1 3, , , , , , , , , , , , , , , , , , , ,5.8 7, , , , , , , , , ,70.2 7, , , , , , , , , , , , , , , , , , , ,40.7 8, , , ,23.2 3, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,23. 78,34.9-1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,43.0 8, , , , , , , , , , , , , , , , , , , ,930. 2, , , , ,7. 40, , , , , , , , , , ,94.9 8, , , , , , , , , , , ,32.1-1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,49.7 8, , , ,10. 22, , , , , , , , , , , , , , , , , , , ,97.5 4, , , , , , , , ,90.3-1, , , , , , , , , , , , , , , ,2.0 99, , , , , , , , , , , , , , , ,5.8-1, , , , , , , ,72. 84, , , , , , , , , , , , , , , , , , , , , , , , ,21.7-1, , , , , , , , , , ,32.8-1, , Non-monetary financial institutions, local government, social security funds and non-financial sector. 4 N a t i o n a l B a n k o f P o l a n d

47 Statistical Appendix Tables Table 13. M3 and Counterparts (million zloty) Currency in circulation (excluding vault cash) Currency in circulation (including vault cash) Cash in banks vaults Overnight deposits and other liabilities Households of which: individuals Non- -monetary financial institutions Non-financial corporations Non-profit institutions serving households Local government Social security funds M1 I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , , , , , ,29.3 1, , , , , , , ,88.4 1, ,4.2 30, ,31.7 1,31.5 2, , , , , , ,153. 3,25.2 3, , , ,88.7 2, , , , , ,72.7 3,23.0 1,42.3 3, , , , , , , , , ,538. 4, , , , , , ,908. 1, , ,1.7 37, , , , ,87.4 1, , , , , , , , , , ,72.4 1, , , , , , , ,43.1 7, , ,75.2 1, , , , , , , , , , , , ,03.9 2, , , , ,478. 3, , , , , ,73.9 2,20.3 4, , , ,04.0 3, , , , , , ,10.3 5, , , , , , , , , ,73.4 2,53.2 4,520. 1, , , ,325. 3, ,29. 39, , , ,91.2 2, , , , ,78.0 3, , , , , , ,34.4 5, , , ,43.5 3, , , , , , ,29.0 4, , , ,279. 3,0.1, , ,794. 1, , ,30.2 4, , , ,88.5 3, , , , , , , , , , , , , , , , , , , , , , ,993. 9, , ,91.3 1, , , , , , , , , , ,02.4 1, , ,9.2 4, , , , , , , , , , , , , , , , , , ,83.9 1, ,11.5 2,00.2 5, , , , , ,5.4 40, , , , , , , , ,54.1 4, , , ,79.2 1, , ,539. 4,09. 1, , , , , , , , , , ,18.2 4, , , , , , , , , , , , , ,4.5 33, , ,98.2 9,27. 40, , , , , , , , , ,99.2 4, , , ,07.8 1, ,951. 2, , , , ,43.8 3, , , ,799. 1, , ,53.9 5, , , ,757. 3,79.1 9, , ,35.5 1, , , , , , ,145. 3, , , , , , , , , , , , , , ,404. 1, , ,12.9 4, , , , , , , , , ,01.2 2,95.9 4, ,41.4 3, ,58.9 3, , ,37. 37, ,9.8 19,510. 2, , , ,15.8 3, , , , , , , , , , , , , , , ,22.8 3, , , , ,73.3 1, , ,75. 40,45.2 3, , , , , , , , , , , , , , ,14.8 2, , , ,747. 1, , , , , , , ,29.4 2, ,313. 2,55.7, , , ,1.7 4,11.7 7, , , , , ,53.9 5, , , , , , , , , , ,758.4, , , , , , , , , , ,848.0, , , , , , , ,14.1 3, , ,893.1, , , , , , , ,27.2 2, , ,880.4, , , , , , , ,73.7 2, ,490. 3,00., , , , , , , , , ,879. 2,883. 7, , , , , , , , , , ,94.2 7, , , , , , , , ,17.5 3, ,73.5 3,179., , , , , , , , , , , ,80.0, , , , ,33.5 3, , , , , , , , , , , , , , , ,21.7 3, , , , , , , , , , , , , , ,37.9, ,702. 4, ,97.8 3, , , , , , , , , , , , , , , ,78.8 3, ,523. 3, ,1.0 1, , , , , , , , , , ,208.1, , , , , , , , ,02.1 4, ,01.5 3,209.3, , , ,05.2 3, , ,4.4 45,24.5 3, , , , , , , , , , ,20.2 3, , , , , , , , , , , , , ,9.3 7, , , ,17. 4, , , ,37.8 4, , , , , From March 2002 through May 2003 tomnext and spotnext deposits are included in Deposits with agreed maturity. Starting from June They are classifield to Overnight deposits. 2 Data for Shares and other equities have been revised for January 1999-April INFORMATION BULLETIN 12/

