Information BulletinThe 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%

Information Bul let in12/2003

Warsaw, April 2003

Compiled from NBP materials by the Department of Statisticsas at March 15, 2004.

Design:Oliwka s.c.

Cover photo:Corbis/Free

Layout and print:NBP Printshop

Published by:National Bank of PolandDepartment of Information and Public Relationsul. Âwi´tokrzyska 11/21 00-919 Warszawa, Polandphone: (+48 22) 653 23 35, fax: (+48 22) 653 13 21www.nbp.pl

© Copyright by the National Bank of Poland, 2004ISSN 1230-0020

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Contents

1. Socio-economic situation of the country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.1. Sold production of industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

1.2. Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

1.3. Labour market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

1.4. Wages and salaries of employees and social benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

1.5. National Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

2. The money supply and counterparts to changes in money . . . . . . . . . . . . . . . . 92.1. Structure of the money supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

2.2. M3 and counterparts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

2.2.1. Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

2.2.2. Credit to central government net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

2.2.3. External assets net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

2.2.4. Other items (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

2.2.5. Fixed assets of banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

2.2.6. Longer-term financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

3. Monetary policy of the central bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163.1. Interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

3.2. Reserve requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

3.3. Foreign exchange rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

3.4. Primary T-bill market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

3.5. Open market operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

4. Principal decisions of the Monetary Policy Council . . . . . . . . . . . . . . . . . . . . . . . 20

5. Balance of payments on a cash basis – information . . . . . . . . . . . . . . . . . . . . . 21

6. Statistical Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226.1. Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

6.2. Figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

6.3. Seasonally-adjusted time series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

6.4. Methodological notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

1Socio-economic situation of the country

1.1. Sold production of industry

In the fourth quarter of 2003 the sold production of industry1 was higher by 12.1% thana year earlier (in comparison to the increase by 4.6% in the corresponding figures of 2002). Thisrise was driven by a 14.6% higher output in manufacturing and a 1.5% higher electricity, gas andwater supply, whilst 3.3% lower outputs in mining and quarrying reduced the pace of rise in theoverall 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

Socio-economic situation of the country

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1

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

Table 1.0. Selected categories, real economy (%)

Monthly growth

X XI XIIIncrease in 2003

Sold production of industry 5.5 -8.1 1.8 *

Consumer prices 0.6 0.3 0.2 1.7

Sold production of industry prices 0.7 0.4 0.1 3.7

Construction and assembly production prices -0.2 -0.2 -0.2 -1.5

Average employment, enterprise sector 0,1 -0,3 -0,6 *

Average monthly wages and salaries of employees,

gross, enterprise sector -0.9 4.7 9.1 *

Average monthly gross retirement pay and pension from

non-agricultural social security system 0.3 -0.2 0.3 *

* Data not published by GUS.

Source: GUS figures.

1 In the enterprises employing more than nine persons.

Figure 1.1.1. Sold production of industry (corresponding period of the previous year = 100)

Total

2003

899193959799

101103105107109111113115117119

XIIXIXIXVIIIVIIVIVIVIIIIII

Minning and quarrying

Manufacturing Electricity, gas and water supply

%

Specification

5


1

INFORMATION BULLETIN – 12/2003

previous year, the share of mining and quarrying decreased (from 5.4% to 4.8%) and so didthe share of electricity, gas and water supply (from 12.8% to 12.2%). On the other hand, theshare of manufacturing grew from 81.8% to 83.0% in comparison to the correspondingperiod in 2002.

In the fourth quarter of 2003 enterprises pointed to low domestic and foreign demand, heavyfiscal charges, unsteady economic situation and competitive imports as the obstacles to the growthin the current manufacturing:

1.2. Prices

In December 2003 sold production of industry prices were 3.7% higher than the prices inDecember 2002 (in the corresponding period last year this figure was 2.2%). Last year prices grewmost in the sector of mining and quarrying (7.1% as compared to 3.6% the year before), slightlyless 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 6.8% the year before).

Construction and assembly production prices in 2003 declined by 1.5% (as compared tothe growth by 0.4% the year before).

Figure 1.2.1. Sold production of industry prices indices(corresponding period of the previous year = 100)

2003

9899

100101102103104105106107108


%

Total Mining and quarrying

Manufacturing Electricity, gas and water supply

Figure 1.2.2. Selected prices of consumer goods and services(corresponding period of the previous year = 100

Total

2003

Clothing and footwear

Transport

Foods and non-alcoholic beverages

95

100

105

110


Housing

Communication

Alcoholic beverages and tobacco products

Health care

%

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-on-year 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 offoods and non-alcoholic beverages (2.1% as against the decline by 2.7% in 2002). The PPI waslower than the year before in housing (3.3% as against 4.7%), healthcare (1.9% in comparison to3.7%) and transport service (2.9% as against 5.0%). The prices of clothing and footwear decreasedat 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: 0.6% in October, 0.3% in November and 0.2% in December.

1.3. Labour market

In the fourth quarter of 2003 the number of employees and the average employment in theenterprise sector continued to fall2. As at the end of December the number of employees in theenterprise sector fell to 4,827 thousand, i.e. it was down by 3.4% as compared to the figures of 2002.

In the period January-December 2003, the average employment in the enterprise sectorstood at 4,724 thousand, i.e. it was down by 3.8% compared with the figures a year earlier. Incomparison to the corresponding period of the previous year the largest fall in employment wasobserved in construction (-16.1%). At the end of December 2003 the average employment in theenterprise sector decreased to 4,671 thousand, i.e. it was down by 3.5% than the year before.


6

1


Figure 1.2.3. Consumer price indices (December of the previous year = 100)

2000

98

100

102

104

106

108

110


2001 2002 2003

%

2 Ibid. Ibid. Footnote 1.

Figure 1.3.1. Number of the unemployed and unemployment rate

Unemployment rate (right axis)Total unemployed (left axis)

thousands of persons

2,000

2,500

3,000

3,500

15.0

15.5

16.0

16.5

17.0

17.5

18.0

18.5

19.0

XIIXIXIXVIIIVIIVIVIVIIIIIIXIIXIXIXVIIIVIIVIVIVIIIIIIXIIXIXIXVIIIVIIVIVIVIIIIII2001 2002 2003

%

7

Since March 2003, the number of the unemployed registered in the employment offices had beenon a steady decline until October. By contrast, this category grew in November and in December. InDecember it reached 3,175.7 thousand people, i.e. went up by 2.5% as compared to the precedingmonth but was lower by 1.3% as compared to the corresponding period of 2002. In December thehighest growth in unemployment (of a seasonal character though) occurred among school leavers.

In the fourth quarter of 2003 the increase in the unemployment rate was observed, at theend of December it stood at 18.0%3.

The fourth quarter of 2003 saw 742.6 thousand newly registered unemployed persons. Inthe same period 640.2 thousand people were removed from employment offices registers including295.7 thousand due to received jobs.

At the end of December 2003, there were 10.3 thousand job offers available at theemployment offices, i.e. 24.2% more than the year before.

1.4. Wages and salaries of employees and social benefits

In the fourth quarter of 2003 the average monthly gross real wages and salaries of employeesin the sector of enterprises grew at higher rates both in comparison to the corresponding period of2002 and in comparison to the third quarter of 2003. The purchasing power growth rate of theaverage retirement pays and pensions from the non-agricultural social security system as well as thatof the average retirement pays and pensions of farmers exceeded the figures reported the year before.

The average monthly gross wages and salaries in the sector of enterprises in the periodJanuary-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 sectorreached PLN 2,662.21, i.e. were up by 9.1% on November and up by 5.1% in comparison to thecorresponding month of 2002. In the discussed period, the average monthly gross wages andsalaries in the sector of enterprises, excluding payments from profit, fluctuated from PLN 2,330.49in October to PLN 2,658.75 in December. The level reached in December 2003 was up by 9.0% overNovember and up by 5.1% in comparison to the corresponding month of 2002.

In the fourth quarter of 2003 the purchasing power of the average monthly gross wages andsalaries in the sector of enterprises was higher by 3.2% than the year before (in comparison to theincrease by 0.3% in the corresponding figures the year before) and up by 5.0% over the third quarterof 2003. In December 2003 the average monthly gross real wages and salaries were in real terms higherby 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 reach9,209 thousand in December, i.e. was lower by 0.2% than the year before. At the end of the fourthquarter of 2003 the number of people drawing monthly retirement pays and pensions from the non-agricultural social security system went up slightly (by 0.3%) in comparison to the corresponding periodof 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 fromthe non-agricultural social security system stood at PLN 1,110.47, i.e. were up by 6.0% incomparison 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 PLN729.54, i.e. were up by 5.7% in comparison to the corresponding period of the previous year anddown by 0.1% over November.


1


3 As quoted by GUS on 30.01.2004 the registered unemployment rate in Poland was confirmed based on theresults of the General National Census of 2002 and on the General Agricultural Census of 2002. The decline in thenumber 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%.

1.5. National Budget

In the period January to December 2003, the central government revenue rose by PLN 8.6billion 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 statebudget units and other revenue. The execution of the provisions of the Act in terms of therevenue declined in comparison to the corresponding period of 2002, to reach 97.7% in 2003as against 98.9% the year before.

In the period January – December 2003 the central government expenditure was higher thanthe year before and amounted to PLN 189.2 billion as against PLN 183.0 billion the year before.97.3% of the amount planned for this year was expended, whilst in the corresponding period of2002 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 theamount stipulated in the 2003 Budget Act.

Central government financed its needs predominantly via the issue of securities. At the endof the year, the revenue from the sale of T-bills reached 359.1% of the amount stipulated in the2003 Budget Act, whereas that from the sale of bonds amounted to 100.4% of this amount. In2003 the revenue from privatisation reached PLN 3.0 billion, i.e. 40.0% of the amounts envisagedin the provisions of the Act.


8

1


Table 1.5.1. Estimated National Budget performance for the periodJanuary–December 2003 (million PLN)

2003Budget Act Performance

Performance ofBudget Act in %

Income 155,697.7 152,176.0 97.7

of which:

– indirect taxes 96,861.2 95,264.4 98.4

– corporate income tax 14,394.7 14,212.61 98.7

– personal income tax 27,355.7 25,678.21 93.9

– revenue of central government institutions 10,508.4 10,834.3 103.1

of which:

– revenue from customs duty 3,850.0 3,750.1 97.4

– other revenue 6,577.6 6,186.5 94.1

of which:

– payments from NBP’s profits 4,685.6 4,680.9 99.9

Expenditure 194,431.7 189,165.2 97.3

of which:

– domestic debt service 21,642.1 20,378.3 94.2

– foreign debt service 5,459.5 3,759.1 68.9

– subsidy for the Labour Fund 3,944.0 3,944.0 100.0

– subsidy for the Retirement and Disability Fund 15,013.9 15,013.9 100.0

– subsidy for the Social Insurance Fund 28,277.0 28,277.0 100.0

– general subsidies for local government institutions 31,924.1 31,742.9 99.4

Budget deficit -38,734.0 -36,989.2 95.5

1 Income less the shares for December 2003 and transferred in January 2004 -in accordance with the Act on the Local Government Income,

in 1999–2003 the shares amount to:

– in personal income tax PLN 1,080.6 million

– in corporate income tax PLN 100.0 million

Source: Ministry of Finance’s data.

Specification

9

The money supply and counterparts to changes in money

2


2The money supply and counterparts to changes in money

2.1. 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 (5.6%). Save for the decline inthe money supply in 2002, the growth in this category in 2003 was the historic low recorded overthe last seven years.

