Information Bulletin 11/2011

Transcription

1 Information Bulletin 11/2011 Warsaw, 2012

2 Compiled from NBP materials by the Department of Statistics as at January 13, Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published by: National Bank of Poland Education and Publishing Department ul. Świętokrzyska 11/21, Warszawa, Poland phone: (48) , fax: (48) Copyright by the National Bank of Poland, 2012 ISSN

3 Contents 1. Economic Developments Monetary Developments Balance of payments in November Deficit in Current Account Positive Balance of EU Transfers Decrease in liabilities against non-resident investment in Poland Increase of Polish investment abroad Official Reserve Assets Major Decisions of the Monetary Policy Council Statistical Annex Tables Figures Seasonally Adjusted Time Series Methodological Notes

4 Economic Developments 1 1 Economic Developments According to the CSO data published in November 2011 the industrial output increased by 8.7% y/y versus 6.% y/y a month before. Adjusted for seasonal factors the overall industrial output increased by 9.2% y/y. In manufacturing the output increased by 9.% y/y and in gas, electricity and hot water supply it went up by.3%. Decrease has been reported for mining: down by 3.1% y/y. Increase in industrial output when compared with the corresponding period of the previous year was reported for 26 (of 34) branches of industry i.a. 1, furniture (20.8%), metallic products (18.6 % y/y), vehicles, trailers and semi-trailers (up by 14.9% y/y), rubber and plastics (11.3% y/y), other mineral non-metallic products (10.8% y/y), as well as food and beverages (8.% y/y). Decrease has been reported for machinery and appliances (down by 7.1%). Construction and assembly production in November 2011 for enterprises of more than 9 employees has been 13% higher when compared with the corresponding period of the previous year. In October 2011 the above indicator stood at 8.9% y/y. Adjusted for seasonal factors the construction and assembly production increased by 16.% y/y. Annual PPI indicator in November 2011 was 9.1%, versus 8.% reported a month earlier. Increase in wages and salaries was reported for manufacturing (by 9.9% y/y), gas electricity and hot water supply (up by 2.9% y/y) and in mining 10.6% y/y. According to the CSO data for October , the highest increase in prices for branches of manufacturing characterized with the biggest share in employment was reported for rubber and plastics (9.9% y/y), food and beverages (9.8% y/y), vehicles, trailers and semi-trailers (6.9% y/y), machinery and appliances (.2% y/y), other mineral non-metallic products (4.7% y/y), metallic products (4.% y/y) as well as and furniture (3.1% y/y). Construction and assembly production prices in November increased by 1.7% y/y. In October the above indicator stood at 1.6% y/y. The CPI for November 2011 went up by 4.8% y/y versus 4.3% in the previous month. The highest increase was reported for transportation (up by 11% y/y), housing maintenance fees and energy sources (up by 6.9% y/y), food and alcohol-free beverages (4.6% y/y), alcohols and tobacco (up by 3.7% y/y), healthcare services (6.4% y/y) as well as telecommunication services (0.8% y/y). Decrease on the other hand has been reported for footwear and wearing apparel (down by 1.6% y/y). In November, average employment rate in the enterprise sector stood at 1 thousand up by 2.% (134 thousand) when compared with a year ago. Increase in employment opportunities for industry has been reported in manufacturing (1.7% y/y), and in mining (0.8% y/y) whereas in gas electricity and hot water supply employment rate decreased by 3.1% y/y. Among branches of manufacturing characterised with the highest share in employment, the increase thereof was reported for vehicles, trailers and semi- trailers (by 6% y/y), rubber and plastics (.9% y/y), metallic products (% y/y), food and beverages (2.3% y/y), furniture (1.% y/y), other mineral non-metallic products (1.3% y/y). Decrease has been reported for machinery and appliances (7.1% y/y). 1 Branches of manufacturing with average employment over 100 thousand persons. 2 industrial output prices and prices for major sections: mining and quarrying, manufacturing and electricity gas and hot water supply are published by the CSO in advance to detailed data on respective sections 4 N a t i o n a l B a n k o f P o l a n d

