Information Bulletin 11/2012

Transcription

1 Information Bulletin 11/2012 Warsaw, 2013

2 Compiled from NBP materials by the Department of Statistics as at January 18, 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, 2013 ISSN

3 Contents 1 Economic developments Monetary Developments Balance of Payments in Poland November Balance on Current and Capital Account Balance of EU Transfers Non-resident investment in Poland Polish investment abroad Official Reserve Assets Key decisions of the Monetary Policy Council Statistical annex Tables Charts Seasonally adjusted time series Methodological notes

4 Economic developments 1 1 Economic developments According to the Central Statistical Office (CSO) published in November 2012 the industrial output amounted to 0.8% y/y versus 4.6% y/y increase a month before. Adjusted for seasonal factors the overall industrial output decreased by 1.9% y/y. Decrease in industrial output prices was reported for manufacturing (1.1% y/y) and mining (1.1%). Increase was reported in gas electricity and hot water supply (1.4% y/y). A decrease in industrial output, when compared with the corresponding period of the previous year, was reported for 12 (of 34) branches of industry (1),inter alia furniture (9.6% y/y), other nonmetallic mineral products (8% y/y), food products (up by 8.8% y/y), vehicles, trailers and semi-trailers (7.9% y/y), as well as rubber and plastics (3.7% y/y). Increase was reported for food products (up by 3.% y/y), metal products (1.9 % y/y) as well as machinery and equipment (0.4% y/y). In November 2012, construction and assembly production for enterprises with more than 9 employees was by.3% lower when compared with the corresponding period of the previous year. In October 2012, the above indicator stood at -3.6% y/y. Adjusted for seasonal factors the construction and assembly production decreased by 10.7% y/y. In November 2012, the annual PPI indicator equaled to -0.1%, versus 1% reported a month earlier. Decrease in industrial output prices was reported for manufacturing (0.7% y/y), and in mining (3.6% y/y). An increase in industrial output prices was reported for gas electricity and hot water supply (.8% y/y). According to the CSO for October 2012 (2), among branches of manufacturing being major employers a decrease in prices was reported for other non-metallic mineral products (2% y/y), metal products (1.% y/y) as well as motor vehicles, trailers and semi-trailers (1.1% y/y). Increase in prices, on the other hand, was reported for food products (3% y/y), rubber and plastics (1% y/y), furniture (0.9% y/y) and machinery and equipment (0.3% y/y). In November 2012, construction and assembly production prices decreased by 1.1% y/y, while in October 2012 they went down by 0.9% y/y. Increase in the CPI for October 2012 was 2.8% versus 3.4% y/y in the previous month. An increase was reported for housing maintenance and energy sources (4.8% y/y), food and non-alcoholic beverages (by 3.6% y/y), transportation (3.1% y/y), healthcare (1.3% y/y) and communication services (0.1% y/y). A decline in prices occurred for clothing and footwear (4.8% y/y). In November 2012, the average employment rate in the enterprise sector stood at 497 thousand down by 0.3% (18 thousand) when compared with a year before. Decrease in industrial output prices was reported for manufacturing (0.8% y/y), and in gas electricity and hot water supply (6.3% y/y). Increase was reported in mining (0.2% y/y). Among branches of manufacturing with high employment, a decrease thereof was reported for in furniture (4.8% y/y), food products (2.7% y/y), other non-metallic mineral products (0.1% y/y) and machinery and equipment (0.1% y/y). Increase in employment was reported in motor vehicles, trailers and semi-trailers (3% y/y), metal products (2.9% y/y) as well as rubber and plastics (1.2% y/y). (1) Branches of manufacturing with average employment over 100 thousand persons. (2) industrial output prices and prices for the three major sections combined: mining and quarrying, manufacturing and electricity, gas and hot water supply are published by the CSO in advance to detailed on individual 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 a decrease in employment was noted for accommodation and catering (6.4% y/y), construction (1.4% y/y) as well as in administrative and support service activities (0.2% y/y). Increase in employment was reported in information and communication (3.7% y/y) and transportation and storage (2.1% y/y). Employment in trade and repair of motor vehicles section did not change when compared with the corresponding period of the previous year. 1 Chart 1.1 Indices of gross domestic product (corresponding period of the previous year = 100) Q Q4 Q1 Q Q3 Q4 Q1 Q Q3 Chart 1.2 Sold production of industry (corresponding period of the previous year = 100) Manufacturing Mining and guarrying Electricity, gas and water supply Chart 1.3 Sold production of industry prices indices (corresponding period of the previous year = 100) Manufacturing Construction and assembly roduction Mining and guarrying Electricity, gas and water supply Information Bulletin 11/2012

