Information Bulletin 5/2007

Transcription

1 Information Bulletin /2007 Warsaw, September 2007

2 Compiled from NBP materials by the Department of Statistics as at July 13, Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published by: National Bank of Poland Department of Information and Public Relations ul. Âwi tokrzyska 11/21, Warszawa, Poland phone: (48) , fax: (48) Copyright by the National Bank of Poland, 2007 ISSN

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

4 Economic developments 1 1 Economic developments According to preliminary estimations of the Central Statistical Office (CSO), the GDP of the average annual price index for 2007 increased by 7.4%, versus 6.6% y/y three months ago. Such an increase resulted party from domestic demand which increased by 8.6% y/y. consumption in the increased by.7% y/y whereas individual consumption went up by 6.9% y/y. Real growth of net expenditure for fixed assets amounted to 29.6% y/y. Industrial output increased by 8.1% when compared to a year ago, versus 12.4% a month ago. Adjusted for seasonal factors the increase in industrial output was 8.3% y/y. Output in manufacturing increased by 9% and in gas electricity and hot water supply it went up by 0.6% y/y. Decrease in sales was reported in mining (down by 0.3% y/y). In May 2007 increase in industrial output was reported in 23 (of 29) branches of industry i.a. in other transportation equipment (up by 9.%), machinery and appliances (up by 21.6%), metallic products (up by 1.7%), other non-metallic products (1.0%) as well as machinery and electrical equipment (up by 13.6%). Decrease in production occurred in hard coal and brown coal mining and peat mining (down by.6%), in enterprises producing radio, T and telecommunication equipment (down by.9%) and coke and oil refinement products (down by 2.6%). The construction and assembly production in enterprises of more than 9 employees was 16.3% higher than a year ago. In April this indicator stood at 36.9%. Adjusted for seasonal factors the increase in production amounted to 18.9% y/y. According to preliminary estimations the annual indicator of industrial output amounted to 2.2% similarly to the previous month. Prices in manufacturing increased by 1.9% y/y. Increase in prices of gas electricity and hot water supply amounted to 3.6% and in mining it stood at 1% y/y. According to the CSO estimations for April , the highest price increase in branches characterized with the greatest share in employment was reported for other non-metallic products (up by 8.7%), food and beverages (up by 4.3%), metal products (up by 2.8%), rubber and plastics (up by 2.% y/y) as well as furriery and wearing apparel (2.1% y/y). In the respective period a decrease in prices was reported in machinery and appliances (down by 7.1%) and for vehicles, trailers and semi-trailers (down by 1.% y/y). Prices in construction and assembly production increased by 8.1% y/y versus 7.3% y/y in the previous month. Prices in consumer goods and services increased by 2.3% similarly to a month ago. The highest increase was reported for food and alcohol-free beverages (up by 4.3%) and housing utilities (up by 3.7% y/y). Telecommunication services and healthcare prices increased by 2%, prices of tobacco went up by 1.9% y/y and transportation increased by 0.6% y/y. Decrease in prices were reported for wearing apparel and shoes (down by 7.4%). Average employment ratio in the enterprise sector stood at 116 thousand, up by 4.4% (21 thousand) when compared to a year ago. Increase in employment opportunities in industry has been reported only for manufacturing (up by 4.3%). Decrease in average employment was reported for mining (down by 2% y/y) and gas, electricity and hot water supply (down by 1% y/y). 1 industrial output prices and prices for major sections: mining and quarrying, manufacturing and electricity gas and hot water supply are published by the CSO in advance to detailed data on respective sections. 4 N a t i o n a l B a n k o f P o l a n d