5 Economic Developments In non-industrial sections, the increase in average wages and salaries was reported in living quarters and gastronomy (8.9% y/y), construction (6.4% y/y), information and communication (6.6% y/y), trade and vehicle repair (1.8%), as well as transportation and storage (1.% y/y). Decrease in employment has been noted for administration and support down by 0.9% y/y. 1 Number of registered unemployed was thousand, up by 6.6 thousand (3%) when compared with a year ago. Unemployment rate amounted to 12.1%, up by 0.4 percentage points when compared with the corresponding period of the previous year. Figure 1. Indices of Gross Domestic Product (corresponding period of the previous year = 100) III IV I II III IV I II 2011 III Figure 2. Sold Production of Industry (corresponding period of the previous year = 100) XI XII 2010 I II III IV V VI 2011 VII VIII IX X XI Mining and Guarrying Manufacturing Electricity, Gas and Water Supply Figure 3. Sold Production of Industry Prices Indices (corresponding period of the previous year = 100) XI XII 2010 I II III IV V VI 2011 VII VIII IX X XI Manufacturing Construction and Assembly Roduction Mining and Guarrying Electricity, Gas and Water Supply Information Bulletin 11/2011

6 Economic Developments 1 Figure 4. Selected Prices of Consumer Goods and Services (corresponding period of the previous year = 100) XI XII 2010 I II III IV V VI 2011 VII VIII IX X XI 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) XI XII 2010 I II III IV V VI 2011 VII VIII IX X XI Mining and Guarrying Manufacturing Electricity, Gas and Water Supply Construction Figure 6. Registered Unemployment Persons (corresponding period of the previous year = 100) and Unempoyment Rate 104 Unemployment Rate (%) 13, , , ,0 100 XI XII 2010 I II III IV V VI 2011 VII VIII IX X XI 11, 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) XI XII 2010 I II III IV V VI 2011 VII VIII IX X XI 1 Mining and Guarrying Manufacturing Average monthly gross wages and salaries in the enterprise sector stood at PLN 3682,2 and thus was 4.4% higher when compared to a year ago. Increase in wages and salaries was reported for manufacturing (by.1% y/y), gas electricity and hot water supply (up by 4.9% y/y). Decrease has been reported for mining: down by 0.% y/y. In non-industrial sections, the increase in average wages and salaries was reported in administration and support (by 7.2% y/y), information and communication (4.9% y/y), trade and vehicle repair (4.3%), construction (3.6% y/y), transportation and storage (2.% y/y), living quarters and gastronomy (2.7% y/y), Eleven months into 2011 revenues of the national budget stood at PLN 2 billion whereas its expenditure amounted to PLN 276. billion. The above amounts were respectively higher by 12.3% and higher by 2.6%, when compared with the corresponding period of the previous year and were 93.3% and 88.3% of the budgetary estimates for Increase has been reported for CIT (16.%) and for PIT (7.2%) when compared with last year. Information Bulletin 11/2011 7

8 Monetary Developments 2 2 Monetary Developments The Monetary Policy Council during its meeting on November decided against changing NBP interest rates. i.e.: the reference rate is 4. %; the lombard rate is 6%; the deposit rate is 3%; the rediscount rate is 4.7%; During the November minimum reserve period 3 the POLONIA deviation against the reference rate stood at 19 base points versus 31 base points in October. Average open market operations amounted to PLN 94 billion (versus 9,1 billion in the previous period), of which regular operations stood at PLN 93.2 billion. Throughout the minimum reserve period banks placed the end-of-day deposit on the average level of PLN 0.3 billion (level similar to a month before). In November average interest on zloty denominated loans for non-financial corporations increased by 0.9 percentage points to 7.%. Interest on loans for single proprietors decreased by 0.2 percentage points and stood at 9%. Interest rates for zloty denominated housing loans for households went up by 0.1 percentage points and stood at 6.9%. Interest rates for zloty denominated consumer loans went down by 0.4 percentage points and stood at 1.2%. Zloty denominated deposits of non-financial corporations increased by 0.2% to 4.4% and zloty denominated deposits of households went up by 0.1% and 4.6%. Value of M3 in November 2011 increased by PLN 17.8 billion (i.e. 2.1%) and stood at PLN 83. billion. Its annual rate of change increased by 1.3 percentage points and stood at 11.8% y/y. Impact of non-transactional factors referring to exchange rate adjustments, was significant during the period in question; as a result thereof monetary components of broad money increased by ca. PLN 4.2 billion. Components of the M1 aggregate characterized with high liquidity went up by 0. percentage point to.7% y/y.. Value of the currency in circulation item decreased in November 2011 by PLN 0.1 billion (0.1%) and stood at PLN 99.4 billion. Its annual rate of change decreased by 0.6 percentage points and stood at 8.7% y/y. M3 liquidity measured with the share of cash and overnights in M3 increased by 0.2 percentage points and stood at 3.1%. M1 liquidity measured by the share of currency in circulation in M1 decreased by 0.6 percentage points and stood at 21.9%. 3 Reserve requirement and payments settlement period in question is to N a t i o n a l B a n k o f P o l a n d