48 Statistical Appendix Tables Table 13. M3 and Counterparts (million zloty), cont. Deposits and other liabilities with agreed maturity up to 2 years and blocked deposits Households of which: individuals Non- -monetary financial institutions Non- -financial corporations Non-profit institutions serving households Local government Social security funds Deposits redeemable at notice up to 3 months M2 Repurchase agreements Debt securities issued with maturity up to 2 years M3 I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , , ,59.2 3, , , , , , , , ,90.8 3, , ,28.7 3, , , , , ,51.0 3, ,937. 3, , , , , , , , , , , , , , , ,82.1 4, ,0.1 4, , , , , , , , , , , , , , , ,54.9 4, , ,27.4 3, , , , , ,95.2 3, , , , , , , , , , , , , , , ,38. 11, , , , ,41.0 4, , , , ,75. 11,352.7, , ,950. 4, , , , , , ,9.5 24,35.5 4, , , , , , , , ,12.0 4, , , , , , , , ,853. 5, , , , , , ,739. 5, , , , , , , , , ,58.7 5, , , , , , , , , , , ,24.7 5,51.4 4,983. 1, , , , , , , , , , , , , , , , , ,14.5, , , , , , , , , , ,717. 4, , , , , , , , ,301.,34.7 5, , , , , , ,487.1, ,923.5,34.9 5, , , , , , , , ,814.1, ,75.9 2, , , , , ,445.8, ,17.7,39.0 3, , , , , , ,947.8, ,573.8, ,943. 2, , , , , ,173.2, ,315.1, ,58.7 2, , , , , ,742.1, ,597.9,89.2 4, , , , , , , , ,419.7, , , , , , , ,5.3 7, , ,012. 4, , , , , , ,22.1, ,704.5, , , , , , , ,020.4, ,47.9, , , , , , ,98.0 1,753.2, ,74.4 7, , , , , , ,75.3 1,851., ,25.5, , , , , , , , , ,09.1 7, ,377. 2, , , , , , , , ,280. 4, , , , , , ,08.2 8, , ,015. 2, , , , , , ,110.2,33. 29,000.4,928. 3,309. 2, , , , , ,843.0, ,45.7 7,01. 3, , , , , , ,73.2 3, ,852.7,35.4 3, , , , , , ,00. 3,5.8 27, ,94.4 3, , , , , , , , , ,480. 3, , , , , , ,5.8 3, ,53.5 5, , , , , , , ,435. 2, , ,281. 3, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,17. 14,07.0 3, , , , , , , , ,07. 3, ,348. 5, , , , , , , , ,07.3 2, , , , , , , , ,15.5 4, ,52. 5,198. 3, , , , , , ,73.4 3, , ,19.8 2, , , , , , , , , , , , , , , , ,90.0 3, ,572. 5, , , , , , , ,3.4 3, , , , , , , , , , , , , , , , , , , , , ,92.1 5,097. 2, , , , , , , ,5.8 2, , , , , , , , ,00. 4, ,73.5 5,15.2 3, , , , , , , , , ,831. 3, , , , , , , , ,89.8 4, , , , , N a t i o n a l B a n k o f P o l a n d

49 Statistical Appendix Tables Table 13. M3 and Counterparts (million zloty), cont. Net external assets External assets External liabilities Credit to other domestic residents Loans to other domestic residents Households of which: individuals Non-monetary financial institutions Non-financial corporations Non-profit institutions serving households I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , , , , , , , , , , , , , , , ,52.5 3,73. 9, , , , , ,8.0 44,14. 25, , , , , , , , , , ,10.5 4, ,075. 1, , , , , , , ,08. 4, , , , , , , , , , , , , , , , , , , ,50.0 4, , , , , , , , , , , , , , , , , , ,52. 32,35.1 5, , , , , , , , , , , ,51.2 1, , , , , , , ,008.3, , , , , , , , , ,593.3, ,73.3 1, , , , , , , , , ,714. 1, , , , , , ,0.9 37, , ,014. 1, , , , , ,01.9 0, , , , , , , , , ,74.4 1, , , , , , , , , ,375. 3, ,589. 8, ,58.1 1, , , , , , , , , ,23.7 1, , , , , ,13.9 5, , , , , , , , , , ,23. 44,28.9 8,.4 118,57.8 1, , , , , , , , , , , , , , , , ,47.5 4,34.0 8, ,72.0 1, , ,18.5 3, , ,8.5 71, ,20.9 8, , , , ,2.3 35, , , , , , ,04.5 1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,47.3 1, , , , , , , , , , , , ,07. 35, , , , , , ,808. 1, , , , , ,70. 75, ,11.1 8, , , , , , , , , , , , , , , , , , , , , ,80.0 1, , , , , , , ,119. 9, ,72.3 1, , , , , , , , , , , , , , , ,0.0 82, , , ,484. 1, , , , , , ,99. 55,278. 8, , , , , , , , , ,25. 8, , , , , , , , , ,207. 8, ,85.3 1, , , , , , , , , , , , , , , , , , , , ,9.8 40, , , , , , , , , , , ,14.9 8, , , , , , , , , ,99.0 0, , , , , , , , , ,95.5 9, , , , , , , , , , , , , , , ,3. 89, , , , , , , , , , , , , , , , , , ,71.4 3, , ,87.7 1, , , , , , , , , , , , , , , ,43.0 3,28.2 9, , , , , , , , , , , , , , , , , ,12.0 9, , , , , , , , ,59. 9, , , , , , , ,173.2,55.0 9, , , , , , , ,97. 7,374. 9, , , ,14. 44, , , , , , , , , , , , , ,59.9 9, , , , , , , , , , , , , , , , , , , , , , , , , , , , , INFORMATION BULLETIN 12/