5 Economic developments Among branches of manufacturing characterized with significant share in employment the highest increase of average employment was reporter in vehicles, trailers and semi trailers (up by 12.7%), metal products (up by 10%) rubber and plastics (up by 9.6%), other non-metallic products (up by 6.2%) as well as machinery and appliances (up by.4%). 1 Average employment in enterprises producing ford and beverages increased by 0.9% y/y. Reduction in employment occurred in wearing apparel and furriery (down by 4.2% y/y). In non-industrial branches increase in employment was reporter for construction (up by 8.%), trade and repairs (up by 6.2%) servicing real estate and companies (.7%), hotels and restaurants (4.%) and transportations, storage and telecommunications (2.7% y/y). Figure 1. Indices of gross domestic product (corresponding period of the previous year = 100) I I I I I Figure 2. Sold production of industry (corresponding period of the previous year = 100) I I I I I Manufacturing Mining and quarrying Electricity, gas and water supply Figure 3. Sold production of industry prices indices (corresponding period of the previous year = 100) I I I I I Manufacturing Construction and assembly production Mining and quarrying Electricity, gas and water supply INFORMATION BULLETIN /2007

6 Economic developments 1 Figure 4. Selected prices of consumer goods and services (corresponding period of the previous year = 100) I I I I I Alcoholic beverages and tobacco products Housing Transport Foods and non-alcoholic beverages Clothing and footwear Health care Communication Figure. Average paid employment in enterprise sector (corresponding period of the previous year = 100) I I I I I Mining and quarrying Manufacturing Electricity, gas and water supply Construction Figure 6. Registered unemployment persons (corresponding period of the previous year = 100) and unemployment rate 92 Unemployment rate (%) I I I I I 12 Registered unemployment persons Unemployment rate 6 N a t i o n a l B a n k o f P o l a n d

7 Economic developments Figure 7. Average monthly wages and salaries in enterprise sector (corresponding period of the previous year = 100) I I I I I 1 Mining and quarrying Manufacturing Electricity, gas and water supply Construction Number of registered unemployed increased in May by thousand, down by 97.9 thousand (i.e. 23.1%) when compared with a year ago. The unemployment rate amounted to 13% down by 3. percentage points when compared with the corresponding period of the previous year. Average monthly gross remuneration in the enterprise sector stood at i.e. up by 8.9% than a year ago. Prices in manufacturing increased by 8.9% y/y; in gas, electricity and hot water supply by 8% y/y and in mining by 4.2% y/y. Outside industry increase in average remuneration was reporter for construction (up by 18%), hotels and restaurants (up by 10.3%), trade and repairs (up by 10.1%), servicing real estate and companies (by 9.1%) as well as transportation, storage and telecommunications (up by 8.4%). In January May the income of national budget amounted to PLN 98 billion while the expenditure stood at PLN billion. Those amounts were higher when compared with a year ago by 2.6% and 10.% and have been 42.8% and 39.% of the budgetary performance for Budgetary expenditure exceeded its income by PLN 4.3 billion which amounted to 14.2% of the budgetary deficit estimated for The deficit was 70.8% lower than a year ago. Impact of indirect taxes exceeded that of the previous year by 16.7%. Increase was also reported for income against direct taxes, 38.9% of PIT and 30.% of CIT. INFORMATION BULLETIN /2007 7