Since March 2003 the annualised growth rate of the broad aggregate had reached positiveyet low values to increase to 5.6% in December.

The fluctuations in the levels of broad aggregate M3 in the fourth quarter of 2003 wereprimarily fuelled by such effects as a boost in the deposits of non-financial corporations and thegrowth 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 endof 2001, had featured a steady growth as from May 2003. In the fourth quarter of 2003 thoseliabilities grew by PLN 10.1 billion, i.e. by 3.6%, to reach PLN 288.4 billion at the end of December.In the examined period movements in deposits and other liabilities included in M3 reflectedprimarily the growth in zloty liabilities by PLN 8.9 billion (i.e. 3.8%). The growth in foreign currencyliabilities by PLN 1.2 billion (i.e. by 2.6%) was under a significant restrictive influence of theexchange rate fluctuations.

In the fourth quarter of 2003 the highest growth in banking system liabilities4 both incomparison to other sectors and as against the previous years was reported in those to non-financial corporations. Zloty liabilities to this sector grew most (by PLN 6.2 billion, i.e. 12.2%). Thegrowth in foreign currency liabilities by PLN 1.3 billion (13.0%) was to some extent restricted by the

Figure 2.1.1. The annual nominal growth rate of M3 and M1(corresponding month of the preceding year = 100)

M3

-5

0

5

10

15

20

25

XIIXIXIXVIIIVIIVIVIVIIIIIIXIIXIXIXVIIIVIIVIVIVIIIIIIXIIXIXIXVIIIVIIVIVIVIIIIII

M1

2001 2002 2003

%

4 According to the methodology in force as from March 2002, the term “banking system” was replaced by a widerterm “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.


10

2


exchange rate fluctuations. The growth was more significant in deposits and other liabilities withagreed maturity (up by 22.3%) than in the overnight ones (up by 4.5%). The growth in agreedmaturity deposits was primarily fuelled by the growth in deposits with the agreed maturity up toone month; in December 2003 it reached 90.6%. A significant growth in deposits in the fourthquarter of 2003 (by PLN 7,5 billion, i.e. 12.3%) may be attributable to the growth in export revenuebeing 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 andother liabilities to households was observed. The growth reflected the increase in zloty depositsby 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, thedeposits would grow by PLN 1.0 billion. The growth in liabilities to households in the last quarterof 2003 to a significant extent reflected the situation in the alternative forms of saving, includingthe redemption of „anti-tax" bonds issued by banks at the end of 2002 and withdrawal of fundsfrom the bond funds by individuals. During the last months of the year, the outflow of funds frominvestment funds was also observed, e.g. due to the expiry of some „anti-tax" funds andwithdrawing 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 tohouseholds had featured declining trends, whereas as from July 2002 the growth indices for thiscategory 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 maturityup to two years, which had been observed since the end of 2001, did not occur in the fourthquarter of 2003. Contrary to previous periods, this category grew by PLN 4.6 billion (2.6%). Thegrowth primarily reflected the increase in zloty deposits by PLN 4.3 billion (i.e. by 3.0%). Theincrease in the foreign currency deposits was under a significant limiting influence of the exchangerate 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 ofSeptember 2003 they grew by PLN 6.0 billion, i.e. by 22.3%

Since March 2002, the figures for the annualised growth rate had shown negative values (inDecember 2003, -2.1%).

In the fourth quarter of 2003 the low growth rate of the broad money aggregate M3 wasaccompanied by the intensive growth in the M1 narrow money. A significant growth by PLN 6.3billion (4.2%) in the M1 comprising currency in circulation and overnight deposits in the bankingsystem reflected the shift to more liquid counterparts – the tendency prevailing for nearly two years

Table 2.1.1. Changes in money supply by sectors in the fourth quarter of 2003

Monthly growth

X XI XII

Quaterlygrowth

million zloty

Quaterlygrowth

%

M3 340,110.8 5,517.1 -118.6 3,818.6 9,217.1 2.8

1. Currency in circulation

(excluding vault cash) 49,416.0 547.9 585.3 -358.3 774.9 1.6

2. Deposits and other liabilities 288,397.9 4,936.3 1,270.7 3,905.3 10,112.3 3.6

2.1. Hourseholds 192,443.1 347.0 -18.6 1,763.7 2,092.0 1.1

2.2. Non-monetary financial institutions 8,941.1 548.9 1,502.1 -674.5 1,376.5 18.2

2.3. Non-financial corporations 68,284.3 3,104.8 -276.1 4,675.9 7,504.6 12.3

2.4. Non-profit institutions serving

households 8,576.6 107.4 -66.5 48.8 89.6 1.1

2.5. Local government 8,792.4 936.7 213.2 -2,058.9 -909.0 -9.4

2.6. Social security funds 1,360.4 -108.4 -83.4 150.4 -41.5 -3.0

3. Other components of M3 2,297.0 33.0 -1,974.7 271.6 -1,670.2 -42.1

Specification

million zloty

31 XII 2003

11


2


in the time structure of money supply. The share of the M1 in the aggregate M3 increased in thefourth quarter of 2003 from 45.9% in September to 46.5% in December. In the fourth quarter of2003 the growth in currency in circulation (excluding vault cash) reached PLN 0.8 billion and itwas the lowest quarterly-measured growth rate in 2003. The growth in currency in that period waslimited by the decline in this category by PLN 0.4 billion (0.7%) in December. The list of factorsgenerating the increase in currency in the fourth quarter of 2003 includes the purchase of foreigncurrency net carried out by the banks from bureaux du change and individuals for the amount ofUSD 1.9 billion (as against USD 1.2 billion the year before). The growth in currency may also reflectthe high volume of retail sales prevailing over all the year. According to GUS, the retail sales effectedby trade and non-trade corporations? in December grew by 17.3% as against the year before,compared to 4.9% at the end of 2002. The annualised growth rate of currency all the year stoodat 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. by5.4%) in the wake of the growth in zloty deposits by PLN 4.6 billion (5.3%) and in foreign currencydeposits by PLN 0.9 billion (5.8%). The growth in foreign currency deposits was under the influenceof the exchange rate fluctuations. Exclusive of the fluctuations, this category would grow by PLN1.4 billion. The most significant growth in overnight deposits was observed in the sector ofhouseholds (PLN 3.4 billion, i.e. 6.3%) and in the sector of non-financial corporations (PLN 1.5billion, i.e. 4.5%).

2.2. M3 and counterparts

The changes in the M3 and counterparts structure in the fourth quarter of 2003 as comparedto the third quarter of 2003 and the corresponding period of 2002 are presented in the Tablebelow. 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.

2.2.1. Credit

In the fourth quarter of 2003 banking system credit total grew by PLN 4.2 billion (1.6%) andit constituted the main money creating factor. The growth in this category reflected the growth by

Table 2.1.2. M3 and counterparts in the fourth quarter of 2003

1. Currency in circulation (excluding vault cash) 49,416.0 547.9 585.3 -358.3 774.9 1.6

2. Overnight deposits and other liabilities 108,648.7 -980.7 4,303.1 2,211.5 5,533.9 5.4

of which:

– households 57,032.1 -50.3 3,045.2 372.8 3,367.7 6.3

– non-financial corporations 35,594.5 -909.8 -89.0 2,535.6 1,536.8 4.5

3. M1 (1+2) 158,064.7 -432.8 4,888.4 1,853.2 6,308.8 4.2

4. Deposits and other liabilities with agreed

maturity up to 2 years 179,712.8 5,919.2 -3,030.2 1,695.3 4,584.3 2.6

of which:

– hourseholds 135,374.6 399.5 -3,061.6 1,392.3 -1,269.8 -0.9

– non-financial corporations 32,689.6 4,014.6 -187.1 2,140.4 5,967.9 22.3

5. Repurchase agreements 0.0 0.0 0.0 0.0 0.0 -

6. Debt securites issued with maturity

up to 2 years 2,297.0 33.0 -1,974.7 271.6 -1,670.2 -42.1

7. M3 (5+6+7) 340,110.8 5,517.1 -118.6 3,818.6 9,217.1 2.8

Monthly growth

X XI XII

Quaterlygrowth

million zloty

Quaterlygrowth

%

Specification

million zloty

31 XII 2003

PLN 3.4 billion (1.3%) in the balance of credits, loans and other credit5 from other domesticsectors6. Zloty loans grew by PLN 5.9 billion (3.3%), whereas foreign currency loans declined by PLN2.5 billion, i.e. by 3.2%. The exchange rate fluctuations had little effect on the balance of foreigncurrency deposits in the discussed period.

The volume of debt and equity securities purchased by banks and issued by other domesticsectors 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 reach7.9% in December.

In December 2003 the share of liabilities in the broad money reached 79.5% as against80.5% in September.

The highest growth in credit was reported in household loans. Since the beginning of2003 the share of this category in the structure of total credit was on a steady increase toeventually come to 37.7% in December. In the fourth quarter of 2003 the most pronouncedincrease occurred in the share of zloty loans (by PLN 3.2 billion (4.5%), foreign currency loansgrew by PLN 0.1 billion (0.5%), primarily due to exchange rate fluctuations. Loans raised by


12

2


Table 2.2.1. The structure of liabilities in the fourth quarter of 2003

Stock as at31 XII 2003

ChangeXII 2003/XII 2002

ChangeXII 2003/IX 2003

Credit total 270.4 4.2 1.6 19.8 7.9

1. Households 102.0 3.3 3.3 12.2 13.6

2. Non-monetary financial institutions 16.0 0.9 5.8 1.3 8.5

3. Non-financial corporations 133.9 -2.5 -1.9 2.5 1.9

4. Non-profit institutions serving households 0.8 -0.1 -15.1 -0.2 -17.6

5. Local government 12.9 0.9 7.2 1.6 14.0

6. Social security funds 4.9 1.8 61.0 2.4 99.8

Specification

billion zloty %billion zloty%

Table 2.2.0. M3 and counterparts* – change

Q3

2002

Q3

2003

Q4

M3 (1+2+3-4+5+6) Counterparts: 9.2 100.0 4.3 100.0 1.1 100.0

Money supply counterparts:

1. External assets net 2.2 23.6 -4.9 -114.5 -8.2 -740.9

2. Credit 4.2 45.6 5.9 138.9 -2.5 -227.8

3. Credit to central government net -4.3 -47.1 9.6 226.3 5.9 532.0

4. Longer-term financial liabilities 0.0 0.4 1.2 29.1 2.3 204.5

5. Fixed assets (exclusive of financial assets) 0.6 6.6 0.5 12.8 1.0 90.7

6. Other item net 6.6 71.7 -5.7 -134.4 7.2 650.5

Specification

%billion zloty%billion zloty%billion zloty

5 The category “other credit” comprises specially: purchased liabilities, cashed guarantees and warranties, conditionaltransactions and interest due.6 Other domestic sectors comprise: non-monetary financial institutions, non-financial sector entities, local governmentinstitutions and social insurance funds.

* 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 figures.

Source: NBP’s figures.

13


2


individuals financed mainly housing purposes, their growth in the fourth quarter of 2003reached PLN 2.7 billion. Growth in housing loans accounted for 81.6% of the total growth inloans for households in the discussed period. Reflecting the narrowing gap of interest ratescharged on housing loans in foreign currencies and in the zloty and as a result of exchange ratefluctuations, the zloty loans were growing at higher rates in the last months of the year. Whatfuelled the higher demand for housing loans was a clear revival on the housing market primarilydue to concerns about the increase in the prices of flats with the accession of Poland to the UE(e.g. forecast of increasing the VAT rate on construction materials) and lower price and wideravailability of the housing loan.