50 Statistical Appendix Tables Table 13. M3 and Counterparts (million zloty), cont. Local government Social security funds Holdings of securities other than shares non-monetary financial institutions of which issued by: non-financial corporations local government Holdings of shares/other equity non-monetary financial institutions of which: non-financial corporations I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , , , , ,17.2 1, , , , , ,1.5 1, , , , , , ,83. 2, , , , , ,50.9 2, , , ,910. 2,173. 1, , , , , , , , , , , , , , , , , ,43.3 1,789. 2, , , , ,09.9 1,95.9 2, , , ,875. 2,89.4 1, , , , , , , , , , , ,90.7 2, , ,75.4 2, , , , , ,89.8 2,74.0 2, , , , , , , , , , , , , , , , , ,841. 3, , ,71.3 2, , , ,043. 3,17.8 1,8.8 2,81.2 2, , , ,244. 3,22.7 1, , , , , , , , ,05.5 2, , , , ,32.8 2, , ,14.9 4, , , , , , ,395. 2, , ,042. 2, ,35.0 4, , ,81.1 2, ,237. 1, , , , , , , , , ,82.0 2,3.7 4, , , , , , , , , , , ,747. 4, , ,08.0 2, , , , , , , ,81.9 4,157. 2, , , , , , , , ,32.4 1, , , , , , , , , , ,43.0 5, ,28.8 4, , , , , , , ,94.9 4, , , ,028.4,70. 4, ,31.4 5,79.2 2,82.8 5,07.1 1, , ,222.8, , , , , , ,0.8 2,52.5 1,292.8, ,898. 2,9.3 7,03.3 1, , ,39. 2,31.0 1,431.8,50.9 3,8.9 2, , , ,84.4 1, , ,413.1, ,54.8 2,757.1, ,8.8 5, ,453. 2,9.5 1,43.9, ,41.4 2, , , , , , ,51.3, , ,417. 7, ,189. 5, ,483. 2, ,49.9, , , ,30.9 2, , , , ,505.1, , , ,42.9 2, , , ,571.7, ,95.4 2, , ,85.4 4, , ,595.1,10.4 3,87.1 2, , ,00.8 4, , ,32.3, , , , , , , ,700.3,55.4 4, , , , , ,292. 1, , , , , , , , ,790.1, , ,38. 9, , , , ,045., , ,78.4 9, , , , ,022.1,28.9 4, , , ,77.0 4, ,45.0 2,029.5,33.0 4, , , ,30.9 4, , ,030.8, , , , ,179. 5, ,50.3 2,05.9, , , , ,71.1 5, ,44.2 2,089.4, ,41.2 1,59.9 9, ,015. 5, ,97.2 2,12.8, ,40.7 1,58.4 9, ,82.4 4, , ,123.5, , , , , , , ,133.8, ,0.4 1, , , , ,888. 2,112.9, ,45.7 1, , , , , ,20.,1.7 4, ,53.8 9, ,7.9 5, , ,39.3 5,97.8 4, , , , , ,25.0 2,379.2, , , N a t i o n a l B a n k o f P o l a n d

51 Statistical Appendix Tables Table 13. M3 and Counterparts (million zloty), cont. Credit to central government, net Credit to central government loans of which: debt securities issued Deposits of central government Longer-term financial liabilities Deposits with agreed maturity over 2 years and deposits redeemable at notice over 3 months Households of which: individuals I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , , , , ,81. 42,3.7 3, ,125. 3, , , , ,1.7 9, , , , , , , ,53.5 7, , , ,05.2 3, ,24.9 9, ,88.5 2, , , , ,20.2 3,21.1 3, , , , , , ,24.8 3,25.1 3, , ,4.5 83, , , ,38.8 4,15.8 3,37.0 3,30.4 3, , , , ,90.0 9, , , ,33.3 3, , , , , , , ,71.2 3, , , , , ,9.9 13, , , ,41.1 3, , , , , , , , , , , ,00.2 2, , , , ,79.8 3, , , , , , , , , , , , , , , , , , , , , , , , ,03.7 3, ,49. 74, , , , ,03.5 3,42.7 3,451. 3, , , , , ,13.2 3, , , , , , , , , , , , ,450. 8, , ,827. 3,55. 3,53. 2, , , , , , , , , , , , , , , , , , , ,552. 3, , , ,5.9 52, , , , , , ,810. 3, , , , ,88.3 4,417. 5,02.1 3, , , , , ,.7 5,03.8 5, , , ,00.5 7, , , , , , , , , , , , ,31.4 3, , ,45.4 9, , ,43.0 7, ,24.9 3, , , , , ,83.3 9,41. 5, , ,94. 58, , , ,45. 70, , , , , , , , ,13., , ,353. 5, , , , ,24.9,3.2 4, ,789. 5, , , , , , , , , , , , , , , , , , , , ,880. 7,93.7 5, , , , , , , , , ,12. 15, , , , , , , , ,02.3, , , , , , , , , , , , , , , ,03.4 2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,35.8 2,418. 9, ,07.3 1, ,18.7 0,048. 8,30.5 1, ,48.0 2, ,07. 20, ,352. 1,29.2 0, , , , , , , , ,42.7 2, , , , , , , ,84.9 1, , , , , , , ,71. 17, , , , , , , , , ,07. 1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,37.7 2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,88.5 1, , , ,88. 21, , , ,4.1 92, , , , , , , , , ,35. 3, , , , , , ,7. 4, ,30.5 3, , , , , , , , ,49.4 4, , , , ,5.0 17, ,38.9 INFORMATION BULLETIN 12/