9 Monetary Developments Figure 8. Interest rates on the inter bank versus basic interest rates of the NBP % POLONIA Reference Rate WIBOR ON Lombard Rate WIBOR 3M NBP Deposit Rate Figure 9. Average MFI Deposit Interest Rates on new Bussines, PLN Denominated 7 % XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2011 VIII IX X XI Non-Financial Corporations Households Figure 10. Average MFI Loan Interest Rates on New Business, PLN Denominated % XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2011 VIII IX X XI Households (loans for consumption) Households (loans for house purchases) Non-Financial Corporations Deposits and other liabilities in M3 increased in November by 19.4 billion (2.7%) and reached PLN 737. billion. Its annual rate of change increased by 1.8 percentage points and stood at 11.2% y/y. Information Bulletin 11/2011 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) Growth Share % XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI 0 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 % XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX 2011 X XI Figure 13. Deposits and Other Liabilities of MFIs to Non-financial Corporations and Households Included in M3 (corresponding period of the previous year = 100) XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2011 VIII IX X XI Non-Financial Corporations Households Increase has been reported for deposits of households ( up by PLN 8 i.e. 1.7%), non-financial corporations (PLN 12.7 billion i.e. 7%) and social security funds (PLN 0.2 billion i.e. 9.3%). Decrease occurred in deposits of non-financial corporations (down by 0.1 billion i.e. 0.3%) and nonmonetary financial institutions (PLN 1.2 billion i.e. 3.1%). 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) XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2011 VIII IX X XI Non-Financial Corporations Households Figure 1. Bank Loans to Households (corresponding period of the previous year = 100) XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2011 VIII IX X XI Loans for House Purchases Loans for Consumption Major counterpart to creating money in November was increase in credit to domestic sectors 4 (PLN 23.2 billion i.e. 2.8% to PLN 86 billion), external assets net (PLN 17.7 billion, i.e. 14.8% to PLN billion) as well as increase in credit to central government (PLN 2. billion i.e. 2.% to PLN billion). Increase in long-term credit (PLN 1.3 billion i.e. 0.6% to PLN billion) plus increase in negative balance of net positions (PLN 24.9 billion i.e. 42.9% to PLN billion) all contributed to a decrease in money supply. In November 2011, credit to non-financial corporations in the MFI increased by PLN 9 billion (3.7%) and reached PLN 24 billion of which PLN 3.6 billion resulted from depreciation of the domestic currency against foreign currencies. Its growth rate increased by 3.6 percentage points and stood at 16.1% y/y. Loans with maturity up to 1 year and checking accounts increased by 14.7% y/y (up by 1 percentage points) and loans with maturity from 1 year up to years went up by 11% y/y (up by 2 percentage points), loans over years increased by 20.2% y/y (up by 6. percentage points). 4 Credit to MFI against loans, debt purchase as well as guarantees and warrantees. This category does not include interest due and liabilities against securities. Domestic sector includes non-monetary financial institutions, nonfinancial corporation, non-commercial institutions serving households, self-government and social security funds. Information Bulletin 11/