Following the stabilisation in the first half of the year, the annualised growth rate ofhousehold loans had been on a steady increase in the individual months of the year to reach 13.6%in December.

Since March 2003, the share of non-financial corporations credit in the total structure ofcredit has been steadily, though slowly, decreasing to reach 49.5% at the end of December. In thediscussed period, the debt of this sector from credits, loans and other liabilities in the bankingsector declined by PLN 2.9 billion (2.2%) reflecting the decline in the foreign currency loans by PLN2.3 billion (5.3%) and zloty loans by PLN 0.6 billion (0.7%). In the discussed period the influenceof exchange rate fluctuations on the trends in foreign currency loans was small, exclusive of thosefluctuations the foreign currency loans would decline by PLN 2.0 billion. In the individual monthsof the fourth quarter of 2003 the annualised growth of non-financial corporations’ credit run at alow level to reach 3.0% in December.

The reasons behind the stagnation of this sector included e.g. the fact that viable companiesfinanced their current business to a significant extent from their own funds and the non-viable onesdid the same with their liabilities towards the contractors. The non-viable entities declared moredemand for gaining loans to finance investment. Due to the tightening requirements of banks withreference to credit worthiness those enterprises were rejected access to lending.

2.2.2. Credit to central government net

Contrary to the third quarter of 2003, credit to central government net was the main moneyabsorbing factor. At the end of December 2003 the credit to central government net reached PLN70.1 billion, i.e. during the discussed period it declined by PLN 4.3 billion (5.8%). This decreaseresulted from:

• the decline in claims related to debt securities by PLN 3.1 billion (3.5%) accompanied by thegrowth in those related to loans by PLN 2.2 billion (125.6%) (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%).

Figure 2.2.1. Comparison of twelve-month dynamics of growth of foreign currencyand zloty loans

Zloty

%

-5

0

5

10

15

20

25

30

35

40

XIIXIXIXVIIIVIIVIVIVIIIIIIXIIXIXIXVIIIVIIVIVIVIIIIII

Currency

2002 2003


14

2


The decisive effect on the credit to central government net was exerted by the growth inthe value of funds placed in the central government deposits with the NBP. The highest growthwas reported in October and in November 2003 due to placing by the Ministry of Finance oflarge funds in the zloty deposits with the agreed maturity. In contrast, December saw a declinein the value of deposits, which is typical of this month, primarily due to the termination of zlotydeposits by the government.

The primary factor which fuelled the augmentation in the credit to central government netwas the increase in the banks’ syndicated loan to the Ministry of Economy, Labour and Social Policyfor the Labour Fund. At the same time, the decline by PLN 1.6 billion was seen in the volume ofgovernment debt securities in the banks’ assets , including the decline in bonds by PLN 0.8 billionand also the decline in T-bills by PLN 0.8 billion. At the end of December 2003, the volume of debtsecurities issued by the central government in the banking sector reached PLN 87.3 billion,including PLN 86.9 billion in the portfolio of commercial banks.

2.2.3. External assets net

At the end of December 2003 external assets net of the banking sector reached PLN 135.6billion and they grew by PLN 2.2 billion, i.e. by 1.6% as against September. This growth reflectedthe increase in the external assets by PLN 5.1 billion (2,8%) and the increase in the external liabilitiesby PLN 3.0 billion (6.0%). The growth in the zloty external assets net was under a significantrestrictive influence of the exchange rate fluctuations. Exclusive of this category, the growth wouldhave accounted for PLN 6.9 billion. In USD terms, external assets net reached USD 36.2 billion atthe end of 2003, i.e. grew by USD 2.7 billion (8.1%) in comparison to the end of September 2003.

The fluctuation in the external assets was the result of the increase in this category by 7.4%in commercial banks and by 13.6% at the NBP. Meanwhile, in the fourth quarter of 2003 thefluctuations in the external liabilities of the banking sector were the resultant of the growth inexternal liabilities by 51.5% in commercial banks accompanied by the decline in this category by8.5% at the NBP.

2.2.4. Other items (net)

In the fourth quarter of 2003 the deficit of other items net declined by PLN 6.6 billion, i.e.by 9.8 % to close December with the negative balance of PLN 60.5 billion. The size and directionof 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 declinedby PLN 2.1 billion, i.e. by 5.5% and at the end of December 2003 it reached PLN – 36.3 billion. Thisdecrease resulted mainly from the decline in the “revaluation reserve to cover the effects ofexchange rate fluctuations” resulting from valuation of foreign currency assets and liabilities asexpressed in zloty.

Other elements which contributed to the decline in the negative balance of the other netitems in the fourth quarter of 2003 included the intra- and inter- bank settlements in othermonetary financial institutions which declined by PLN 1.5 billion, i.e. 48.7%, whilst the value oftheir negative balance reached PLN –1.6 billion at the end of December 2003.

2.2.5. Fixed assets of banks

The value of fixed assets of banks (net of financial assets) at the end of 2003 reached PLN30.5 billion, i.e. was up by PLN 0.6 billion (by 2.0%) over the end of the third quarter of 2003. Thedecreasing twelve-month growth rate continued, and reached 4.5% in December.

2.2.6. Longer-term financial liabilities

In the fourth quarter of 2003 the balance of longer-term financial liabilities of the bankingsystem showed no change and at the end of December it reached PLN 105.9 billion. The result

15


2


reflected on the one hand the decline in deposits with the agreed maturity over two years by PLN1.2 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 inOctober, the consecutive months saw the decline in this category, including very significant declinein November – by PLN –1.6 billion, i.e. - 7.1%. At the end of December those deposits reached PLN20.6 billion.

For the first time since October 2003, banks issued debt securities with the agreed maturityover two years, they reached the PLN 0.1 billion at the end of December.

Monetary policy of the central bank

16

3


3Monetary policy of the central bank

3.1. Interest rate

The analysis of situation in the external environment of the Polish economy, tendencies in thereal sphere, in the sector of public finance and money supply, loan and interest rate, as well as thetendencies in inflation expectations and inflation forecasts pointed to no premises to lower the baseinterest rates. Therefore, in the fourth quarter of 2003, as in the third quarter, the Monetary PolicyCouncil 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-financialcorporations in the fourth quarter of 2003 showed no material change. This was directlyattributable 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 interestrate on non-financial corporations’ deposits increased by 0.2 pct point.

The average interest rates on zloty consumers’, housing loans and loans for farming purposesshowed practically no change. In comparison to the third quarter of 2003, the average growth by0.2 pct point occurred in the interest rate on loans for non-financial corporations and forentrepreneurs. The most significant change occurred in the category of the remaining loans whoseinterest rates were on average lower by 0.6 pct point.

It must be explained that the time series of interest rates on zloty loans for the period asfrom December 2002 to the end of 2003 was reviewed. Previously, the information on theaverage weighted interest rate on loans was prepared on the basis of data applying to theinterest rates quoted by banks, i.e. the starting interest rates for the process of negotiationswith the customer. The reviewed series was prepared on the basis of information whichincluded the interests rates agreed for representative products. The verified interest rates refer

Figure 3.1.1. Changes in interest rates and in inflation*

Rediscount rate

2003

Minimum yield on 14-day open market operations

Lombard rate

Consumer price index

0

2

4

6

8

10

12

14

XIIXIXIXVIIIVIIVIVIVIIIIIIXIIXIXIXVIIIVIIVIVIVIIIIII

2002

%

* Commencing on 1.2003, the basic open market operations with the 14-day maturity.

17


3


to those customers who were not classified by the bank to the group of increased-riskborrowers. The fluctuations of the average weighted interest rate in both perspectives showthat both of the time series consistently reflect the banking system response to the changes inthe central interest rates at the NBP.

3.2. Reserve requirement

On September 30th, 2003, the Monetary Policy Council adopted the resolution No. 14/2003on the change in the reserve requirement for banks from 4.5% to 3.5%. The resolution came intoforce as of October 1st, 2003 and was applied starting from the required reserve subject tomaintaining until October 30th, 2003.

Under the new provision of the NBP Act, since September 30th, 2003 the banks maydepreciate 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 solutionsadopted in the eurozone. The reasons for the implemented changes included the increased liquidityof the banking sector along with the increase in the sector’s competitiveness.

3.3. Foreign exchange rates

In the fourth quarter of 2003 the average monthly PLN/USD rate at the NBP fluctuatedfrom 3.7879 PLN/1 USD in December to 3.9488 PLN/1 USD in November. The average ratefluctuated in the band from 4.0373 PLN/1 USD on November 4th, 2003 to 3.7373 PLN/1 USDon December 22nd, 2003.

The average monthly exchange rate of the zloty to the euro fluctuated from 4.5895 PLN/1EUR in October to 4.6547 PLN/1 EUR in December. Over the analysed period, the EUR ratefluctuated from 4.5084 PLN/1 EUR on October 13th, 2003 to 4.7170 PLN/1 EUR on December31st, 2003.

In the discussed period, as it was in the third quarter, the PLN/USD and PLN/EUR ratesignificantly reflected the development on the international currencies market, especially onthe Eurodollar one. The ratio of the average dollar rate to the average euro rate fluctuatedfrom 1.1422 USD/EUR on the days of November 7th–9th, 2003 to 1.2611 USD/EUR onDecember 31st, 2003. The ratio USD/EUR reported on the last day of the year constituted arecord-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 1.2290 – the highest

Figure 3.3.1. Average PLN against USD and EUR exchange rates and USD/EUR rate in thefourth quarter of 2003

NBP average PLN/USD exchane rate (fixing) NBP average PLN/EUR exchange rate (fixing) USD/EUR (right axis)

3.73.83.94.04.14.24.34.44.54.64.74.8

1.071.091.111.131.151.171.191.211.231.251.27

30.1

2

27.1

2

24.1

2

21.1

2

18.1

2

15.1

2

12.1

2

9.12

6.12

3.12

30.1

1

27.1

1

24.1

1

21.1

1

18.1

1

15.1

1

12.1

1

9.11

6.11

3.11

31.1

28.1

25.1

22.1

19.1

16.1

13.1

10.17.1

4.1

1.1

PLN USD/EUR


18

3


level during the last five years. The dollar to the euro rate reflected primarily the developmentin the American and European economies. The economic situation in the USA deteriorateddue to, e.g. growing deficit in the current account. By contrast, in the discussed period theEuropean economy featured improvement in economic situation which came to be seenparticularly in the German economy.

The investors’ concerns about the condition of the Polish system of public finance were anadditional factor adversely affecting the Polish foreign currency market.

3.4. Primary T-bill market

The fourth quarter of 2003 saw 13 tenders for T-bills, including 5 in October, 4 in Novemberand 4 in December. The total nominal value of bonds for sale reached PLN 17,200.0 million. Thebonds 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 billsof 2-, 3-, 6-, 8- 26- 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 shareaccounting 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 millionand in each individual month exceeded the value of bonds offered for sale nearly twofold. Thedemand for bonds of 52-week maturity fluctuated from 50.9% of the total demand declared at thesales in October to 100.0% in November.

