No. 8/2016. Information Bulletin

Transcription

1 No. 8/2016 Information Bulletin

2 No. 8/2016 Information Bulletin Warsaw 2016

3 Compiled from NBP materials by the Department of Statistics as at October 14, Published by: Narodowy Bank Polski Education and Publishing Department ul. Świętokrzyska 11/ Warszawa, Poland phone: (48) ISSN Copyright Narodowy Bank Polski 2016

4 Contents Chapter 1 Economic developments 5 Chapter 2 Monetary developments 11 Chapter 3 Balance of payments in Poland in August The Current and Capital Account Financial account 22 Chapter 4 Key decisions of the Monetary Policy Council 23 Chapter 5 Statistical annex Tables Charts Seasonally adjusted time series Methodological notes 82

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6 Chapter 1 Economic developments

7 Chapter 1 Economic developments According to the Central Statistical Office (CSO) data published in August 2016 the growth in industrial output amounted to 7.5% y/y versus 3.4% y/y the month before. Adjusted for seasonal factors the overall industrial output increased by 5.1% y/y when compared with the corresponding month of the previous year. Increase in output was registered in manufacturing (up by 9.4% y/y). Decrease in output on the other hand was reported in gas, electricity and hot water supply (9.4% y/y) Δ, 1 and mining (2.8% y/y). Increase in industrial output, when compared with the corresponding period of the previous year, was reported for 26 (of 34) branches of industry 2 increase in sales was reported for motor vehicles, trailers and semi-trailers Δ (20.2% y/y), machinery and equipment Δ (19.1% y/y), furniture (17.6% y/y), other non-metallic mineral products (14.4% y/y) as well as rubber and plastics (13.4% y/y) metal products (12.9%) and food products (9.7% y/y). In August 2016, construction and assembly production for enterprises with more than 9 employees was by 20,5% lower when compared with the corresponding period of the previous year. In July 2016, the above indicator decreased by 18.8% y/y. Adjusted for seasonal factors the construction and assembly production went down by 20.3% y/y. In August, the annual PPI indicator decreased by 0.1% y/y versus 0.5% y/y decrease a month before. Decrease in industrial output prices was reported for gas electricity and hot water supply section (2.6% y/y) while prices increased in manufacturing (0.1% y/y), and mining (0.1% y/y). According to the CSO data for July , among branches of manufacturing being major employers decrease in prices was reported for metal products (0.8%) and furniture (0.8%). Increase in prices was reported for motor vehicles, trailer and semi-trailers (4.8% y/y), rubber and plastics (1.6% y/y), food products (1.5% y/y), machinery and equipment (0.6% y/y) as well as other non-metallic mineral products (0.5% y/y). In August 2016, construction and assembly production prices decreased by 0.2% y/y versus 0.4% y/y in the previous month. Decrease in the CPI for August was 0.8% versus 0.9% y/y decrease in July Decrease in prices was reported in transportation (6.9% y/y), footwear and apparel (4.8% y/y), telecommunication services (1.4% y/y), healthcare (1.4% y/y) as well as household maintenance and energy fees (0.9% y/y). Increase in prices was reported for food and non-alcoholic beverages (1.2% y/y) and alcohol and tobacco (0.6% y/y). 1 Δ signifies that the name used is an abbreviated version of the name listed in PKD The symbol had been used only on first appearance of the name. 2 Branches of manufacturing with average employment over 100 thousand persons. 3 Total 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 data on individual sections. 6 Narodowy Bank Polski

8 Economic developments Chart 1.1 Indices of gross domestic product (corresponding period of the previous year = 100) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Chart 1.2 Sold production of industry (corresponding period of the previous year = 100) Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Mining and quarrying Manufacturing Electricity, gas steam and air conditioning supply Chart 1.3 Sold production of industry prices indices (corresponding period of the previous year = 100) Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Manufacturing Mining and quarrying Electricity, gas steam and air conditioning supply Construction and assembly roduction In August 2016, the average employment rate in the enterprise sector stood at thousand up by 3.1% (173 thousand) when compared with a year before. Increase in employment was reported for manufacturing (3.5% y/y). Decrease in employment was reported for gas electricity and hot water supply (2.8% y/y) as well as in mining (7.2% y/y). Information Bulletin 8/2016 7