8 Monetary developments 2 2 Monetary developments On its May meeting (29 30 May) the MPC did not introduce any changes to the Basic interest rates of the NBP, and thus: reference rate stood at 4.2%, lombard rate at.7%, rediscount rate at 4.%, deposit rate 2.7%. During the May reserve requirement period 2 the short-term money market interest rates (WIBOR O/N and WIBOR 1W) remained stable within the brackets of the official NBP interest rates, slightly above the reference rate (4.2%). Average deviation of WIBOR 1W from the NBP reference rate was 7 base points whereas the deviation of WIBOR O/N stood at 10 base points. Data for April clearly indicate that interest on zloty denominated loans for non-financial corporations have increased slightly up by 0.1 percentage points and reached 6.1%. 3 Interest on zloty denominated loans for single proprietors was higher by 1.3 percentage points and within the respective month increased by 0.1 percentage point. Interest on zloty denominated loans extended for housing purposes increased by 0.2 percentage points and stood at.8 %, whereas interest on loans denominated in swiss francs remained on the level from the previous month i.e. 3.9%. Interest on consumer loans stood at 13.9%, unchanged since last month. In April interest on household deposits remained at the unchanged level of 3.4%. Deposits of non-financial corporations decreased by 0.1 percentage points and stood at 3.%. Dynamics of M3 demand remained stable and high. olume of M3 increased in May 2007 by PLN 4.3 billion (0.9%) and reached PLN 02.8 billion. Annual adjustment rate thereof decreased by 1.7 percentage points and stood at 16.1% y/y. Impact of non-transactional factors connected to the adjustment of zloty exchange rate to major currencies was significant in the reference period. As a result thereof currency component of broad money increased by ca. PLN 0.7 billion. By far the fastest increase was reported for high liquidity components included in M1 (down by 4.6 percentage points to 23.8% y/y). Remaining components of the M3 (M3-M1) have been increasing at 7.9% y/y up by 0.6 percentage points when compared with the previous month. olume of currency in circulation outside vaults in May, decreased by PLN 0. billion (0.7%) and stood at PLN 71. billion. Annual adjustment rate thereof decreased by 0.6 percentage points and stood at 16.8% y/y. M3 liquidity ratio measured with share of cash and overnights in M3 increased by 1.1 percentage point and amounted to.1%. 2 The respective reserve requirement and settlement of liquidity period is Interest on loans and deposits refers to new businesses concluded in a given reporting month. Appendices to existing agreements are deemed new businesses. In credit to non-financial corporations businesses of up to PLN 4 million were included. For calculation method of average interest please refer to MIR users manual available at Statistics\ MBS\ MIR Statistics. 8 N a t i o n a l B a n k o f P o l a n d

9 Monetary developments Liquidity of liabilities in M1, measured with currency in circulation outside vaults decreased by 0.9 percentage points and stood at 2.8%. Deposits and other liabilities in M3 increased by PLN 3.3 billion (0.8%) and stood at PLN billion. Annual adjustment rate thereof decreased by 1.6 percentage points and stood at 16.3% y/y. Deposits of non-financial corporations increased by PLN 2. billion (1.9%) deposits of nonmonetary financial institutions increased by PLN 0.7 billion (2.9%) and deposits of general government went up by PLN 2.2 billion (10.3%). Deposits of households decreased by PLN 2.4 billion (1.1%). 2 Figure 8. Interbank rates vs. NBP base rates % WIBOR ON Lombard rate WIBOR 1W Reference rate NBP deposit rate Figure 9. Average MFI deposit interest rates on new business, PLN denominated % I I I I I I I I I I I Non-financial corporations Households Figure 10. Average MFI loan interest rates on new business, PLN denominated 17 % I I I I I I I I I I I Households (loans for house purchases) Households (loans for consumption) Non-financial corporations INFORMATION BULLETIN /2007 9

10 Monetary developments Figure 11. Share of currency in circulation and overnight deposits of domestic residents in M3, M1 and M3-M1 growth (corresponding period of the previous year = 100) 13 Share (%) I I I I I I I I I I I I I I I M3-M1 M1 Share of currency in circulation and overnight deposits in M3 Figure 12. Share of currency in circulation (excluding vault cash) in M1 % I I I I I I I I I I I I I I I Figure 13. Deposits and other liabilities of MFIs to non-financial corporations and households included in M3 (corresponding period of the previous year = 100) I I I I I I I I I I Non-financial corporations Households In the respective period, credit to domestic sectors 4 proved to have been a major counterpart to M3 (up by PLN 9.8 billion, i.e. 2.% to PLN 40.7 billion). Decrease in external assets net by 2.3 billion (1.%) to PLN 18.3 billion and PLN 1.3 billion decrease (2.1%) of credit to central government net to PLN 61.8 billion. 3 Credit to MFI against loans, debt purchase as well as guarantees and warrantees. This category does no include interest due and liabilities against securities. Domestic sector includes non-monetary financial institutions, non-financial corporation, non-commercial institutions serving households, self-government and social security funds. 10 N a t i o n a l B a n k o f P o l a n d