52 Statistical Appendix Tables Table 13. M3 and Counterparts (million zloty), cont. Non-monetary financial institutions Non-financial corporations Non-profit institutions serving households Local government Social security funds Debt securities issued with maturity over 2 years Capital and reserves Fixed assets (excluding financial fixed assets) Other items (net) I 1999 I I I 2000 I I I 2001 I I I 2002 I I I I , , , , , , , , , , ,24.0-4, , , , , ,09.5-2, , , , ,54. 1, , , , , , ,30.2-7, , , , , , , , ,557. -, , ,37.3-5, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,48.2 1, , , , , , ,93.0-0, , , , , , , , ,255. 1, , ,2.1-47,18.8 1, , , ,88.4 1, , , , , , , , , , , ,31.0 1, , , ,85.5 1, , , , , , , , , ,99.8 2, , , , , , , , , , , , , , , , , , , , , , , , , ,94. 2, ,7. 28, ,95.3 2, , , ,54. 2, , ,40.5-0, , , , , , , , ,74.3 2, , , , , , , ,78.5 2, , , , , , ,29.9-0,10.2 3, , , , , , ,2.4-59, , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

53 Statistical Appendix Tables Table 14. Reserve Money and Counterparts (million zloty) External assets, net Official reserve assets USD million Refinancing credit Rediscount credit Lombard credit Credit for rehabilitation programmes Credit for central government investment projects Other credit Overdue credit I 2001 I 2002 I I I I , , ,53.9 5, , , , ,90.2 2, , , , , , , ,44. 5, , , , , ,059. 5, ,19.9 1, , , , , , , , , , , , , , , ,13.8 7, , ,047. 1, , , , , , , , ,7.1 29,37.2 5, , , , , ,25.4 5, , , , , ,24.7 5, , , ,0. 118, , , , , , , , , , ,809. 1, , , , , ,809. 1, , ,48. 31, , ,809. 1, , , ,09.7 4, , , , , , , ,97.2 1, , , , , ,97.2 1, , , , , ,00.8 1, , , ,030. 4, , , , , ,99.4 5, , , , , , , , , , , , , , , , , , , , , , , , , , , Open market operations (net) Auction credit Auction deposits NBP bills Credit to central government, net Other items (net) Central Bank reserve money Currency in circulation (including vault cash) Bank current accounts Reserve requirements accounts I 2001 I 2002 I I I I , , , , , , , , ,145. 4, , , , , , , , , ,78. 41, , , ,91.9 1, , , , , , , , , , ,1.7 10, , , , , , ,905.8, , , ,0.7 2,7.1 44, , , , , , , , , , , , , , , , , ,00.0-7, , , , , , , , , ,202. 4, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,53.4-4, , , , , , , , , , , , , , , , , , , , , , , , , , , , ,59.5 1, , , , , , ,919.2, , , , , , ,57.4 7, , , , , , ,27.2 1, , , , , , ,24.9, ,17. 12, INFORMATION BULLETIN 12/

54 Statistical Appendix Tables Table 15. Summary Balance of Payments on a Cash Basis* (USD million, net flows) Current account Financial account Financing of overall balance Years Goods Services Income Current transfers Unclassified transactions on current account Capital account Direct investment Portfolio investment Financial derivatives Other investment Errors and omissions Official reserve assets Exceptional financing ,309-11, ,150, ,774 3,041 1, ,488-3, ,841-13, ,941 5, ,919 4,99 1, ,18 1,787-5, ,553-14,379-1, ,14 3, ,191, , ,952-13,18-1, ,81 3, ,47 8,19 2, ,382 2, ,1-11, ,98 4, ,981,928 1, ,715 3, ,700-10,352-1,005-1,588 2,180 4,05-8,30 3,789 1, , Q1 Q2 Q3 Q4 I 2001 I I -2,230-3, ,495 1,347 2, , , ,210-2, ,034 1, , ,3-3 1,104 1, ,753-3, , ,52 2, ,141 2,110 1, , , , , , , , ,027 1, , , , , ,0 1, Q1 Q2 Q3 Q4 I 2002 I I 2003 Q1 Q2 Q3 Q4 I I -2,34-2, , , ,32-2, , , , , , ,813-3, , ,058 1, , , , , , , , , , ,557-2, , , , , ,114-2, , , , , , , ,49-1, ,011-2, , ,097 1,495 1, , , , , , , , , , , , , , ,03-3 * Inflows (+); outflows (-). 54 N a t i o n a l B a n k o f P o l a n d