6 Economic developments 1 Chart 1.4 Selected prices of consumer goods and services (corresponding period of the previous year = 100) Alcoholic beverages and tobacco products Housing Transport Foods and non-alcoholic beverages Clothing and footwear Health care Communication Chart 1. Average paid employment in enterprise sector (corresponding period of the previous year = 100) Mining and guarrying Manufacturing Electricity, gas and water supply Construction Chart 1.6 Registered unemployment persons (corresponding period of the previous year = 100) and unempoyment rate 108 Unemployment rate (%) 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 Chart 1.7 Average monthly wages and salaries in enterprise sector (corresponding period of the previous year = 100) Mining and guarrying Manufacturing The number of registered unemployed amounted to thousand, up by thousand (7.%) when compared with a year ago. The unemployment rate amounted to 12.9%, up by 0.8 percentage points when compared with the corresponding period of Average monthly gross wages and salaries in the enterprise sector stood at PLN and thus were 2.7% higher when compared to a year ago. An increase in wages and salaries was reported for manufacturing (3.4% y/y), gas electricity and hot water supply (4.1% y/y) as well as in mining (7.7% y/y). Among branches of manufacturing with high employment, an increase thereof was reported for machinery and equipment (.6% y/y), metal products (4.2% y/y), furniture (4.1% y/y), rubber and plastics (3.6% y/y), other non-metallic mineral products (2% y/y) as well as food products (1.7% y/y). Decrease in wages and salaries was reported for motor vehicles, trailers and semi-trailers (3.8% y/y). In non-industrial sections, an increase in average wages and salaries was reported in administrative and support service activities (6.6% y/y), accommodation and catering (3.2% y/y), transportation and storage (2.8% y/y), trade and repair of motor vehicles (2.1% y/y) as well as information and communication (0.4% y/y). Decrease in wages and salaries occurred in construction (0.8% y/y). January-November 2012 brought revenues of the national budget at the level of PLN 263 billion, whereas its expenditure amounted to PLN billion. The above amounts were higher by 3.1% and 6.1%, respectively, when compared with the corresponding period of the previous year, and accounted for 89.% and 89.2% of the budget assumptions for Central budget deficit stood at PLN 30.4 billion versus the assumed annual deficit of PLN 3 billion Inflows from indirect taxes decreased when compared with last year by 0.4%. Inflows from corporate income tax and personal income tax also went up by 6.6% and.%, respectively Information Bulletin 11/2012 7

8 Monetary developments 2 2 Monetary Developments The Monetary Policy Council during its session on 6-7 November 2012 decreased basic NBP interest rates by 0.2 percentage points to the following levels: reference rate 4.%; lombard rate 6 %; deposit rate 3%; rediscount rate 4.7%. During the November reserve maintenance period (3) the POLONIA index deviation against the reference rate equaled to 8 basis points versus 22 basis points in the previous month. Short-term liquidity of the banking sector measured as a total of the NBP main operations, fine-tuning operations and standing facilities stood at PLN billion, up by PLN 4.1 billion when compared with the pervious reserve maintenance period. Average open market operations amounted to PLN billion (versus PLN billion in the previous month), of which main operations stood at PLN billion. Throughout the November reserve maintenance period the average daily recourse to the deposit facility totaled PLN 129 million (versus PLN 283 million in the previous period). In October 2012, average interest rates on zloty denominated loans to non-financial corporations went down from 6.8% to 6.7% (4). Interest rates on loans to sole proprietors went down from 9.2% to 8.9%. As regards zloty denominated loans to households interest rates for loans for house purchases went down from 7% to 6.9%, while interest rates for loans for consumption decreased from 16.7% to 16.6%. Interest rates on deposits of non-financial corporations decreased from 4.% to 4.3% while deposits of households went down from 4.8% to 4.%. In November 2012, the value of M3 decreased by PLN 0.6 billion (0.1%) and stood at PLN billion Its annual growth rate decreased by 2.3 percentage points and amounted at.7% y/y. The value of monthly transactions amounted to PLN -0.1 billion (). Components of the M1 aggregate with high liquidity went down by 1. percentage points to 0.9% y/y when compared with the previous month. Other components of broad money went down by 3.2 percentage points and stood at 11.1% y/y. The value of currency in circulation decreased in November 2012 by PLN 1 billion (0.9%) and stood at PLN billion. Its annual growth rate decreased by 0.9 percentage points and amounted at 2.3% y/y. (3) Reserve maintenance period in question refers to the period from 31 October 2012 through 30 November (4) Interest rates on loans and deposits refer to new business. For further information regarding the calculation of average interest rates on loans and deposits refer to the NBP website at oproc/mir_new/mir_new.html. () Monthly transactions are calculated as the difference in outstanding amounts between two subsequent reporting months adjusted for changes arising from non-transactions, i.e. exchange rate changes, revaluations, reclassifications and other adjustments such as errors in reported by banks. The methodology for the compilation of transactions is described in 8 N a t i o n a l B a n k o f P o l a n d