11 Monetary developments Figure 14. MFI loans and other claims on non-financial corporations and households (corresponding period of the previous year = 100) I I I I I I I I I I 2 Non-financial corporations Households Figure 1. Bank loans to households (corresponding period of the previous year = 100) I I I I I I I I I I Loans for house purchases Loans for consumption Figure 16. Bank loans to non-financial corporations (corresponding period of the previous year = 100) I I I I I I I I I I Over 1 year up to years Up to 1 year (including current accounts) Over years Credit to monetary financial institutions (MFI) in May 2007 increased by PLN 1.6 billion (1%) and stood at PLN 13. billion. Annual adjustment rate thereof increased by 0.1 percentage points and stood at 18.8% y/y. Loans with maturity up to 1 year and overnights were growing at 22.4% y/y (up by.6 percentage points). Increase of loans with maturity from 1 up to years increased by amounted to 1.2% (down by 8 percentage points) and loans with maturity over years 18.2% y/y (up by 0.8 percentage points). INFORMATION BULLETIN /

12 Monetary developments Figure 17. Share of monetary aggregates and MFI loans and other claims on other domestic residents in GDP % I 200 I I I I M1/GDP M3/GDP Loans/GDP Credit to households in MFI increased by PLN 7.4 billion (3.4%) and stood at PLN billion. Annual adjustment rate thereof decreased by 0.6 percentage points and was 38.3% y/y. Housing loans have been increasing at 4.4% y/y (down by 1.7 percentage points). Increase in consumer loans was 26.6% y/y (up by 0. percentage points). Data available for 2007 indicate the increasing monetization of the economy. Percentage ratio of M3 and M1 to GDP increased during the quarter by 0.4 percentage point to 2% and 1.1 percentage points to 4.% respectively. Credit to domestic sectors to GDP in the respective period increased by 1.6 percentage points and reached 3.7%. In May the average zloty exchange rate in NBP depreciated against all major currencies except of SK (0.% increase). In the reference period the exchange rate of the domestic currency decreased by 0.8% against EUR, 2% against USD, 0.6% against Swiss franc, 1.2% against GBP, 0.8% against DKK and 0.3% against JPY. Exchange rate adjustments have been calculated for the period from end-april to end-may 2007 based on average exchange rate at the NBP. 12 N a t i o n a l B a n k o f P o l a n d

13 Balance of payments in May Balance of payments in May 2007 Components of monthly bop are estimated based on monthly payments registered in the banking system, monthly information regarding external trade in goods registered in CELINA system, quarterly information reported by residents investing abroad and public statistics surveys. This version of bop is preliminary and may be subject to further adjustments Negative balance on current account Balance on current account in May 2007 was negative and stood at EUR million. This balance comprised: negative balance on income (EUR million), negative balance on trade in goods (EUR 734 million) as well as positive balance on current transfers (EUR 39 million) and services (EUR 222 million). When compared with data for May 2006 the negative balance on current account deteriorated by EUR 828 million. In May, exports of goods have been estimated at EUR million and imports stood at EUR million. When compared with data for May 2006, exports increased by EUR 888 million i.e. 11.4% and imports went up by EUR EUR million i.e. 14.4%. Negative balance of trade in goods amounted to EUR 734 million versus minus EUR 439 million in May Income on services in May 2007 when compared with May 2006 increased by 17.1% and stood at EUR million. Debits increased by 12.8% and stood at EUR 1 40 million. Balance of services in the respective period was positive and amounted to EUR 222 million. The balance of services comprised positive balance on transport (EUR 239 million) and travel (EUR 103 million) and negative balance of other services (EUR 120 million). Balance of income in May 2007 was negative and amounted to EUR million. In the corresponding period of the previous year the balance was also negative and stood at EUR 934 million. The following factor contributed to the negative balance of income in May 2007: income of foreign direct investors against capital invested in domestic companies in the amount of EUR 868 million (of which dividends paid EUR 796 million, settled interest on loans drawn EUR 3 million and reinvested profits EUR 19 million). Negative balance of income was also influenced by settled interest on debt securities issued by domestic entities (EUR 260 million). Negative balance of the current account for the past 12 months (i.e. June 2006 May 2007) amounted to EUR million whereas in the corresponding period (June 200 May 2006) current account deficit was EUR million. Deterioration of the negative balance of the current account was a result of increase in the trade deficit (up from EUR million in the previous period to EUR 689 million) and increase in the negative balance of income (up from EUR million to EUR million). Cumulated exports of goods during the past 12 months amounted to EUR million and imports stood at EUR million. When compared with the corresponding period (i.e. June 200 May 2006) exports of goods increased by EUR million, i.e. 17.0% and imports went up by EUR million i.e. 20.4% Negative balance of EU transfers For the first time this year the balance of EU transfers was negative and amounted to EUR 12 million. Inflow from the EU in the bop context amounted to EUR 142 million. This inflow in the INFORMATION BULLETIN /