55 Statistical Appendix Tables Table Balance of Payments on a Cash Basis: Current and Capital Accounts (USD million: gross flows) Years Current account Capital account Goods Services Income Current transfers Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit ,229 38,549 3,724 3,419 1,439 1,894 1, ,120 43,840 3,83 4,171 2,49 3,218 2, ,349 40,728 3,298 4,929 1,877 2,72 2, ,255 41,423 3,505 5,191 2,248 3,007 2, ,275 41,950 3,988 4,94 2,52 3,548 2, ,945 43,297 3,992 4,997 2,045 3,33 2, Q1 Q2 Q3 Q4 I 2001 I I 2002 Q1 Q2 Q3 Q4 I 2002 I I 2003 Q1 Q2 Q3 Q4 I I 7,43 10, , ,508 10, , , ,458 10,193 1,055 1, ,873 10,890 1,077 1, ,431 3, ,391 3, ,14 3, ,559 3, ,472 3, ,477 3, ,554 3, ,1 3, ,288 3, ,778 3, ,555 3, ,540 3, ,884 9, , ,970 10, , ,75 11,073 1,023 1, , ,41 12,50 1,13 1, ,305 3, ,132 2, ,447 3, ,95 3, ,00 3, ,75 3, ,155 3, ,5 3, ,855 3, ,123 4, ,007 4, ,28 4, ,970 11, , ,12 12,45 1,179 1, , ,17 12,92 1,272 1, ,00 15,717 1,518 1, , ,938 4, ,837 3, ,195 3, ,242 4, ,454 4, ,4 4, ,719 4, ,18 4, ,712 4, ,12 4, ,939 4, ,959, INFORMATION BULLETIN 12/

56 Statistical Appendix Tables Table Balance of Payments on a Cash Basis: Income account (USD million: gross flows) Income Years Compensation of employees Investment income Direct investment Portfolio investment Other investment Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit ,49 3, ,517 3, ,449 1,728 1,877 2, ,751 2, , ,279 2,248 3, ,057 2, , ,391 2,52 3, ,40 3, ,43 1, ,432 2,045 3, ,780 3, ,15 1,188 1, , Q1 Q2 Q3 Q4 I 2001 I I 2002 Q1 Q2 Q3 Q4 I 2002 I I 2003 Q1 Q2 Q3 Q4 I I , , , , , , , N a t i o n a l B a n k o f P o l a n d

57 Statistical Appendix Tables Table Balance of Payments on a Cash Basis: Direct Investment account* (USD million: net flows) Polish direct investment abroad Foreign direct investment in Poland Years Equity capital Other capital, mostly intercompany loans Equity capital Other capital, mostly intercompany loans ,130 3,528 1, ,474 4,328 2, ,293 7,25 1, ,995 5,830 1, ,119 3,072 1, Q1 Q2 Q3 Q4 I 2001 I I 2002 Q1 Q2 Q3 Q4 I 2002 I I 2003 Q1 Q2 Q3 Q4 I I ,413 1, ,410 1, ,32 1, ,84 2, ,25 1, , ,40 1, ,054 1, ,587 1, * Inflows (+); outflows (-). INFORMATION BULLETIN 12/

58 Statistical Appendix Tables Table Balance of Payments on a Cash Basis: Portfolio Investment account* (USD million: net flows) Polish portfolio investment abroad Foreign portfolio investment in Poland Years Equity Debt Equity Debt , , , ,7 8 1, ,0-30 1,372-1, , , Q1 Q2 Q3 Q4 I 2001 I I 2002 Q1 Q2 Q3 Q4 I 2002 I I 2003 Q1 Q2 Q3 Q4 I I , , , , , , , , , , , , , , , , * Inflows (+); outflows (-). 58 N a t i o n a l B a n k o f P o l a n d

59 Statistical Appendix Tables Table Balance of Payments on a Cash Basis: Other Investment account* (USD million: net flows) Assets Liabilities Years Short-term loans Long-term loans Currency and deposits Other assets Short-term loans Long-term loans Currency and deposits Other liabilities , , , , , , , , , , ,250-1, , ,49 1-1, , , , , Q1 Q2 Q3 Q4 I 2001 I I 2002 Q1 Q2 Q3 Q4 I 2002 I I 2003 Q1 Q2 Q3 Q4 I I , ,21 1-1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , * Inflows (+); outflows (-). INFORMATION BULLETIN 12/