12 Monetary Developments Figure 16. Bank Loans to Non-financial Corporations (corresponding period of the previous year = 100) XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII 2011 VIII IX X XI Over 1 year up to years Up to 1 year (including current accounts) Over years Figure 17. Share of Monetary Aggregates and MFI Loans and Other Claims on Other Domestic Residents in GDP % III 2009 IV I II III IV I II III M1/GDP M3/GDP Loans/GDP MIF credit to households increased by PLN 11.1 billion (2.1%) and stood at PLN 41.2 billion. Zloty depreciation against major foreign currencies resulted in PLN 8.9 billion increase in credit. Annual rate of change in this category decreased by 1.2 percentage points and stood at 13.3%. Growth rate of housing loans was 21.8% y/y (down by 2.3 percentage points). Growth rate of consumer loans was negative and stood at 1.6% y/y, up by 0.3 percentage points. According to data for Q3 2011, the monetisation of economy has varied. M1 to GDP ratio decreased by 1 percentage points to 29.8%. M3 to GDP increased by 1.3 percentage points and stood at.6%. Credit to domestic sectors to GDP ratio increased by 2 percentage points and stood at 6.4% y/y. In November average zloty exchange rate in the NBP decreased by 4.7% against EUR and 10.4% against USD by 4.2% to CHF and 7.1% against GBP. Exchange rate adjustments have been calculated for the period from end-october 2011 to end-november 2011 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 November Balance of payments in November 2011 Components of monthly bop are estimated based on monthly and quarterly information reported by residents involved in transactions with non-residents, public statistics surveys as well as administrative data sources. This version of bop is preliminary and may be subject to further revisions Deficit in Current Account Deficit in current account in November 2011 amounted to EUR 1,034 million. The balance of the current account has been influenced by: negative balance of income (EUR 92 million) and trade in goods (EUR 749 million), positive balance of services (EUR 377 million) and current transfers (EUR 290 million). In the corresponding period of the previous year this balance was also in deficit and stood at EUR 2,697 million. In November 2011 both imports and exports reported an increase in balance of trade. Exports was estimated at EUR 11,986 million and imports at EUR 12,73 million. When compared with data for November 2010, exports in goods increased by EUR 813 million i.e. 7.3% and imports went up by EUR 282 million i.e. 2.3%. Negative balance in trade in goods stood at EUR 749 million, up by EUR 31 million when compared with November Credits on services in November 2011 decreased when compared with November 2010 by EUR 14 million i.e. 6.3% and stood at EUR 1,763 million. Debits decreased by EUR 324 million i.e. 1.% and stood at EUR 1,763 million. Positive balance of services (standing at EUR 377 million) comprised: positive balance of travel (EUR 20 million), transport (EUR 180 million) and negative balance of other services (EUR 8 million). In November 2011, the balance of income was negative and amounted to EUR 92 million. In the corresponding period of the previous year this balance was also negative and stood at EUR 1,197 million. In November 2011, this balance comprised: positive balance of compensation of employees (EUR 108 million) and negative balance of investment income (EUR 1,060 million). The negative balance of investment income was primarily driven by foreign direct investors income on their capital involvement in Polish companies amounting to EUR 772 million (of which: reinvested earnings at EUR 461 million, dividends at EUR 132 million as well as interest on financial debt instruments EUR 179 million). Negative balance of income was also influenced by interest received by non-residents against debt securities and equity securities (EUR 28 million) as well as interest paid to non-resident creditors on loans received (EUR 187 million) 3.2. Positive Balance of EU Transfers In November 2011, the balance of EU transfers was positive and amounted to EUR 34 million of which: balance as reported in current transfers stood at EUR 4 million and in capital transfers at EUR 1 million. Membership premiums paid by Poland to the EU budget amounted to EUR 26 million. Information Bulletin 11/