9 Monetary developments Chart 2.1 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 Chart 2.2 Average MFI deposit interest rates on new bussines, PLN denominated.0 % Non-financial corporations Households Chart 2.3 Average MFI loan interest rates on new business, PLN denominated % Households (loans for consumption) Households (loans for house purchases) Non-financial corporations M3 liquidity measured as the share of currency in circulation and overnight deposits in M3 went down by 0. percentage points and stood at 0.7%. Information Bulletin 11/2012 9

10 Monetary developments Chart 2.4 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 % M3 M1 M1 Share of currency in circulation and overnight deposits in M3 Chart 2. Share of currency in circulation in M1 % Chart 2.6 Deposits and other liabilities of MFIs to non-financial corporations and households included in M3 (corresponding period of the previous year = 100) Non-financial corporations Households M1 liquidity measured as the share of currency in circulation in M1 decreased by 0.4 percentage point up to 22.2%. Deposits and other liabilities included in M3 increased in November 2012 by 4 billion (0.%) and reached the level of PLN billion. Its annual growth rate decreased by 2.3 percentage points and amounted at.8% y/y. 10 N a t i o n a l B a n k o f P o l a n d

11 Monetary developments Chart 2.7 MFI loans and other claims on non-financial corporations and households (corresponding period of the previous year = 100) Non-financial corporations Households Chart 2.8 Bank loans to households (corresponding period of the previous year = 100) Loans for house purchases Loans for consumption Increase was reported for deposits of households (up by PLN 3.8 billion, 0.8%), non-financial corporations (PLN 0.8 billion, 0.4%) and local government (PLN 0.4 billion, 1.4%). Decrease was reported in deposits of social security funds (PLN 0.7 billion, i.e. 30.2%) and non-profit institutions serving households (by 0.2 billion, i.e. 1.3%). Deposits of non-monetary financial institutions remained at the level of the previous month. Among counterparts to M3, net external assets went up by PLN 7.1 billion, i.e. 4.3%, to the level of PLN billion. Decrease in net credit to central government by PLN 4.7 billion,.3%, to the level of PLN 83. billion and decrease in credit to domestic sectors (6) by PLN 1.7 billion (0.2%) and stood at PLN billion negatively affected the money supply. In October 2012, MFI credit to non-financial corporations increased by PLN 0.4 billion (0.1%) and reached PLN billion (7). The value of monthly transactions amounted to PLN 0.8 billion. The annual growth rate in credit to non-financial corporations decreased by 3.6 percentage points to 2.8%. Loans with maturity up to 1 year, including overdrafts, went up by 1.1% y/y (0.7percentage points decrease in the annual growth rate), and loans with maturity from 1 year up to years by (6) The category credit comprises loans, holdings of debt and equity securities, and other receivables, e.g. debt purchased, guarantees and warrantees. Domestic sectors include non-monetary financial institutions, non-financial corporations, non-profit institutions serving households, local government and social security funds. (7) The number does not include MFI holdings of debt and equity securities issued by non-financial corporations. Information Bulletin 11/