60 Statistical Appendix Tables Table 15.. Balance of Payments on a Cash Basis: Loans account (USD million: drawings and repayments) Loans extended Loans received Years Short-term Long-term Short-term Long-term Repayments Drawings Repayments Drawings Drawings Repayments Drawings Repayments , , ,238 1, ,407 2, ,574 3, ,913 7, ,824 1,37 4,481 5, Q1 Q2 Q3 Q4 I 2001 I I 2002 Q1 Q2 Q3 Q4 I 2002 I I 2003 Q1 Q2 Q3 Q4 I I , , ,241 1, , ,43 1, , , ,152 1, ,394 1,393 1,719 1, ,883 2, ,474 2, , , , , N a t i o n a l B a n k o f P o l a n d

61 Statistical Appendix Tables Table 1. International Investment Position (USD million: assets and liabilities, end-of-period positions) Assets Direct investment Portfolio investment Other investment Years assets Equity (including reinvested earnings) Other capital Equity securities Debt instruments Financial derivatives Trade credit Loans Currency and deposits Other assets Reserve assets , ,988 1,781 1,15 5, ,403 38,399 1, , , ,8 2,325 1,343 4, ,275 40,100 1, , , ,19 2,521 1,28, ,314 44,74 1, , , ,15 3,151 1,259 9, ,4 49,309 1, , , ,275 4,108 1,141 14, ,54 51,02 1,453 1, , , ,04 5,325 1,243 10, ,794 Liabilities Direct investment Portfolio investment Other investment Years liabilities Equity (including reinvested earnings) Other capital Equity securities Debt instruments Financial derivatives Trade credit Loans and advances Currency and deposits Other liabilities Net assets ,439 14,587 10,125 4,42 11,325 2,72 8,53 0 3,527 1,82 31,982 2, ,531 80,205 22,479 1,03,41 13,58 4,99 8, ,08 3,50 3,94 3, ,80 89,257 2,075 18,98 7,089 14,17 4,980 9, ,55 5,225 38,78 4, ,157 99,999 34,227 25,353 8,874 18,057 5,350 12, ,715 5,12 39,241 2, , ,128 41,247 31,011 10,23 18,895 4,301 14, ,98,530 3,892 3, , ,542 47,900 35,989 11,911 23,75 4,398 19, ,877 8,284 39,918 3, ,51 INFORMATION BULLETIN 12/2003 1

62 Statistical Appendix Tables Table 17. Official Reserve Assets (USD million: end-of-period positions) Monetary gold Reserve assets Foreign exchange Years In fine troy ounces (millions) Special Drawing Rights (SDR) Reserve position in the IMF Currency and deposits Securities Financial derivatives Other claims I 2001 I I , ,823,248 19, ,18 28, ,51 7,180 19, ,029 27, ,92 7,11 18, , ,892 5,97 18,91 0 1,79 27, ,31,175 18,45 0 1,199 27, ,898 5,701 19, , ,095 5,43 19, ,488 28, ,201 5,495 19,70 0 1,533 28, ,95 5,022 19, ,973 28, ,535 5,427 20, ,053 2, ,307 4,15 19, ,520 2, ,40 5,031 18,09 0 1,522 I 2002 I I 2, ,354 4,729 18,24 0 1,5 2, ,455 5,028 18,42 0 1,51 27, ,439 5,751 18,88 0 1,130 27,225 1, ,81 4,834 18, ,887 27,525 1, ,513 4,79 19, ,39 28,14 1, ,13 5,43 19, ,394 29,302 1, ,052,805 19, ,59 29,37 1, ,424,752 19,72 0 1,237 29,25 1, ,3 7,079 19, ,247 1, ,02,09 19, ,457 29,515 1, ,290 5,208 21, ,487 29,794 1, ,709 5,09 21,40 0 1,250 I I 30,495 1, ,123 4,909 22, ,445 31,851 1, ,51 4,789 22,82 0 2,344 31,097 1, ,275 3,957 23, ,999 31,052 1, ,814 4,398 23,41 0 1,352 33,525 1, ,797 5,583 24, ,728 32,084 1, ,579 4,893 23,8 0 1,582 32,031 1, ,18 5,958 23, ,99 1, ,015 5,023 22, ,594 32,898 1, ,84 5,157 23, ,900 33,778 1, ,395 5,47 23, ,2 34,123 1, ,21,321 23, ,729 33,975 1, ,725,84 24, N a t i o n a l B a n k o f P o l a n d