14 Balance of Payments Monetary in November Developments Decrease in liabilities against non-resident investment in Poland Balance of foreign investment in Poland was negative and amounted to EUR 113 million. This balance has been determined by net outflow of capital against other investment and direct investment. 3 Balance of foreign direct investment in Poland was negative and amounted to EUR 144 million. This balance comprised: net outflow of equity capital to Polish direct investment enterprises (EUR 2,364 million), net inflow of debt instruments (EUR 1,79 million) and positive reinvested earnings (EUR 461 million). Balance of the foreign portfolio investment in November 2011 was positive and amounted to EUR 186 million. Non-resident investment in debt securities amounted to EUR 238 million. This position has been influenced by purchase of State Treasury bonds issued on foreign markets (EUR 1,376 million), which offset the outflow of capital resulting from non-residents sale of State Treasury bonds issued on domestic market. Polish liabilities abroad in other investment decreased by EUR 1 million. This item has been mostly influenced by an decrease in liabilities of the banking system (down by EUR 693 million) against withdrawal of non-residents deposits from Polish banks. At the same time, liabilities of both the National Bank of Poland and the central government have decreased by EUR 197 million and EUR 2 million respectively. Liabilities of the enterprise sector on the other hand have increased by EUR 787 million Increase of Polish investment abroad Polish investment abroad increased by EUR 448 million. Residents increased their investment in other investments up by EUR 76 million (mostly in the banking sector). During the period in question residents sold EUR 229 million worth of assets in portfolio investment and EUR 88 million in direct investment. 3.. Official Reserve Assets The NBP s own transactions and NBP client transactions contributed to decrease in the value of reserve assets by EUR 866 million. Valuation adjustments and exchange rate fluctuations led to a EUR 1,796 million increase in this item. Volume of official reserve assets by the end-november 2011 amounted to EUR 74,27 million. 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 November 2011 Balance of Payments (EUR mln) Specification Cummulated** XI X* XI* XII 2009 XI 2010 XII 2010 XI 2011* A. Current account Trade in goods Exports f.o.b Imports f.o.b Balance of services Credits Debits Balance of income Credits Debits Balance of current transfers Credits Debits B. Capital account Credits Debits C. Financial account Polish investment abroad Foreign direct investment in Poland Portfolio investment -assets Equity securities Debt securities Portfolio investment liabilities Equity securities Debt securities Other investment assets National Bank of Poland Goverment sector MFI (NBP excluded) Other sectors Other investment liabilities National Bank of Poland Goverment sector MFI (NBP excluded) Other sectors Financial derivatives D. Errors and ommissions A D E. Official reserve assets * Preliminary information. ** Cumulated data are presented progressively in the 12 month perspective. Information Bulletin 11/2011 1

16 Major Decisions of the Monetary Policy Council 4 Major Decisions of the Monetary Policy Council Resolution No 9/2004 of the Monetary Policy Council 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 11/

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 current prices the same month previous year = 100 constant prices previous month = 100 current prices the same month previous year = 100 constant prices 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 % % % % % % % XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI 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 d). Construction Price Index the same month previous year = 100 previous month = Number of employed. corporate sector 7. Average employment. corporate sector 8. Number of unemployed 9. Unemployment rate 10. Average monthly employee earnings. gross. corporate sector revenue 11. National Budget revenue & expenditure expenditure financial surplus/ deficit and net foreign lending/ borrowing % % thousands thousands thousands % zł million zloty million zloty million zloty XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI INFORMATION BULLETIN 11/

20 Statistical Annex. Tables Table 1. Basic Economic Data (cont d) 12. Corporate financial performance revenues of which: sales of goods & services operating costs of which: cost of sales pre-tax profit/ loss statutory deductions net profit/loss cost to sales ratio net margin quick liquidity ratio 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 XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI 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 1. NBP interest rates 2. Reserve requirement Reference rate 1 Lombard rate Deposit rate Rediscount rate Discount rate Reserve requirement ratio on zloty deposits Reserve requirement ratio on foreign currency deposits (zloty equivalent) Reserve requirement ratio on repo operations Interest on reserve requirement required reserves held demand time demand time current account declared vault cash % % % % % % % % % % % million zloty million zloty million zloty XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI of which: 1 Of the rediscount rate. INFORMATION BULLETIN 11/

22 Statistical Annex. Tables Table 2. Financial Market Basic Information (cont d) 3. Treasury bill tenders Face value of bills offered for sale Number of tenders during month of which: 1- week 3- week - week 6- week 13- week 2- week 26- week 27- week million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI day bills. 22 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 d) 3. Treasury bill tenders Face value of bills offered for sale of which: 28-week 39-week 44-week 4-week 46-week 48--week 49-week 0-week 1-week 2-week million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI INFORMATION BULLETIN 11/

24 Statistical Annex. Tables Table 2. Financial Market Basic Information (cont d) 3. Treasury bill tenders Demand declared by bidders (at face value) of which for: 1-week 3-week -week 6-week 13-week 2-week 26-week 27-week million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI day bills. 24 N a t i o n a l B a n k o f P o l a n d