14 Balance of payments in May 2007 Poland: Balance of Payments (mln EUR) Cumulated** Specification I* * I I * 3 A. Current Account Balance on goods Goods: exports f.o.b. Goods: imports f.o.b Balance on services Services: Credit Services: Debit Balance on Income Income: Credit Income: Debit Balance on Current Transfers Current Transfers: Credit Current Transfers: Debit B. Capital Account Capital account: Credit Capital account: Debit C. Financial Account Polish direct investment abroad Foreign direct investment in Poland Portfolio investment assets Equity securities Debt securities Portfolio investment liabilities Equity securities Debt securities Other investments assets Monetary authorities Central and local govenment MFI (excluding Central Bank) Other sections Other investments liabilities Monetary authorities Central and local government MFI (excluding Central Bank) Other sections Financial derivatives C. Net errors and omissions Overall Balance D. Official Reserve Assets ,202-4,841-7, ,331 -,689 7,806 8,208 8,694 84,233 98,07 8,24 8,931 9,428 86,64 104, ,47 2,363 1,390 1,22 1,627 14,11 17,830 1,246 1,372 1,40 13,04 1, ,169-1,049-9,444-11, ,270 3,120 1,140 1,46 1,390 11,714 14, ,042 39,477 7,382 1,093 1, ,981 11, ,04 3, , ,136 2, , ,009 10,288 13, ,036-3, ,14 11, ,6-4, ,781-2, ,37-1, , , ,000-1, ,680-1,3 2, ,98 4,428 10,903 1, ,841 1,327 1, ,26-1, ,149 1,333 6, ,024 4, ,327-3,477 1, ,633,069 3,771-1, ,633 -,069-3,771 * Preliminary data. ** 12 month cumulated presented in a moving approach. current transfers was EUR 24 million and in capital account it stood at EUR 118 million. EU Membership premium paid by Poland was EUR 14 million Positive balance of non-resident investment in Poland Balance of foreign investment in Poland was positive and amounted to EUR million. Net inflow on other investments significantly influenced this balance. Balance of foreign direct investment in Poland was positive and amounted to EUR 4 million. This amount was influenced by inflow of net funds to equity capital of Polish direct 14 N a t i o n a l B a n k o f P o l a n d

15 Balance of payments in May 2007 investment companies (EUR 297 million), net inflow of funds on loans received from direct investors (EUR 139 million) and reinvested profits (EUR 19 million). With regard to passive portfolio investment May reporter an inflow of capital in the amount of EUR 679 million. This balance was largely determined by non-resident investment in debt securities issued by the State Treasury. Non-residents purchased government bonds issued on the external markets net for EUR 939 million at the same time sold the government bonds net issued on the domestic market net for EUR 300 million. Net inflow of capital against non-resident investment in securities was EUR 30 million. Increase of domestic liabilities abroad within other investments (EUR 2 98 million) was determined by increase of NBP liabilities, up by EUR million resulting from positive balance of passive repo transactions and increase in liabilities of the banking sector by EUR million which largely resulted from non-resident deposits placed with Polish banks (EUR million) Withdrawal of Polish investment abroad Polish net investment abroad decreased by EUR 143 million. Other investments significantly influenced this balance (decrease in assets by EUR 882 million) mostly owing to withdrawal of banking sector from deposits placed with banks abroad (EUR 883 million). Net resident investment in foreign securities was EUR 99 million, mostly in the form of foreign equity securities (EUR 4 million). Polish direct investment abroad increased by EUR 140 million. 3.. Official reserve assets As a result of bop transactions, official reserve assets increased by EUR million. At the end-may 2007 the official reserve assets stood at EUR million. INFORMATION BULLETIN /2007 1