63 Statistical Appendix Tables Table 18. Poland: External Debt, Long- and Short-Term (USD million) External debt Years Long-term Short-term Monetary Authorities (National Bank of Poland) Central and local government Banks Other sectors Long-term Short-term Long-term Short-term Long-term Short-term Long-term Short-term ,47 44,514 5, ,402 33, ,83 1,991 1,92 10,771 8,782 1,989 59,135 50,720 8, ,098 33, ,131 2,339 2,792 18,981 14,18 4,33 5,35 54,150 11,215 1, ,821 32,121 31, ,559 3,559 3,000 24,841 18,594,247 9,45 59,915 9, ,980 32,820 10,11 3,821 2,295 29,933 23,259,74 71,798 0,704 11, ,237 29,001 23,8 4,037 2,31 35,350 27,58 7,92 83,20 9,837 13, ,737 35, ,322 4,422 2,900 40,037 30,232 9, Q1 Q2 Q3 Q4 59,555 49,780 9,775 2, ,012 32,554 32, ,807 2,243 2,54 20,153 15,303 4,850 59,532 50,137 9,395 1,52 2 1,53 32,18 31, ,190 2,487 2,703 20,12 15,822 4,790 3,085 53,033 10,052 1, ,80 32,311 32, ,908 3,074 2,834 22,982 17,84 5,13 5,397 54,182 11,215 1, ,821 32,121 31, ,548 3,548 3,000 24,884 18,37, Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 5,1 55,819 9, ,412 33,19 21,139 3,54 2,575 25,441 19,040,401,759 5,9 10, ,315 33, ,318 3,518 2,800 2,717 19,958,759 5,505 5,188 9, ,383 32,220 13,170 3,542 2,28 2,558 20,409,149 9,45 59,915 9, ,980 32,820 10,11 3,821 2,295 29,933 23,259,74 71,317 1,337 9, ,52 33, ,032 3,2 2,40 31,389 24,304 7,085 70,799 0,282 10, ,147 31,99 178,452 3,789 2,3 31,948 24,513 7,435 73,525 2,930 10, ,793 32,54 229,821 4,159 2,2 33,515 2,197 7,318 71,900 0,833 11, ,254 29, ,733 3,97 2,7 35,485 27,855 7, Q1 Q2 Q3 Q4 73,817 2,783 11, ,5 30, ,117 4,519 2,598 35,598 27,79 7,829 80,153 8,537 11, ,59 33, ,214 4,25 2,589 39,142 30,472 8,70 80,317 8,749 11, ,907 33, ,140 4,573 2,57 39,101 30,382 8,719 84,743 70,839 13, ,732 35, ,559 4,388 3,171 41,342 31,274 10, Q1 Q2 Q3 Q4 89,17 74,93 14, ,319 37, ,957 4,591 3,3 42,84 32,421 10,443 92,807 77,051 15, ,09 38, ,349 4,841 3,508 44,77 33,484 11,283 93,831 77,142 1,89 1,11 5 1,111 38,578 38, ,357 4,881 3,47 45,780 33,990 11, ,80 84,914 18, ,025 43, ,950 5,439 5,511 48,823 35,703 13,120 INFORMATION BULLETIN 12/2003 3

64 Statistical Appendix Tables Table 19. Poland: External Debt, by Sectors and Instruments (USD million) National Bank of Poland Poland: external debt Central and local government Other investment Debt securities Other investment Years Loans Currency and deposits Bonds and notes Money-market instruments Loans Other liabilities ,402 7,818 7, ,584 2, ,098 7,037, ,01 27, ,844 1, ,821 32,121,922, ,199 25, ,980 9,231 9, ,749 23, ,237 10,248 10, ,989 18, ,737 14,954 14, ,783 20, Q1 Q2 Q3 Q4 2,041 2, ,012 32,554,880, ,74 25,72 2 1,52 1,52 2 1,53 32,18,942, ,22 25, ,884 1, ,80 32,311,01, ,710 25, ,844 1, ,821 32,121,922, ,199 25, Q1 Q2 Q3 Q Q1 Q2 Q3 Q ,412 9,093 8, ,319 24, ,315 9,01 8, ,299 24, ,383 9,147 8, ,23 23, ,980 9,231 9, ,749 23, ,52 10,729 10, ,797 22, ,147 9,945 9, ,202 22, ,793 9,808 9, ,985 22, ,254 10,248 10, ,00 18, Q1 Q2 Q3 Q ,5 11,843 11, ,822 18, ,59 13,330 13, ,2 20, ,907 14,319 14, ,588 19, ,732 14,957 14, ,775 20, Q1 Q2 Q3 Q ,319 17,894 17, ,425 20, ,09 17,833 17, ,23 21, ,11 1,11 5 1,111 38,578 17,749 17, ,829 20, ,025 21,519 21, ,50 22, N a t i o n a l B a n k o f P o l a n d

65 Statistical Appendix Tables Table 19. Poland: External Debt, by Sectors and Instruments, cont. (USD million) Poland: external debt, cont. Banks Years Debt securities Loans from direct investors (intercompany loans) Bonds and notes Money-market instruments Loans Other investment Currency and deposits Other liabilities Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q , ,054 1,104 1, , ,735 2,084 2,51 0, ,404 3,81 2,723 0, ,812 3,595 2,217 0, ,302 3,79 2,23 0 7, ,45 3,748 2, , ,447 2,001 2,44 0 5, ,992 2,404 2, , ,710 3,052 2,58 0, ,404 3,81 2,723 0, ,988 3,517 2,471 0, ,157 3,455 2,702 0, ,878 3,34 2,532 0, ,812 3,595 2,217 0, ,753 3,355 2,398 0, ,148 3,491 2,57 0, ,525 3,871 2,54 0, ,437 3,79 2, , ,508 4,029 2, , ,717 4,131 2,58 0 7, ,43 4,078 2,55 0 7, ,91 3,752 3,14 0 7, ,230 3,880 3, , ,57 4,107 3,49 0 8, ,8 4,235 3, , ,141 4,701 5,440 0 INFORMATION BULLETIN 12/2003 5