12 Monetary developments Chart 2.9 Bank loans to non-financial corporations (corresponding period of the previous year = 100) Over 1 year up to years Up to 1 year (including current accounts) Over years Chart 2.10 Share of monetary aggregates and MFI loans and other claims on other domestic residents in GDP % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Q3 M1/GDP M3/GDP Loans/GDP 1.8% y/y (2.8 percentage points decrease in the annual growth rate). Loans with maturity over years increased by 4.7% y/y (6.4 percentage points decrease in the annual growth rate). MFI credit to households increased in November 2012 by PLN 0.2 billion (0.03%) and stood at PLN 40 billion. The value of monthly transactions amounted to PLN 1.4 billion. The annual growth rate in credit to households decreased by 2.1 percentage points down to 0.2%. The growth rate in housing loans was 0.4% y/y (3.2 percentage points decrease in the annual growth rate), while the growth rate in consumer loans was negative and stood at -.4% y/y versus -4.8% y/y in October According to for Q3 2012, the monetization of national economy decreased. The M1 to GDP ratio decreased by 0.7 percentage points and stood at 28.9%, and the M3 to GDP ratio decreased by 0.1 percentage points and stood at 6.4%. the credit to domestic sectors to GDP ratio went down by 0.4 percentage points and stood at.3% y/y. In November 2012, the nominal exchange rate of the zloty (8) appreciated by 0.7% against EUR, by 0.7% against USD, by 0.% against CHF and 1.3% in relation to GBP (8) Exchange rate changes between October 2012 and November 2012 are calculated as the difference between endmonth average exchange rates quoted by 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 Poland November Balance of Payments in Poland November 2012 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 sources. This version of bop is preliminary and may be subject to further revisions Balance on Current and Capital Account Current account deficit in November 2012 amounted to EUR million. The negative balance of the current account has been influenced by: negative balance of income (EUR 1.29 million) and trade in goods (EUR 394 million) as well as positive balance of services (EUR 381 million), and current transfers (EUR 2 million). In the corresponding period of the previous year this balance was also in deficit and stood at EUR million. Increased deficit in current account has been greatly influenced by increase in balance on income deficit as well as decline in the positive balance on current transfers. balance of current and capital account was negative and amounted to EUR 46 million. In November 2012 exports was estimated at EUR million and imports at EUR million. When compared with for November 2011, exports in goods increased by EUR 946 million i.e. 7.8% and imports went up by EUR 68 million i.e. 4.2%. Negative balance on trade in goods stood at EUR 394 million, while in November 2011 it was also negative and amounted to EUR 772 million. Credits on services increased when compared with November 2011 by EUR 294 million i.e. 12.% and stood at EUR million. Debits increased by EUR 171 million i.e. 8.2% and stood at EUR 2.28 million. Positive balance of services (standing at EUR 381 million) comprised: positive balance of transportation (EUR 297 million), travel (EUR 183 million), and negative balance on other services (EUR 99 million). In November 2012, the balance of income was negative and amounted to EUR 1.29 million. In the corresponding period of 2011 this balance was also negative and stood at EUR million. In November 2012, balance of income comprised: positive balance of compensation of employees (EUR 141 million) and negative balance of investment income (EUR 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 million (including: positive reinvested earnings EUR 781 million, dividends EUR 167 million and interest on financial debt instruments - EUR 192 million ). Negative balance of income was also influenced by non-residents income on portfolio investment in securities (EUR 604 million) as well as interest received by Polish entities (EUR 191 million). 3.2 Balance of EU Transfers In November 2012, the balance of EU transfers was positive and amounted to EUR 787 million. When compared with the previous year current transfers decreased by EUR 383 million (mostly owing to lower inflow of direct subsidies within European Social Fund) and stood at EUR 72 million. Inflow of funds in capital transfers went up by EUR 783 million to EUR 938 million. Membership premiums paid to the EU budget amounted to EUR 223 million. Information Bulletin 11/