Figure 3.4.1. Offer for sale, demand declared by bidders and the sales of Treasury billsat tenders in 2003

Bills offered for sale

million PLN

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,000

4.6

4.8

5.0

5.2

5.4

5.6

5.8

6.0

6.2


Demand declared by bidders

Sales of bills Yield on T-bills (right axis)

Figure 3.4.2. Sales of treasury bills at tenders in 2003 by instruments

10-week

million PLN

13-week 52-week

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


26-week

19


3


Overall, in the fourth quarter of 2003 the volume of bonds sold at their nominal valuereached PLN 17,200.0 million, i.e. 100.0% of the bonds offered for sale. The nominal value ofindividual bill types was as follows

– 10-week bills – PLN 3,500.0 million

– 13-week bills – PLN 300.0 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 salefluctuated from 5.27% in October to 6.12% in December and at the end of December it was up by1.15 pct point over the end of the third quarter of 2003. The highest yield, - 6.14% - was providedto investors by 52-week bills purchased in December.

In the fourth quarter of 2003 the volume of T-bills sold at tenders and outstanding fluctuatedfrom PLN 46,476.2 million in October to PLN 45,605.5 million in December. The level at the endof December increased by PLN 3,759.0 million in comparison to the end of September 2003.

3.5. Open market operations

The fourth quarter of 2003 saw 13 tenders for money T-bills, including 5 in October, 4 inNovember and 4 in December. Bills of 14-day maturities were offered for sale, their total nominalvalue amounted to PLN 38,000.0 million.

In the period discussed the demand declared by investors totalled PLN 68,376.7 million. Eachmonth, it by far exceeded the sale offer. Overall in the fourth quarter of 2003 the sale of bills at thenominal prices was PLN 35,600.0 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 stoodat a stable level of 5.25%.

At the end of the fourth quarter of 2003 the volume of money bills from tender andoutstanding reached PLN 5,987.8 million, i.e. went down by PLN 2,494.9 million over the end ofthe third quarter 2003.

Figure 3.5.1. Offer for sale, demand declared by bidders and the sales as well as the yieldon 14-day NBP money-market bills in 2003 (at the nominal value)

Bills offered for sale

million PLN

Demand declared by bidders

Sale of bills

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

5.0

5.5

6.0

6.5

7.0


Yield on NBP bills (right axis)

%

2003

Principal decisions of the Monetary Policy Council

20

4


4Principal decisions of the Monetary Policy Council

1. resolution No. 17/2003 of December 16th, 2003 on the principles of establishing anddissolution of reserves for covering the risk of the exchange rate of the zloty to foreigncurrencies at the National Bank of Poland.

21

Balance of payment on a cash basis – information

5


5Balance of payment on cash basis – information

In this issue of NBP’s Information Bulletin the data on the monthly balance of payments ona cash basis were published for the last time.

In 2003 the National Bank of Poland launched compiling the monthly balance of paymentson a transaction basis. Publishing the quarterly balance of payments brings the NBP into conformitywith the standards of balance of payments statistics in force in the Member States of the EuropeanUnion. The NBP’s web site presents quarterly balances of payments beginning from the first quarterof 2000. The quarterly balances of payments will be compiled a quarter after closing the reportingperiod. Meanwhile, the comments on a quarterly balance of payments will be published fivemonths from closing the reporting period. Textual information referring to data of the fourthquarter 2003 will be published in the Information Bulletin 3/04.

6Statistical Appendix

22

Statistical Appendix


6

Statistical Appendix – Tables

INFORMATION BULLETIN – 12/2003 23

Table 1. Basic Economic Data

currentprices

the samemonth

previous year= 100

previousmonth= 100

constant prices

%million zloty %

currentprices

the samemonth

previous year= 100

previousmonth= 100

constant prices

%million zloty %

the samemonth

previous year= 100

previousmonth= 100

%

the same monthprevious year = 100

previousmonth = 100

% %%

Decemberprevious year

= 100

%1 2 3 4 5 6 7 8

1. Industrial output

Period

4. Producer Price Index2. Construction output 3. Consumer Price Index

9 10 11

27,892.8 94.9 89.1 2,322.2 104.0 45.2 106.9 101.5 101.5 103.9 100.427,991.9 94.4 99.6 2,477.5 96.9 105.7 105.6 100.6 102.1 103.7 100.634,280.9 103.5 122.0 2,970.8 101.1 119.0 106.2 101.0 103.1 104.7 101.131,995.2 100.3 93.0 3,292.5 102.5 109.9 106.3 100.8 103.9 105.0 100.632,608.1 102.3 101.3 3,669.4 104.2 110.8 106.4 100.7 104.6 105.2 100.532,555.4 101.0 100.0 4,035.9 104.9 109.6 106.5 100.2 104.8 105.2 100.132,126.2 101.5 98.1 4,027.4 99.5 99.3 106.3 99.7 104.5 105.5 100.533,812.7 107.4 104.9 4,311.1 104.2 106.3 107.2 100.6 105.1 105.9 100.937,128.9 108.9 109.5 4,733.2 105.2 108.8 108.0 101.4 106.6 106.2 100.937,468.8 109.2 100.3 4,979.6 99.8 104.3 108.7 101.1 107.8 106.8 100.837,542.9 115.9 99.1 4,106.4 105.9 81.8 109.2 100.9 108.8 107.5 100.740,167.0 119.1 105.7 6,191.7 112.3 149.3 109.8 100.9 109.8 108.1 100.631,523.7 107.9 81.0 2,442.6 104.5 42.3 110.1 101.8 101.8 108.2 100.534,121.7 116.3 107.2 2,621.8 105.5 106.6 110.4 100.9 102.7 108.1 100.538,063.8 106.8 111.5 3,108.9 104.3 117.7 110.3 100.9 103.6 107.3 100.435,222.9 105.5 91.9 3,138.5 94.7 100.2 109.8 100.4 104.0 107.4 100.738,147.5 112.3 107.9 3,691.8 99.3 116.6 110.0 100.7 104.7 107.9 100.938,995.1 113.5 101.3 4,149.5 101.1 111.4 110.2 100.8 105.5 108.9 101.036,453.7 107.8 93.1 3,975.0 97.0 95.3 111.6 100.7 106.2 109.0 100.638,894.6 109.3 106.1 4,279.5 97.8 107.0 110.7 99.7 105.9 108.4 100.441,133.7 105.0 105.0 4,588.2 96.2 106.9 110.3 101.0 107.0 108.3 100.842,205.6 107.2 102.2 4,914.8 98.3 106.5 109.9 100.8 107.8 108.0 100.640,995.9 104.6 96.7 4,065.7 98.7 82.2 109.3 100.4 108.2 107.2 100.040,458.2 97.8 98.6 5,758.1 93.1 140.3 108.5 100.2 108.5 105.6 99.136,606.7 110.7 91.7 2,354.0 90.2 40.7 107.4 100.8 100.8 104.7 99.735,592.6 100.0 96.1 2,539.6 90.9 107.4 106.6 100.1 100.9 104.1 99.940,834.6 103.2 114.7 3,016.5 91.4 118.2 106.2 100.5 101.4 103.8 100.237,800.2 103.8 92.4 2,938.7 89.2 97.1 106.6 100.8 102.2 103.4 100.238,829.2 99.6 103.0 3,404.8 88.1 115.3 106.9 101.1 103.3 102.3 100.037,428.3 95.3 96.8 3,877.1 89.9 113.7 106.2 99.9 103.2 100.9 99.637,171.9 101.5 99.0 3,694.9 89.6 95.0 105.2 99.7 102.8 100.6 100.339,539.8 100.9 105.7 3,806.9 86.0 102.7 105.1 99.7 102.5 100.1 100.839,873.3 96.3 100.3 4,216.8 89.0 110.7 104.3 100.3 102.8 100.7 100.542,786.1 1,018.0 107.8 4,561.8 90.0 107.8 104.0 100.4 103.2 99.5 99.440,362.3 99.0 94.5 3,764.6 90.2 82.3 103.6 100.1 103.3 99.0 99.438,682.0 95.2 95.7 5,268.2 89.4 139.6 103.6 100.2 103.6 99.6 99.736,693.1 98.6 95.0 1,887.7 78.7 35.8 103.4 100.8 100.8 100.0 100.135,906.7 100.2 97.7 2,230.5 86.4 118.2 103.5 100.1 101.0 100.2 100.239,807.4 96.9 110.8 2,634.8 85.6 117.9 103.3 100.2 101.2 100.3 100.238,089.6 100.3 95.6 2,803.1 93.8 106.3 103.0 100.5 101.7 100.4 100.337,429.1 95.8 98.3 3,119.8 90.6 111.6 101.9 99.8 101.5 100.5 100.138,648.2 102.1 103.2 3,412.1 86.9 109.1 101.6 99.6 101.1 101.2 100.239,832.0 105.7 102.6 3,597.4 96.0 105.2 101.3 99.5 100.6 101.7 100.839,581.5 98.9 98.8 3,540.9 92.0 98.4 101.2 99.6 100.2 101.3 100.442,875.1 106.6 108.1 3,993.7 93.9 112.9 101.3 100.3 100.6 101.1 100.344,839.6 103.2 104.4 4,190.2 91.2 105.0 101.1 100.3 100.9 101.7 100.042,187.8 103.1 94.4 3,461.8 91.4 82.8 100.9 99.9 100.8 101.7 99.541,461.1 105.2 97.5 4,738.4 89.6 137.1 100.8 100.1 100.8 102.2 100.138,831.3 103.3 93.3 1,673.4 89.1 35.5 100.5 100.4 100.4 102.5 100.438,514.8 104.3 98.6 1,682.6 76.0 100.7 100.5 100.1 100.5 102.9 100.643,309.3 105.5 112.1 1,950.9 74.7 116.1 100.6 100.3 100.8 103.6 100.942,274.5 108.5 98.4 2,396.0 86.5 123.0 100.3 100.2 101.0 102.7 99.442,433.2 111.7 101.3 2,879.5 93.1 120.2 100.4 100.0 101.0 102.0 99.442,349.4 107.9 99.6 3,339.2 98.8 115.9 100.8 99.9 100.8 102.0 100.344,614.4 110.3 104.8 3,614.4 101.7 108.3 100.8 99.6 100.5 101.9 100.742,507.5 105.9 94.9 3,394.1 97.0 94.0 100.7 99.6 100.1 101.8 100.348,301.1 110.9 113.2 3,793.7 96.2 112.0 100.9 100.5 100.6 102.1 100.551,429.6 112.1 105.5 3,932.1 95.1 103.8 101.3 100.6 101.2 102.7 100.747,613.5 109.2 91.9 3,241.9 95.0 82.6 101.6 100.3 101.5 103.7 100.448,607.4 114.0 101.9 4,643.1 99.4 143.3 101.7 100.2 101.7 103.7 100.1

I 1999IIIIIIVVVIVIIVIIIIXXXIXII





6.1. Tables

24

6



Table 1. Basic Economic Data, cont.