66 Statistical Appendix Tables Table 19. Poland: External Debt, by Sectors and Instruments, cont. (USD million) Poland: external debt, cont. Other sectors Years Loans from direct investors (intercompany loans) Debt securities Bonds and notes Money-market instruments Other investment Trade credits Loans Other liabilities ,771 4, ,098 1,82 4, ,47 18,981,218 1,41 1, ,347 3,50 7, ,135 24,841 7,053 2,705 2, ,083 5,225 9, ,35 29,933 8,849 3,3 3, ,718 5,12 11, ,45 35,350 10,102 4,150 4, ,098,530 14, ,798 40,037 11,599 4,25 4, ,182 8,284 15, , Q1 Q2 Q3 Q4 20,153,358 1,528 1, ,27 3,970 8, ,555 20,12,729 1,459 1, ,424 3,700 8, ,532 22,982 7,872 1,420 1, ,90 3,901 9, ,085 24,841 7,053 2,705 2, ,083 5,225 9, , Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 25,441 7,037 2,93 2, ,441 5,450 9, ,1 2,717 7,45 3,09 3, ,15 5,37 10,39 159,759 2,558 8,008 2,990 2, ,50 4,970 10, ,505 29,933 8,849 3,3 3, ,718 5,12 11, ,45 31,389 9,040 3,99 3, ,353,230 12, ,317 31,948 9,000 3,95 3, ,992,430 12, ,799 33,515 9,314 4,075 4, ,12,332 13, ,525 35,485 10,21 4,179 4, ,045,530 14, , Q1 Q2 Q3 Q4 35,598 10,179 4,019 3, ,400,830 14, ,817 39,142 11,195 4,292 4, ,55 7,551 15, ,153 39,101 11,333 4,330 4, ,438 7,511 15, ,317 41,342 12,119 4,248 4, ,975 8,592 15, , Q1 Q2 Q3 Q4 42,84 12,449 4,433 4, ,982 9,273 1, ,17 44,77 12,88 4,419 4, ,0 10,250 17, ,807 45,780 12,801 4,391 4, ,588 10,0 17, ,831 48,823 13,271 4,528 4, ,024 11,857 18, ,80 N a t i o n a l B a n k o f P o l a n d

67 Statistical Appendis Figures.2. Figures Figure 1. Consumer Price Index, January 1999 December 2003 (the same period of the previous year = 100) % I I I I I Consumer Price Index Figure 2. Industrial sales, real terms, January 1999 December 2003 (the same period of the previous year = 100) % I I I I I Industrial sales, real terms Figure 3. Warsaw Stock Exchange First-tier market, December 2002 December WIG, 000 points I I I Turnover, billion zloty I Warsaw Stock Exchange Index (WIG) monthly average monthly turnover INFORMATION BULLETIN 12/2003 7

68 Statistical Appendis Figures Figure 4. Open market operations, December 2002 December 2003 Billion zloty I I I I Balance of funds absorbed from the system at month s end alue of funds received during the month Figure 5. Zloty deposit and lending rates against NBP lombard rate, December 2000 December 2003 % p.a I I I I I I I I I I Time deposits of households 1 Time deposits of corporations 2 consumer loans 3 lending to corporations 4 NBP lombard rate Note: by February 2002 the above curves refer to: 1 Personal time deposits 2 Corporate time deposits 3 advances 4 corporate loans Figure. T/N interest rates, December 2002 December 2003 % I I I WIBID I WIBOR 8 N a t i o n a l B a n k o f P o l a n d

69 Statistical Appendis Figures Figure 7. Monthly growth of monetary aggregates against inflation, December 2002 December % I I I M1 M3 I Inflation Figure 8. Annual growth of monetary aggregates against inflation (in %), December 2002 December 2003 % I I I I M1 M3 Inflation Figure 9. PLN/USD exchange rates, December 2002 December 2003 PLN I I I NBP average PLN/USD rate (fixing) I INFORMATION BULLETIN 12/2003 9

70 Statistical Appendis Figures Figure 10. PLN/EUR exchange rates, December 2002 December 2003 PLN I I I NBP average PLN/EUR rate (fixing) I Figure 11. Current account components USD million 3,000 2,000 1, ,000-2,000-3,000-4,000-5,000 I I I I Quarters Goods Services Income Current transfers Unclassified current transactions Figure 12. Trade balance USD million 5,500 3,500 1, ,500-4,500 -,500 I I I I Export of goods Import of goods Trade balance 70 N a t i o n a l B a n k o f P o l a n d

71 Statistical Appendis Figures Figure 13. Financial account: foreign investment (net) USD million,000 5,000 4,000 3,000 2,000 1, ,000-2,000 I I I I Quarters Foreign portfolio investment in Poland Foreign direct investment in Poland Loans received Financial account INFORMATION BULLETIN 12/