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

17 Statistical Annex Statistical Annex INFORMATION BULLETIN /

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

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

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

21 Statistical Annex. Tables Table 2. Financial Market Basic Information Lombard rate Rediscount rate 1. NBP interest rates Refinancing rate Deposit rate Minimum yield on open market operations (reverse repo rate)* Reserve requirement ratio on zloty deposits Reserve requirement ratio on foreign currency deposits (zloty equivalent) demand time demand time 2. Reserve requirement Reserve requirement ratio on repo operations Interest on reserve requirement required reserves held of which: current account declared vault cash 2002 I 2003 I I I I I 2004 I I I I I 200 I I I I I 2006 I I I I I 2007 I % % % % % % % % % % % million zloty million zloty million zloty ,7/9, , , ,0/9, , , ,0/9, , , ,7/8, , , ,2/8, , , ,00/8, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, ,9** 10, , ,7/7, ,9** 10, , ,0/8, ,9** 10, , ,0/9, ,9** 10, , ,0/9, ,9** 10, , ,0/9, ,9** 10, , ,0/9, ,9** 10, , ,0/9, ,9** 11, , ,0/9, ,9** 11, , ,0/9, ,9** 10, , ,/8, ,9** 11, , ,0/8, ,9** 11, , ,0/8, ,9** 11, , ,/7, ,9** 11,34. 11, ,2/7, ,9** 11,34. 11, ,2/7, ,9** 11, , ,0/7, ,9** 11, , ,0/7, ,9** 11, , ,0/7, ,9** 12, , ,0/7, ,9** 12, , ,0/7, ,9** 12, , ,7/6, ,9** 12, , ,0/6, ,9** 12, , ,0/6, ,9** 12, , ,0/6, ,9** 12, , ,0/6, ,9** 12,98. 12, ,0/6, ,9** 12, , ,0/6, ,9** 13, , ,0/6, ,9** 13, , ,0/6, ,9** 13, , ,0/6, ,9** 13, , ,0/6, ,9** 13, , ,0/6, ,9** 14, , ,0/6, ,9** 14, , ,0/6, ,9** 14, , ,7/6, ,9** 1, , ,7/6, ,9** 1,10.8 1,10.8. * 28-day operation till December 2002, 14 -day operation from January 2003, 7-day operation from January 200. ** The rediscount rate. INFORMATION BULLETIN /

22 Statistical Annex. Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders Face value of bills offered for sale Number of tenders during month 1-week 2-week 3-week -week 6-week of which: 8-week 10-week 13-week 26-week 39-week 2-week 2002 I 2003 I I I I I 2004 I I I I I 200 I I I I I 2006 I I I I I 2007 I million zloty million zloty million zloty 18 million zloty 19 million zloty 20 million zloty 21 million zloty 22 million zloty 23 million zloty 24 million zloty 2 million zloty 26 million zloty , , , , , , ,400.00, , , , , , , , , , , , , , , , , , , , , , , , ,200.00, , , , , , , , , ,400.00, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

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

24 Statistical Annex. Tables Table 2. Financial Market Basic Information, cont. 3. Treasury bill tenders, cont. Face value of bills sold of which: 1-week 2-week 3-week -week 6-week 8-week 10-week 13-week 26-week 39-week 2-week 2002 I 2003 I I I I I 2004 I I I I I 200 I I I I I 2006 I I I I I 2007 I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty , ,900.00, , , , ,400.00, , , , , , , ,9.49 3, , , , , , , , , , ,400.00, , , , , ,200.00, , , , , , , , , ,400.00, , , , , , , , , , , , , , , ,200.00, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d