previous month= 100

7. Averageemployment,

corporate sectortotal

9.Unemploy-ment rate

109.9 101.7 6,010.0 5,835.0 2,046.8 11.4 1,596.96 9,481.6 11,940.1 -2,484.1109.4 100.9 5,998.0 5,818.0 2,146.6 11.9 1,625.95 17,334.6 24,606.3 -7,381.5109.0 100.7 5,988.0 5,808.0 2,170.4 12.1 1,741.60 27,747.8 36,467.0 -9,464.2108.6 100.5 5,983.0 5,799.0 2,122.2 11.8 1,779.84 37,769.6 46,732.6 -9,718.3108.4 100.6 5,964.0 5,779.0 2,073.1 11.6 1,766.66 46,828.1 57,043.4 -11,047.3108.1 100.3 5,960.0 5,771.0 2,074.0 11.6 1,826.60 56,532.9 67,852.9 -12,187.8107.8 100.3 5,936.0 5,748.0 2,116.4 11.8 1,852.47 65,848.7 78,392.6 -13,110.6107.8 100.6 5,935.0 5,747.0 2,143.6 11.9 1,823.29 76,798.7 88,937.2 -12,767.8108.2 100.9 5,926.0 5,735.0 2,177.8 12.1 1,874.91 88,965.3 100,235.3 -12,906.8108.3 100.7 5,938.0 5,738.0 2,186.8 12.2 1,881.13 100,585.7 112,643.6 -13,593.7108.6 100.6 5,908.0 5,723.0 2,257.3 12.5 1,946.14 112,409.5 124,492.9 -13,604.2108.9 100.8 5,846.0 5,679.0 2,349.8 13.1 2,186.03 125,922.2 138,401.2 -13,627.3107.7 100.6 5,480.0 5,319.0 2,476.1 13.7 1,882.38 10,914.1 12,038.6 -1,183.4107.5 100.6 5,477.0 5,316.0 2,525.8 14.0 1,926.10 20,240.9 24,992.2 -4,819.9107.7 100.9 5,471.0 5,308.0 2,531.7 14.0 1,992.35 30,949.7 37,877.1 -5,650.5108.3 101.1 5,464.0 5,301.0 2,487.9 13.8 2,067.25 40,954.2 49,737.2 -7,513.4108.4 100.7 5,462.0 5,292.0 2,445.4 13.6 1,987.94 51,761.7 61,809.1 -8,834.4108.8 100.7 5,463.0 5,295.0 2,437.4 13.6 2,049.04 64,244.2 74,894.4 -9,517.1108.9 100.4 5,449.0 5,284.0 2,477.6 13.8 2,035.55 74,819.6 86,109.9 -11,093.3108.7 100.5 5,434.0 5,271.0 2,496.2 13.9 2,051.17 86,171.7 99,173.8 -12,945.7108.1 100.2 5,438.0 5,270.0 2,528.8 14.0 2,088.31 97,880.7 111,922.6 -15,321.8107.8 100.5 5,444.0 5,274.0 2,547.7 14.1 2,088.54 110,430.9 125,951.5 -20,419.0107.6 100.4 5,410.0 5,247.0 2,613.1 14.5 2,160.45 122,958.6 137,855.9 -19,743.6106.9 100.2 5,337.0 5,199.0 2,702.6 15.1 2,350.12 135,663.9 151,054.9 -20,410.8106.8 100.4 5,349.0 5,184.0 2,835.6 15.7 2,069.29 11,590.9 16,683.4 -4,279.4106.5 100.5 5,359.0 5,189.0 2,876.9 15.9 2,074.91 20,962.0 32,941.4 -9,503.7105.8 100.2 5,341.0 5,170.0 2,898.7 16.1 2,149.13 31,623.1 46,615.6 -13,019.0105.0 100.3 5,326.0 5,156.0 2,878.0 16.0 2,175.55 42,510.4 60,792.3 -17,176.6104.4 100.3 5,309.0 5,135.0 2,841.1 15.9 2,163.44 52,643.1 73,027.2 -19,270.4103.9 100.1 5,296.0 5,121.0 2,849.2 15.9 2,148.44 67,729.7 86,535.2 -17,818.6103.6 100.1 5,274.0 5,097.0 2,871.5 16.0 2,198.50 78,963.7 98,279.3 -18,791.4103.4 100.2 5,248.0 5,074.0 2,892.6 17.9 2,192.41 90,330.9 111,262.5 -20,386.4103.2 100.1 5,233.0 5,060.0 2,920.4 18.1 2,217.55 102,775.5 124,640.5 -23,441.1102.8 100.1 5,221.0 5,044.0 2,944.3 18.2 2,252.16 115,520.0 140,259.4 -25,959.0102.3 99.9 5,188.0 5,020.0 3,022.4 18.7 2,302.46 127,819.4 155,470.0 -38,849.1102.3 100.1 5,094.0 4,952.0 3,115.1 19.4 2,474.11 140,526.9 172,885.2 -43,670.8102.2 100.2 5,118.0 4,940.0 3,253.3 20.1 2,187.76 10,250.3 17,213.5 -7,020.7102.0 100.2 5,112.0 4,931.0 3,277.9 20.2 2,189.14 20,997.9 34,665.6 -13,723.9102.0 100.2 5,105.0 4,924.0 3,259.9 20.1 2,252.19 31,275.3 47,712.1 -16,892.6101.7 100.1 5,089.0 4,907.0 3,203.6 19.9 2,226.45 43,373.3 63,284.1 -18,102.0101.2 99.8 5,080.0 4,896.0 3,064.6 19.2 2,254.83 53,537.9 76,522.4 -21,216.6101.3 100.2 5,078.0 4,898.0 3,090.9 19.4 2,232.05 65,111.0 90,033.5 -23,179.0101.3 100.1 5,064.0 4,883.0 3,105.3 19.4 2,288.90 79,833.1 105,429.9 -21,641.5101.1 100.0 5,055.0 4,876.0 3,105.6 19.5 2,252.72 91,929.9 119,209.5 -23,320.3100.8 99.9 5,049.0 4,864.0 3,112.6 19.5 2,301.92 104,392.2 133,538.9 -25,901.0100.7 99.9 5,054.0 4,870.0 3,108.1 19.5 2,263.31 117,520.4 151,577.4 -30,733.6100.6 99.8 5,042.0 4,862.0 3,150.8 19.7 2,343.45 130,473.9 167,546.7 -33,724.4100.4 99.9 4,999.0 4,839.0 3,217.0 20.0 2,532.41 143,519.8 182,922.4 -35,954.699.7 99.5 4,917.0 4,736.0 3,320.6 20.6 2,246.51 11,665.3 15,704.3 -4,128.399.4 99.9 4,925.0 4,741.0 3,344.2 20.7 2,235.54 22,254.6 33,891.4 -9,403.399.1 99.9 4,915.0 4,728.0 3,321.0 20.6 2,267.57 33,396.9 48,827.0 -13,258.498.9 99.9 4,912.0 4,726.0 3,246.1 20.3 2,320.68 46,475.0 64,429.0 -15,737.599.2 100.0 4,914.0 4,723.0 3,159.6 19.8 2,254.40 56,710.3 79,927.9 -21,191.799.0 100.1 4,915.0 4,722.0 3,134.6 19.7 2,301.00 71,903.3 95,721.7 -22,021.398.8 99.9 4,914.0 4,722.0 3,123.0 19.6 2,342.71 84,531.6 112,168.7 -24,950.098.8 99.9 4,906.0 4,718.0 3,099.1 19.5 2,295.08 96,295.1 125,857.4 -26,955.898.7 99.8 4,904.0 4,711.0 3,073.3 19.4 2,353.11 109,297.0 142,383.1 -33,878.198.6 99.8 4,905.0 4,715.0 3,058.2 19.3 2,331.08 123,345.2 158,173.6 -32,128.498.6 99.8 4,884.0 4,701.0 3,096.9 19.5 2,439.59 137,323.4 172,805.2 -32,038.698.6 99.9 4,827.0 4,671.0 3,175.7 20.0 2,662.21 152,660.1 189,177.0 -30,555.3






% thousandsthousands thousands

expenditure

million zloty million zlotyzloty12 13 14 15 16 17 18 19 20 21

financialsurplus/deficit

and net foreignlending/

borrowing

8. Numberof unem-ployed

11. National Budget revenue& expenditure

revenue

10. Averagemonthly employee

earnings, gross,corporate sector

%

the same monthprevious year = 100

5. Construction Price Index

Period

million zloty%

6. Numberof employed,

corporatesector total

6



Table 1. Basic Economic Data, cont.

million zloty million zloty million zlotymillion zloty million zloty million zloty %

accountsreceivable

andassociated

claims

total currentassets

revenues

total total

accountspayable

operating costs

million zloty million zloty%22 23 24 25 26 27 28 29 31

Periodstatutory

deductionsnet

profit/losscost to

sales rationet

marginquick

liquidityratio

32 33 34

. . . . . . . . . . . . .

. . . . . . . . . . . . .176,347.3 107,842.3 177,674.6 109,828.0 1,744.6 2,574.8 -830.2 99.1 -0.5 80.6 219,281.3 92,272.8 85,012.0

. . . . . . . . . . . . .

. . . . . . . . . . . . .372,693.2 229,190.7 367,144.9 230,800.9 5,850.2 5,193.3 656.9 98.5 0.2 78.4 226,993.7 96,518.7 90,438.3

. . . . . . . . . . . . .

. . . . . . . . . . . . .581,225.9 351,868.5 573,687.1 358,541.9 8,013.7 7,765.2 248.6 98.7 . 78.1 243,100.9 103,968.5 97,785.4

. . . . . . . . . . . . .

. . . . . . . . . . . . .822,912.1 497,206.4 815,201.6 507,095.9 8,798.4 10,414.4 -1,616.0 99.1 -0.2 74.8 256,019.1 107,347.6 111,435.3

. . . . . . . . . . . . .

. . . . . . . . . . . . .206,510.6 125,985.3 202,204.9 127,401.8 4,377.5 2,859.3 1,518.2 97.9 0.7 77.8 256,580.1 108,673.3 103,251.6

. . . . . . . . . . . . .

. . . . . . . . . . . . .441,689.9 269,216.2 433,635.8 272,829.1 8,175.2 5,421.9 2,753.3 98.2 0.6 78.3 273,409.9 118,344.0 109,628.8

. . . . . . . . . . . . .

. . . . . . . . . . . . .684,446.9 415,996.9 669,617.7 421,599.8 14,952.7 8,559.6 6,393.1 97.8 0.9 79.7 288,270.2 124,080.1 113,545.2

. . . . . . . . . . . . .

. . . . . . . . . . . . .952,520.3 571,044.5 934,392.2 584,134.6 18,376.9 12,159.9 6,217.1 98.1 0.7 74.3 292,251.6 123,986.1 123,702.5

. . . . . . . . . . . . .

. . . . . . . . . . . . .221,130.7 135,618.7 218,496.8 139,156.2 2,619.6 2,635.3 -15.8 98.8 0.0 76.6 283,789.8 117,504.3 109,061.3

. . . . . . . . . . . . .

. . . . . . . . . . . . .456,350.9 276,328.3 450,594.6 285,439.9 5,828.8 4,810.6 1,018.1 98.7 0.2 76.3 286,623.0 120,454.6 112,427.4

. . . . . . . . . . . . .

. . . . . . . . . . . . .698,138.3 420,351.7 688,328.2 432,779.5 9,866.3 7,176.8 2,689.4 98.6 0.4 78.0 295,390.5 126,887.5 117,368.4

. . . . . . . . . . . . .

. . . . . . . . . . . . .965,074.6 575,511.2 958,785.7 595,100.2 6,366.4 8,919.8 -2,553.3 99.3 -0.3 76.6 297,066.2 125,455.5 123,974.5

. . . . . . . . . . . . .

. . . . . . . . . . . . .220,773.3 137,058.1 216,281.6 140,027.9 4,518.0 2,793.7 1,724.3 98.0 0.8 74.9 273,779.5 121,534.4 113,406.6

. . . . . . . . . . . . .

. . . . . . . . . . . . .450,644.6 278,344.4 444,348.6 285,486.3 6,358.1 4,812.1 1,546.0 98.6 0.3 76.4 281,188.6 125,627.9 118,113.2

. . . . . . . . . . . . .