14 Balance of Payments in Monetary Poland November Developments Non-resident investment in Poland Balance of foreign investment in Poland was positive and amounted to EUR million. This balance was determined mostly by net inflow of capital against portfolio and direct investments. Balance of foreign direct investment was positive and amounted to EUR 1.7 million. This balance comprised: net inflow of equity capital to Polish direct investment enterprises (EUR 2 million), positive reinvested earnings (EUR 781 million) and net inflow of debt instruments (EUR 224 million). 3 Balance on direct investment has been significantly influenced by a single transaction as a result of which an inflow of funds against increase in equity capital of Polish enterprise and loan received by that enterprise from its direct investor was reported. Thereafter these funds has been transferred out of Poland vis-à-vis purchase of shares of a non-resident enterprise. As a result of this transaction large amounts have been recorded as inflow of non-resident investment (loan and increase in equity) and as outflow of non-resident investment (purchase of shares). The amounts of abovementioned operations were the same, therefore total balance on non-resident investment has not changed, as if the transaction had not taken place. Balance of foreign portfolio investment in Poland was positive and amounted to EUR million. It has been influenced by non-resident investment in Treasury bonds issued on external markets. Net inflow of capital vis-à-vis Treasury bonds issued on external markets amounted to EUR million. In November 2012 non-resident investment in Treasury bonds issued on domestic market stood at EUR 392 million net. Polish external liabilities in other investment increased by EUR 79 million. This item has been mostly influenced by a decrease in liabilities of central and general government as well as banking sector which has been offset with increase in liabilities of the enterprise sector and the NBP. Liabilities of the enterprise sector went up by EUR 191 million, mostly due to decrease in liabilities against trade loans). Liabilities of the NBP went up by EUR 1 million. Liabilities of the central government decreased by EUR 110 million (repayment of loans received) and liabilities of the banking sector decreased by EUR 3 million (decrease in non- resident deposits placed with Polish banks). 3.4 Polish investment abroad Polish investment abroad increased by EUR million. This balance has been decisively influenced by direct investment and other investment. Polish direct investment abroad increased (due to net outflow of capital) and stood at EUR million. The above-described single transaction has also had a significant impact on Polish investment abroad. Other Polish investment abroad were higher by EUR 638 million (net outflow of capital). This increase resulted mainly from higher assets of the banking system i- up by EUR 79 million (increase in deposits placed with banks abroad). 3. Official Reserve Assets The NBP s own transactions and NBP client transactions contributed to an increase in the value of reserve assets by EUR million. Valuation adjustments and exchange rate fluctuations led to a decrease in this item (by EUR 40 million). Official reserve assets as at the end of November 2012 amounted to EUR 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 Poland November 2012 Balance of payments (EUR mln) Specification Cummulated (2) November October (1) November (1) Dec 2010 Nov 2011 Dec 2011 Nov 2012 (1) 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 (1) Preliminary information. (2) Cumulated are presented progressively in the 12 month perspective. Information Bulletin 11/2012 1

16 Key decisions of the Monetary Developments Policy Council 4 Key decisions of the Monetary Policy Council 3 1. Resolution No. 9/2012 of the Monetary Policy Council dated on November 20, 2012 amending the resolution on NBP s treatment of SWAP currency transactions. 2. Resolution No. 8/2012 of the Monetary Policy Council dated on November 7, 2012 on reference rate, interest on refinanced loans, interest on deposits with agreed maturity and rediscount rate at the National Bank of Poland. 16 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.1.1 Basic statistical 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 % % % % % % % Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov 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.1.1 Basic statistical (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 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov INFORMATION BULLETIN 11/

20 Statistical annex. Tables Table.1.1 Basic statistical (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 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov 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.1.2 Financial market basic information Reference rate Lombard rate 1. NBP interest rates 2. Reserve requirement Deposit rate Rediscount rate Discount rate Reserve requirement ratio on zloty deposits Reserve requirement ratio on foreign currency deposits (zloty equivalent) demand time demand time Reserve requirement ratio on repo operations Interest on reserve requirement required reserves held % % % % % % % % % % % million zloty Dec (a) Jan (a) Feb (a) Mar (a) Apr (a) May (a) June (a) July (a) Aug (a) Sept (a) Oct (a) Nov (a) Dec (a) Jan (a) Feb (a) Mar (a) Apr (a) May (a) June (a) July (a) Aug (a) Sept (a) Oct (a) Nov (a) Dec (a) Jan (a) Feb (a) Mar (a) Apr (a) May (a) June (a) July (a) Aug (a) Sept (a) Oct (a) Nov (a) Dec (a) Jan (a) Feb (a) Mar (a) Apr (a) May (a) June (a) July (a) Aug (a) Sept (a) Oct (a) Nov (a) Dec (a) Jan (a) Feb (a) Mar (a) Apr (a) May (a) June (a) July (a) Aug (a) Sept (a) Oct (a) Nov (a) (a) Of the rediscount rate. INFORMATION BULLETIN 11/

22 Statistical annex. Tables Table.1.2 Financial market basic information (cont d) 3. Treasury bill tenders Number of tenders during month Face value of bills offered for sale Demand declared by bidders (at face value) Face value of bills sold Yield on bills purchased, weighted average Bills outstanding from tender sales at month end (purchase prices) million zloty million zloty million zloty % million zloty Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov 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.1.2 Financial market basic information (cont d) 4. Tenders for NBP money-market bills Number of tenders during month Face value of bills offered for sale Demand declared by bidders (at face value) Face value of bills sold Yield on bills purchased, weighted average Bills outstanding from tender sales at month end (purchase prices) million zloty million zloty million zloty % million zloty Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov INFORMATION BULLETIN 11/