. . . . . . . . . . . . .694,332.2 429,305.1 683,926.8 438,645.5 10,553.7 7,436.9 3,116.8 98.5 0.4 77.3 285,790.8 127,988.6 121,472.8

. . . . . . . . . . . . .

. . . . . . . . . . . . .962,823.6 591,916.6 955,745.3 606,689.0 7,312.4 9,271.8 -1,959.5 99.3 -0.2 72.9 290,409.0 126,997.6 130,520.7

. . . . . . . . . . . . .

. . . . . . . . . . . . .238,766.1 146,682.1 232,450.8 147,184.9 6,306.9 3,158.9 3,147.9 97.4 1.3 79.2 291,610.1 128,899.0 124,094.4

. . . . . . . . . . . . .

. . . . . . . . . . . . .499,547.4 306,422.2 484,495.6 307,899.8 15,047.2 6,241.2 8,806.0 97.0 1.8 80.5 298,815.2 132,956.6 127,879.1

. . . . . . . . . . . . .

. . . . . . . . . . . . .775,051.3 474,852.4 750,475.6 476,880.3 24,576.2 9,443.1 15,133.1 96.8 2.0 84.4 309,281.4 137,017.3 131,710.5

. . . . . . . . . . . . .

. . . . . . . . . . . . .1,080,601.7 659,087.0 1,050,716.7 661,952.8 30,176.0 12,188.5 17,987.4 97.2 1.7 84.3 317,484.5 136,146.8 139,772.5






million zloty

12. Corporate financial performance

of which:sales ofgoods

& services

of which:cost of sales

pre-taxprofit/loss

%30

million zloty

26

6



Table 2. Financial Market – Basic Information

% % %% % % % million zlotymillion zloty1 2 3 4 5 6 7 8 10

Perioddemand time time

Total

11 12million zloty

Rediscountrate Deposit rate

%9

%

17.0 15.5 17,0/18,0 . 13.0 20.0 11.0 5.0 5.0 21,271.1 19,157.8 2,113.417.0 15.5 17,0/18,0 . 13.0 20.0 11.0 5.0 5.0 22,314.1 20,124.9 2,189.217.0 15.5 17,0/18,0 . 13.0 20.0 11.0 5.0 5.0 23,623.9 21,381.9 2,242.017.0 15.5 17,0/18,0 . 13.0 20.0 11.0 5.0 5.0 23,881.4 21,597.2 2,284.217.0 15.5 17,0/18,0 . 13.0 20.0 11.0 5.0 5.0 24,083.8 21,774.9 2,308.817.0 15.5 17,0/18,0 . 13.0 20.0 11.0 5.0 5.0 23,942.3 21,644.7 2,297.617.0 15.5 17,0/18,0 . 13.0 20.0 11.0 5.0 5.0 23,942.3 21,644.7 2,297.617.0 15.5 17,0/18,0 . 13.0 20.0 11.0 5.0 5.0 24,554.7 22,213.8 2,340.817.0 15.5 17,0/18,0 . 14.0 5.0 5.0 5.0 5.0 9,956.0 8,972.8 983.217.0 15.5 17,0/18,0 . 14.0 5.0 5.0 5.0 5.0 9,956.0 8,972.8 983.220.5 19.0 20,5/21,5 . 16.5 5.0 5.0 5.0 5.0 10,076.2 9,074.0 1,002.220.5 19.0 20,5/21,5 . 16.5 5.0 5.0 5.0 5.0 10,076.2 9,074.0 1,002.220.5 19.0 20,5/21,5 . 16.5 5.0 5.0 5.0 5.0 10,631.9 9,569.5 1,062.321.5 20.0 21,5/22,5 . 17.5 5.0 5.0 5.0 5.0 10,512.1 9,457.9 1,054.221.5 20.0 21,5/22,5 . 17.5 5.0 5.0 5.0 5.0 10,568.3 9,508.3 1,059.921.5 20.0 21,5/22,5 . 17.5 5.0 5.0 5.0 5.0 10,568.3 9,508.3 1,059.921.5 20.0 21,5/22,5 . 17.5 5.0 5.0 5.0 5.0 10,842.2 9,752.4 1,089.821.5 20.0 21,5/22,5 . 17.5 5.0 5.0 5.0 5.0 11,370.9 10,259.1 1,111.721.5 20.0 21,5/22,5 . 17.5 5.0 5.0 5.0 5.0 11,633.6 10,497.7 1,135.923.0 21.5 23,0/24,0 . 19.0 5.0 5.0 5.0 5.0 11,740.6 10,594.6 1,146.023.0 21.5 23,0/24,0 . 19.0 5.0 5.0 5.0 5.0 11,740.6 10,594.6 1,146.023.0 21.5 23,0/24,0 . 19.0 5.0 5.0 5.0 5.0 11,939.9 10,770.5 1,169.423.0 21.5 23,0/24,0 . 19.0 5.0 5.0 5.0 5.0 12,240.3 11,030.9 1,209.423.0 21.5 23,0/24,0 . 19.0 5.0 5.0 5.0 5.0 12,240.3 11,030.9 1,209.423.0 21.5 23,0/24,0 . 19.0 5.0 5.0 5.0 5.0 11,737.2 10,504.6 1,232.623.0 21.5 23,0/24,0 . 19.0 5.0 5.0 5.0 5.0 11,735.9 10,505.7 1,230.221.0 19.5 21,0/22,0 . 17.0 5.0 5.0 5.0 5.0 11,735.9 10,505.7 1,230.221.0 19.5 21,0/22,0 . 17.0 5.0 5.0 5.0 5.0 12,083.0 10,816.2 1,266.821.0 19.5 21,0/22,0 . 17.0 5.0 5.0 5.0 5.0 12,229.7 10,947.7 1,282.019.5 18.0 19,5/20,5 . 15.5 5.0 5.0 5.0 5.0 12,229.7 10,947.7 1,282.019.5 18.0 19,5/20,5 . 15.5 5.0 5.0 5.0 5.0 12,460.7 11,157.1 1,303.618.5 17.0 18,5/19,5 . 14.5 5.0 5.0 5.0 5.0 12,726.8 11,404.4 1,322.418.5 17.0 18,5/19,5 . 14.5 5.0 5.0 5.0 5.0 12,726.8 11,404.4 1,322.417.0 15.5 17,0/18,0 . 13.0 5.0 5.0 5.0 5.0 13,005.1 11,650.2 1,354.915.5 14.0 15,5/16,5 . 11.5 5.0 5.0 5.0 5.0 13,146.8 11,777.9 1,368.915.5 14.0 15,5/16,5 7.5 11.5 5.0 5.0 5.0 5.0 13,668.4 12,288.6 1,379.813.5 12.0 13,5/14,5 6.5 10.0 5.0 5.0 5.0 5.0 14,500.0 13,111.0 1,388.913.5 12.0 13,5/14,5 6.5 10.0 4.5 4.5 4.5 4.5 13,200.9 13,200.9 . 13.5 12.0 13,5/14,5 6.5 10.0 4.5 4.5 4.5 4.5 13,200.9 13,200.9 . 12.5 11.0 12,5/13,5 6.5 9.5 4.5 4.5 4.5 4.5 12,927.3 12,927.3 . 12.0 10.5 12,0/13,0 6.0 9.0 4.5 4.5 4.5 4.5 12,915.2 12,915.2 . 11.5 10.0 11,5/12,5 5.5 8.5 4.5 4.5 4.5 4.5 12,915.2 12,915.2 . 11.5 10.0 11,5/12,5 5.5 8.5 4.5 4.5 4.5 4.5 13,059.2 13,059.2 . 10.5 9.0 10,5/11,5 5.5 8.0 4.5 4.5 4.5 4.5 13,059.2 13,059.2 . 10.0 8.5 10,0/11,0 5.0 7.5 4.5 4.5 4.5 4.5 13,148.3 13,148.3 .9.0 7.75 9,0/10,0 5.0 7.0 4.5 4.5 4.5 4.5 13,114.6 13,114.6 .

8.75 7.50 8,75/9,75 4.75 6.75 4.5 4.5 4.5 4.5 13,114.6 13,114.6 .8.75 7.50 8,75/9,75 4.75 6.75 4.5 4.5 4.5 4.5 13,038.8 13,038.8 .8.50 7.25 8,50/9,50 4.50 6.50 4.5 4.5 4.5 4.5 13,062.3 13,062.3 .8.00 6.75 8,0/9,0 4.50 6.25 4.5 4.5 4.5 4.5 13,059.0 13,059.0 .7.75 6.50 7,75/8,75 4.25 6.00 4.5 4.5 4.5 4.5 13,073.9 13,073.9 .7.25 6.25 7,25/8,25 4.25 5.75 4.5 4.5 4.5 4.5 13,223.7 13,223.7 .7.00 6.00 7,00/8,00 4.00 5.50 4.5 4.5 4.5 4.5 13,223.7 13,223.7 .6.75 5.75 6,75/7,75 3.75 5.25 4.5 4.5 4.5 4.5 13,197.1 13,197.1 .6.75 5.75 6,75/7,75 3.75 5.25 4.5 4.5 4.5 4.5 13,321.1 13,321.1 .6.75 5.75 6,75/7,75 3.75 5.25 4.5 4.5 4.5 4.5 13,321.1 13,321.1 .6.75 5.75 6,75/7,75 3.75 5.25 4.5 4.5 4.5 4.5 12,483.0 12,483.0 .6.75 5.75 6,75/7,75 3.75 5.25 3.5 3.5 3.5 3.5 9,600.0 9,600.0 0.06.75 5.75 6,75/7,75 3.75 5.25 3.5 3.5 3.5 3.5 9,600.0 9,600.0 0.06.75 5.75 6,75/7,75 3.75 5.25 3.5 3.5 3.5 3.5 10,220.2 10,220.2 0.0






Reserverequirement ratioon zloty depositsLombard

rateRefinancing

rate

1. NBP interest rates

Minimum yieldon 14-day

open marketoperations

(reverse reporate)*

Total required reserves held

of which:

declared vaultcash

currentaccount

2. Reserve requirementReserve requirement ratio

on foreign currency deposits(zloty equivalent)

demand

* 28 -day operation till December 2002 , 14 -day operation from January 2003.

6



Table 2. Financial Market – Basic Information, cont.

million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty

Number oftenders during

month Total2-week 3-week 6-week 8-week 13-week 26-week 39-week 52-week

13 14 15 16 17 18 20 21 22 23

Period

3. Treasury bill tenders

of which:

4 3,600.00 . . . 0.00 . 800.00 600.00 0.00 2,200.004 2,600.00 . . . 200.00 . 500.00 200.00 0.00 1,700.005 6,700.00 . . . 400.00 . 1,200.00 1,200.00 0.00 3,900.004 4,000.00 . . . 0.00 . 900.00 500.00 0.00 2,600.005 3,800.00 . . . 0.00 . 1,000.00 800.00 0.00 2,000.004 2,600.00 . . . 0.00 . 700.00 600.00 0.00 1,300.004 2,400.00 . . . 300.00 . 800.00 600.00 0.00 700.005 2,100.00 . . . 400.00 . 900.00 200.00 0.00 600.004 1,900.00 . . . 0.00 . 800.00 0.00 0.00 1,100.006 6,200.00 1,500.00 . 300.00 600.00 . 800.00 0.00 2,500.00 500.005 7,300.00 0.00 2,800.00 400.00 0.00 . 700.00 1,200.00 0.00 2,200.004 6,350.00 0.00 0.00 1,800.00 600.00 . 1,100.00 1,150.00 0.00 1,700.005 5,300.00 0.00 0.00 0.00 0.00 . 400.00 300.00 0.00 4,600.004 4,000.00 0.00 0.00 0.00 0.00 . 400.00 600.00 0.00 3,000.004 3,600.00 0.00 0.00 0.00 0.00 . 400.00 400.00 0.00 2,800.004 2,700.00 0.00 0.00 0.00 0.00 . 400.00 500.00 0.00 1,800.004 2,400.00 0.00 0.00 0.00 0.00 . 600.00 300.00 0.00 1,500.005 4,400.00 0.00 2,000.00 0.00 0.00 . 400.00 0.00 0.00 2,000.007 6,500.00 1,500.00 2,000.00 0.00 300.00 . 700.00 0.00 0.00 2,000.006 6,600.00 0.00 2,500.00 2,700.00 0.00 . 300.00 200.00 0.00 900.006 7,400.00 4,800.00 1,200.00 0.00 0.00 . 600.00 0.00 0.00 800.004 1,200.00 0.00 0.00 0.00 0.00 . 400.00 0.00 0.00 800.004 1,400.00 0.00 0.00 0.00 0.00 . 100.00 200.00 0.00 1,100.004 1,700.00 0.00 0.00 0.00 0.00 . 300.00 100.00 0.00 1,300.004 4,100.00 0.00 0.00 0.00 0.00 . 300.00 1,000.00 0.00 2,800.004 5,300.00 0.00 0.00 0.00 0.00 . 400.00 900.00 0.00 4,000.004 4,800.00 0.00 0.00 0.00 0.00 . 400.00 1,300.00 0.00 3,100.004 3,300.00 0.00 0.00 0.00 0.00 . 400.00 1,300.00 0.00 1,600.004 3,200.00 0.00 0.00 0.00 0.00 . 300.00 1,300.00 0.00 1,600.005 6,000.00 2,800.00 0.00 0.00 0.00 . 400.00 1,200.00 0.00 1,600.005 2,900.00 0.00 0.00 0.00 0.00 . 500.00 0.00 0.00 2,400.003 2,100.00 0.00 0.00 0.00 0.00 . 500.00 0.00 0.00 1,600.004 3,800.00 0.00 0.00 0.00 100.00 . 500.00 0.00 0.00 3,200.005 5,000.00 0.00 0.00 0.00 100.00 . 300.00 0.00 0.00 4,600.004 3,800.00 0.00 0.00 0.00 0.00 . 0.00 200.00 0.00 3,600.004 5,300.00 0.00 0.00 0.00 0.00 . 300.00 300.00 1,500.00 3,200.004 5,400.00 0.00 0.00 0.00 0.00 . 300.00 100.00 0.00 5,000.004 4,900.00 0.00 0.00 0.00 0.00 . 0.00 1,200.00 0.00 3,700.005 6,100.00 0.00 0.00 0.00 0.00 . 200.00 900.00 0.00 5,000.003 2,700.00 0.00 0.00 0.00 0.00 . 200.00 100.00 0.00 2,400.004 2,800.00 0.00 0.00 0.00 0.00 . 100.00 0.00 0.00 2,700.004 3,000.00 0.00 0.00 0.00 0.00 . 100.00 0.00 0.00 2,900.005 3,000.00 0.00 0.00 0.00 0.00 . 300.00 0.00 0.00 2,700.004 2,400.00 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 2,400.005 5,800.00 0.00 0.00 0.00 0.00 . 200.00 0.00 1,300.00 4,300.004 3,400.00 0.00 0.00 0.00 0.00 . 200.00 0.00 0.00 3,200.004 3,200.00 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 3,200.003 3,100.00 0.00 0.00 0.00 0.00 . 200.00 0.00 0.00 2,900.004 5,200.00 0.00 0.00 0.00 0.00 . 200.00 1,200.00 0.00 3,800.004 4,300.00 0.00 0.00 0.00 0.00 . 0.00 900.00 0.00 3,400.005 5,900.00 0.00 0.00 0.00 0.00 . 200.00 800.00 0.00 4,900.003 3,900.00 0.00 0.00 0.00 0.00 . 900.00 0.00 0.00 3,000.004 3,200.00 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 3,200.005 3,900.00 0.00 0.00 0.00 0.00 . 100.00 0.00 0.00 3,800.004 3,600.00 0.00 0.00 0.00 0.00 . 300.00 0.00 0.00 3,300.004 3,200.00 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 3,200.005 6,600.00 0.00 0.00 0.00 0.00 . 800.00 900.00 0.00 4,900.005 7,500.00 0.00 0.00 0.00 0.00 3,500.00 200.00 0.00 0.00 3,800.004 4,400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,400.004 5,300.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 0.00 5,200.00






Face value of bills offered for sale

million zloty

10-week

19

28

6




million zloty

Total

24million zloty

2-week

25million zloty

3-week

26million zloty

6-week

27million zloty

8-week

28million zloty

13-week

30million zloty

26-week

31million zloty

39-week

32million zloty

52-week

33

of which for:

9,318.95 . . . 0.00 . 1,436.31 1,540.15 0.00 6,342.495,243.20 . . . 382.36 . 945.76 470.14 0.00 3,444.94

14,052.39 . . . 591.57 . 2,416.00 2,419.86 0.00 8,624.969,787.22 . . . 0.00 . 1,953.72 1,599.50 0.00 6,234.007,565.20 . . . 0.00 . 2,015.96 1,502.43 0.00 4,046.815,723.31 . . . 0.00 . 1,221.05 992.52 0.00 3,509.743,167.33 . . . 423.93 . 1,116.55 694.29 0.00 932.563,559.33 . . . 803.61 . 1,897.97 293.56 0.00 564.193,170.72 . . . 0.00 . 2,413.20 0.00 0.00 757.528,449.77 3,397.03 . 662.45 817.78 . 1,252.79 0.00 1,603.56 716.168,557.02 0.00 2,204.72 1,036.36 0.00 . 968.51 1,024.39 0.00 3,323.04

10,652.82 0.00 0.00 1,620.39 760.35 . 674.13 1,807.69 0.00 5,790.2612,321.47 0.00 0.00 0.00 0.00 . 2,188.09 782.74 0.00 9,350.646,936.12 0.00 0.00 0.00 0.00 . 1,157.78 877.96 0.00 4,900.38

11,329.94 0.00 0.00 0.00 0.00 . 1,036.32 1,471.63 0.00 8,821.996,378.69 0.00 0.00 0.00 0.00 . 673.19 1,010.76 0.00 4,694.745,990.69 0.00 0.00 0.00 0.00 . 1,271.72 429.63 0.00 4,289.34

12,120.47 0.00 4,356.18 0.00 0.00 . 1,232.05 0.00 0.00 6,532.2417,070.50 3,432.93 5,476.28 0.00 962.56 . 984.67 0.00 0.00 6,214.0612,791.63 0.00 5,646.79 2,777.15 0.00 . 839.84 1,094.65 0.00 2,433.2015,932.56 6,322.97 3,983.14 0.00 0.00 . 1,957.55 0.00 0.00 3,668.904,042.17 0.00 0.00 0.00 0.00 . 1,193.35 0.00 0.00 2,848.824,636.60 0.00 0.00 0.00 0.00 . 218.69 578.42 0.00 3,839.496,281.08 0.00 0.00 0.00 0.00 . 612.44 325.32 0.00 5,343.328,997.93 0.00 0.00 0.00 0.00 . 295.40 1,792.76 0.00 6,909.77

14,144.78 0.00 0.00 0.00 0.00 . 507.69 1,799.88 0.00 11,837.2110,441.68 0.00 0.00 0.00 0.00 . 900.39 2,608.65 0.00 6,932.6412,019.19 0.00 0.00 0.00 0.00 . 1,063.11 4,913.03 0.00 6,043.056,951.60 0.00 0.00 0.00 0.00 . 510.36 2,803.89 0.00 3,637.35

10,803.41 4,404.11 0.00 0.00 0.00 . 906.08 1,799.65 0.00 3,693.5710,312.05 0.00 0.00 0.00 0.00 . 2,407.09 0.00 0.00 7,904.967,078.36 0.00 0.00 0.00 0.00 . 1,384.22 0.00 0.00 5,694.14

14,670.18 0.00 0.00 0.00 604.43 . 1,120.66 0.00 0.00 12,945.0917,276.14 0.00 0.00 0.00 365.42 . 975.74 0.00 0.00 15,934.9813,181.43 0.00 0.00 0.00 0.00 . 0.00 772.53 0.00 12,408.9013,515.61 0.00 0.00 0.00 0.00 . 615.02 812.84 3,996.76 8,090.9918,097.42 0.00 0.00 0.00 0.00 . 1,462.76 557.23 0.00 16,077.4311,653.16 0.00 0.00 0.00 0.00 . 0.00 3,353.88 0.00 8,299.2813,946.52 0.00 0.00 0.00 0.00 . 456.02 2,528.75 0.00 10,961.758,705.59 0.00 0.00 0.00 0.00 . 563.97 426.38 0.00 7,715.248,101.83 0.00 0.00 0.00 0.00 . 361.66 0.00 0.00 7,740.17

10,214.84 0.00 0.00 0.00 0.00 . 367.76 0.00 0.00 9,847.0812,202.32 0.00 0.00 0.00 0.00 . 1,163.21 0.00 0.00 11,039.1110,833.01 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 10,833.0120,525.61 0.00 0.00 0.00 0.00 . 1,593.78 0.00 1,427.26 17,504.5713,460.67 0.00 0.00 0.00 0.00 . 1,142.00 0.00 0.00 12,318.679,492.33 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 9,492.338,527.70 0.00 0.00 0.00 0.00 . 469.40 0.00 0.00 8,058.30

10,618.96 0.00 0.00 0.00 0.00 . 799.38 3,530.62 0.00 6,288.9611,484.68 0.00 0.00 0.00 0.00 . 0.00 1,401.38 0.00 10,083.3018,185.82 0.00 0.00 0.00 0.00 . 280.37 3,486.22 0.00 14,419.2310,521.22 0.00 0.00 0.00 0.00 . 2,106.72 0.00 0.00 8,414.509,370.75 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 9,370.758,274.38 0.00 0.00 0.00 0.00 . 489.09 0.00 0.00 7,785.299,338.12 0.00 0.00 0.00 0.00 . 1,087.93 0.00 0.00 8,250.199,280.28 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 9,280.28

13,828.44 0.00 0.00 0.00 0.00 . 1,806.52 828.09 0.00 11,193.8314,230.75 0.00 0.00 0.00 0.00 6,243.20 749.61 0.00 0.00 7,237.948,190.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,190.00

11,450.22 0.00 0.00 0.00 0.00 0.00 491.38 0.00 0.00 10,958.84






Period

3. Treasury bill tenders, cont.Demand declared by bidders (at face value)

million zloty

10-week

29

6




million zloty

Total

34million zloty

2-week

35million zloty

3-week

36million zloty

6-week

37million zloty

8-week

38million zloty

13-week

40million zloty

26-week

41million zloty

39-week

42million zloty

52-week

43

of which:

3,601.07 . . . 0.00 . 779.95 600.00 0.00 2,221.122,606.79 . . . 200.00 . 510.65 196.34 0.00 1,699.806,727.83 . . . 400.00 . 1,200.00 1,175.33 0.00 3,952.503,817.85 . . . 0.00 . 848.62 455.07 0.00 2,514.163,630.95 . . . 0.00 . 993.76 729.67 0.00 1,907.522,547.78 . . . 0.00 . 700.00 515.62 0.00 1,332.162,145.36 . . . 254.30 . 808.43 505.08 0.00 577.551,571.38 . . . 413.15 . 787.89 134.58 0.00 235.761,347.71 . . . 0.00 . 859.56 0.00 0.00 488.155,402.52 2,225.33 . 300.00 505.60 . 794.04 0.00 1,153.58 423.976,348.37 0.00 2,173.12 752.20 0.00 . 700.00 850.25 0.00 1,872.805,714.23 0.00 0.00 1,517.89 610.95 . 480.52 1,254.42 0.00 1,850.455,340.25 0.00 0.00 0.00 0.00 . 400.00 300.00 0.00 4,640.253,929.03 0.00 0.00 0.00 0.00 . 398.18 531.90 0.00 2,998.953,573.18 0.00 0.00 0.00 0.00 . 398.55 374.63 0.00 2,800.002,689.78 0.00 0.00 0.00 0.00 . 400.00 499.57 0.00 1,790.212,162.60 0.00 0.00 0.00 0.00 . 508.13 163.33 0.00 1,491.144,545.46 0.00 2,000.00 0.00 0.00 . 400.00 0.00 0.00 2,145.467,068.42 1,500.00 2,663.86 0.00 300.00 . 604.56 0.00 0.00 2,000.005,894.13 0.00 2,500.00 2,011.24 0.00 . 286.74 196.15 0.00 900.007,350.19 4,800.00 1,186.11 0.00 0.00 . 583.92 0.00 0.00 780.161,200.00 0.00 0.00 0.00 0.00 . 400.00 0.00 0.00 800.001,400.00 0.00 0.00 0.00 0.00 . 100.00 200.00 0.00 1,100.001,651.88 0.00 0.00 0.00 0.00 . 262.64 89.24 0.00 1,300.004,105.47 0.00 0.00 0.00 0.00 . 247.37 996.53 0.00 2,861.575,308.68 0.00 0.00 0.00 0.00 . 333.75 900.00 0.00 4,074.934,741.38 0.00 0.00 0.00 0.00 . 409.47 1,217.04 0.00 3,114.873,300.00 0.00 0.00 0.00 0.00 . 400.00 1,300.00 0.00 1,600.003,086.74 0.00 0.00 0.00 0.00 . 235.86 1,250.88 0.00 1,600.005,892.75 2,800.00 0.00 0.00 0.00 . 375.11 1,004.37 0.00 1,713.272,900.73 0.00 0.00 0.00 0.00 . 500.73 0.00 0.00 2,400.002,100.00 0.00 0.00 0.00 0.00 . 500.00 0.00 0.00 1,600.003,800.00 0.00 0.00 0.00 100.00 . 500.00 0.00 0.00 3,200.004,999.20 0.00 0.00 0.00 100.00 . 299.56 0.00 0.00 4,599.643,790.79 0.00 0.00 0.00 0.00 . 0.00 200.43 0.00 3,590.366,249.97 0.00 0.00 0.00 0.00 . 300.00 293.01 2,091.63 3,565.335,400.00 0.00 0.00 0.00 0.00 . 300.00 100.00 0.00 5,000.004,896.97 0.00 0.00 0.00 0.00 . 0.00 1,200.00 0.00 3,696.976,097.52 0.00 0.00 0.00 0.00 . 197.52 900.00 0.00 5,000.002,700.00 0.00 0.00 0.00 0.00 . 200.00 100.00 0.00 2,400.002,799.86 0.00 0.00 0.00 0.00 . 100.00 0.00 0.00 2,699.863,000.00 0.00 0.00 0.00 0.00 . 100.00 0.00 0.00 2,900.003,000.00 0.00 0.00 0.00 0.00 . 300.00 0.00 0.00 2,700.002,400.00 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 2,400.005,733.98 0.00 0.00 0.00 0.00 . 200.00 0.00 767.06 4,766.923,400.00 0.00 0.00 0.00 0.00 . 200.00 0.00 0.00 3,200.003,200.00 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 3,200.003,100.00 0.00 0.00 0.00 0.00 . 200.00 0.00 0.00 2,900.005,173.16 0.00 0.00 0.00 0.00 . 200.00 1,200.00 0.00 3,773.164,300.00 0.00 0.00 0.00 0.00 . 0.00 900.00 0.00 3,400.005,900.00 0.00 0.00 0.00 0.00 . 200.00 800.00 0.00 4,900.003,900.00 0.00 0.00 0.00 0.00 . 900.00 0.00 0.00 3,000.003,200.00 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 3,200.003,695.49 0.00 0.00 0.00 0.00 . 100.00 0.00 0.00 3,595.493,600.00 0.00 0.00 0.00 0.00 . 300.00 0.00 0.00 3,300.003,200.00 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 3,200.006,798.79 0.00 0.00 0.00 0.00 . 800.00 555.50 0.00 5,443.297,500.00 0.00 0.00 0.00 0.00 3,500.00 200.00 0.00 0.00 3,800.004,400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,400.005,300.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 0.00 5,200.00






Period

3. Treasury bill tenders, cont.Face value of bills sold

million zloty

10-week

39

30

6




% million zloty

Total

44 54

Period

3. Treasury bill tenders, cont.

of which on:

12.42 . . . 0.00 . 13.58 13.05 0.00 11.85 25,393.1611.51 . . . 11.78 . 12.01 11.83 0.00 11.29 25,563.4312.22 . . . 12.55 . 12.39 12.50 0.00 12.06 27,594.5712.13 . . . 0.00 . 12.36 12.23 0.00 12.04 27,919.9412.23 . . . 0.00 . 12.24 12.35 0.00 12.18 27,367.5612.20 . . . 0.00 . 12.25 12.30 0.00 12.15 26,609.6612.34 . . . 12.36 . 12.33 12.49 0.00 12.23 25,720.3912.53 . . . 12.53 . 12.55 12.73 0.00 12.37 25,205.1212.47 . . . 0.00 . 12.38 0.00 0.00 12.63 22,887.2214.09 13.97 . 13.65 13.59 . 13.66 0.00 14.85 14.42 22,552.3915.22 0.00 14.41 14.46 0.00 . 15.68 16.03 0.00 15.91 23,330.8416.49 0.00 0.00 17.00 17.10 . 16.21 16.39 0.00 16.01 24,187.3616.13 0.00 0.00 0.00 0.00 . 15.86 16.19 0.00 16.15 24,255.8216.92 0.00 0.00 0.00 0.00 . 15.88 16.73 0.00 17.09 24,036.9017.50 0.00 0.00 0.00 0.00 . 16.36 17.36 0.00 17.68 23,864.3217.04 0.00 0.00 0.00 0.00 . 16.32 17.13 0.00 17.18 23,472.4917.63 0.00 0.00 0.00 0.00 . 16.86 17.69 0.00 17.88 22,504.9017.55 0.00 17.46 0.00 0.00 . 16.39 0.00 0.00 17.86 21,978.7017.45 17.55 17.51 0.00 16.82 . 16.35 0.00 0.00 17.72 25,704.2917.64 0.00 17.53 17.42 0.00 . 17.18 18.80 0.00 18.33 24,332.4718.18 18.21 18.28 0.00 0.00 . 17.65 0.00 0.00 18.28 26,891.2417.71 0.00 0.00 0.00 0.00 . 16.98 0.00 0.00 18.08 21,842.3117.84 0.00 0.00 0.00 0.00 . 16.84 17.70 0.00 17.96 20,947.0417.49 0.00 0.00 0.00 0.00 . 16.81 17.19 0.00 17.65 19,749.8916.92 0.00 0.00 0.00 0.00 . 16.90 17.13 0.00 16.85 19,459.4216.77 0.00 0.00 0.00 0.00 . 17.04 17.05 0.00 16.69 21,262.3316.77 0.00 0.00 0.00 0.00 . 17.05 16.98 0.00 16.65 22,874.3715.95 0.00 0.00 0.00 0.00 . 16.28 16.19 0.00 15.67 24,018.7415.66 0.00 0.00 0.00 0.00 . 15.98 15.92 0.00 15.42 25,021.0316.37 17.15 0.00 0.00 0.00 . 16.00 15.98 0.00 15.42 25,583.2615.04 0.00 0.00 0.00 0.00 . 14.77 0.00 0.00 15.10 25,067.5514.21 0.00 0.00 0.00 0.00 . 13.81 0.00 0.00 14.34 25,134.6513.86 0.00 0.00 0.00 13.47 . 13.77 0.00 0.00 13.89 26,382.0312.56 0.00 0.00 0.00 12.78 . 13.09 0.00 0.00 12.52 28,492.2311.76 0.00 0.00 0.00 0.00 . 0.00 12.14 0.00 11.74 29,220.7310.85 0.00 0.00 0.00 0.00 . 11.06 11.16 10.90 10.78 30,542.469.66 0.00 0.00 0.00 0.00 . 10.14 9.86 0.00 9.63 34,532.429.76 0.00 0.00 0.00 0.00 . 0.00 9.97 0.00 9.70 35,555.039.70 0.00 0.00 0.00 0.00 . 9.69 9.80 0.00 9.69 37,293.269.59 0.00 0.00 0.00 0.00 . 9.67 9.63 0.00 9.58 39,006.559.36 0.00 0.00 0.00 0.00 . 9.44 0.00 0.00 9.36 39,997.718.61 0.00 0.00 0.00 0.00 . 8.70 0.00 0.00 8.60 40,998.398.36 0.00 0.00 0.00 0.00 . 8.53 0.00 0.00 8.34 41,222.077.82 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 7.82 40,808.817.24 0.00 0.00 0.00 0.00 . 7.38 0.00 7.22 7.24 40,037.126.77 0.00 0.00 0.00 0.00 . 7.05 0.00 0.00 6.76 39,200.765.95 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 5.95 39,009.835.77 0.00 0.00 0.00 0.00 . 6.11 0.00 0.00 5.75 38,536.105.84 0.00 0.00 0.00 0.00 . 6.07 6.04 0.00 5.76 38,710.195.88 0.00 0.00 0.00 0.00 . 0.00 6.01 0.00 5.85 39,426.965.68 0.00 0.00 0.00 0.00 . 5.71 5.79 0.00 5.66 40,051.565.54 0.00 0.00 0.00 0.00 . 5.70 0.00 0.00 5.49 41,629.824.82 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 4.82 42,214.534.67 0.00 0.00 0.00 0.00 . 5.11 0.00 0.00 4.66 42,217.484.90 0.00 0.00 0.00 0.00 . 5.02 0.00 0.00 4.88 41,053.834.82 0.00 0.00 0.00 0.00 . 0.00 0.00 0.00 4.82 41,007.374.97 0.00 0.00 0.00 0.00 . 4.99 5.02 0.00 4.96 41,846.525.27 0.00 0.00 0.00 0.00 5.21 5.10 0.00 0.00 5.33 46,476.155.99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.99 47,606.326.12 0.00 0.00 0.00 0.00 0.00 5.31 0.00 0.00 6.14 45,605.50






Yield on bills purchased, weighted averageBills outstanding

from tendersales at monthend (purchase

prices)

% % % % % % % %

2-week 3-week 6-week 8-week 13-week 26-week 39-week 52-week

45 46 47 48 50 51 52 53%

10-week

49

6




million zloty million

Documents

Information BulletinThe 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%