9 Chapter 1 Chart 1.4 Selected prices of consumer goods and services (corresponding period of the previous year = 100) Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Alcoholic beverages and tobacco products Housing Transport Foods and non-alcoholic beverages Clothing and footwear Health care Communication Chart 1.5 Average paid employment in enterprise sector (corresponding period of the previous year = 100) Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Mining and quarrying Manufacturing Electricity, gas steam and air conditioning supply Construction In manufacturing an increase in average employment was reported in furniture (6.2% y/y), metal products (5.8% y/y), rubber and plastics (5.6% y/y), motor vehicles, trailers and semitrailers (5.3% y/y), other mineral non-metallic products (3.0% y/y), machinery and equipment (2.2% y/y) as well as food products (2.6% y/y). In non-industrial sections an increase in employment was reported in administration and support section Δ (9.5% y/y), information and communication (7.6% y/y), accommodation and catering Δ (3.8% y/y), transportation and storage (3.5% y/y) as well as trade and repair of motor vehicles (2.9% y/y). Decrease in employment was reported in construction (1.0% y/y). 8 Narodowy Bank Polski

10 Economic developments Chart 1.6 Registered unemployment persons and unempoyment rate (corresponding period of the previous year = (%) Unemployment rate 80 Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug 8.0 Registered unemployment persons Unemployment rate Chart 1.7 Average monthly wages and salaries in enterprise sector (corresponding period of the previous year = 100) Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Mining and quarrying Manufacturing Electricity, gas steam and air conditioning supply Construction The number of registered unemployed amounted to thousand, down by thousand (13.9%) when compared with a year ago. The unemployment rate amounted to 8.5% versus 10.0% in the corresponding period of Average monthly gross wages and salaries in the enterprise sector stood at PLN 4213 and thus were 4.7% higher when compared to a year ago. Increase in wages and salaries was reported for manufacturing (5.2% y/y), gas electricity and hot water supply (2.6% y/y) and mining (2.9% y/y). In manufacturing, an increase in average wages and salaries was reported in furniture (8.0% y/y), other non-metallic mineral products (7.0% y/y), food products (6.4% y/y), rubber and plastics (5.5% y/y), machinery and equipment (4.8% y/y) as well as metal products (4.6% y/y) and. motor vehicles, trailers and semi-trailers (4.5% y/y). Information Bulletin 8/2016 9

11 Chapter 1 In non-industrial sections increase in wages and salaries was noted for accommodation and catering (7.0% y/y), transportation and storage (5.4% y/y), trade and repair of motor vehicles (5.5% y/y), construction (4.9% y/y), information and communication section (3.2% y/y) as well as administration and support section (28% y/y). In August 2016 revenues of the national budget stood at the level of PLN billion, whereas its expenditure amounted to PLN billion. Revenues and expenditure were higher when compared to the corresponding period of the previous year by 14.6% and 7.7% respectively and accounted for 68.4% and 62.3% of budget assumptions for Central budget deficit stood at PLN 14.9 billion versus the assumed annual deficit of PLN 54.7 billion. Inflows from indirect taxes amounted to PLN billion and increased when compared with last year by 6.6%. Inflows from personal income tax increased to PLN 30.2 billion i.e. 7.7%. Inflows from corporate income tax stood at PLN 17.7 billion, up by 2.5% when compared with the previous year. 10 Narodowy Bank Polski

12 Chapter 2 Monetary developments

13 Chapter 2 Monetary developments The Monetary Policy Council during its session on 5-6 July 2016 left basic NBP interest rates at following levels: reference rate 1.50%, lombard rate 2.50%, deposit rate 0.50%, rediscount rate 1.75%. During the August reserve maintenance period 4 the POLONIA index deviation against the reference rate equaled to 10 basis same as 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 67.1 billion, up by PLN 1.0 billion when compared with the pervious reserve maintenance period. Average open market operations amounted to PLN 66.4 billion (versus PLN 65.7 billion in the previous month), of which main operations stood at PLN 65.7 billion. Throughout the reserve maintenance period the average daily recourse to the deposit facility totaled PLN 654 million (versus PLN 352 million in the previous period). In August 2016 average interest rates on zloty denominated loans to non-financial corporations 5 went down from 3.7% to 3.6%. Interest rates on loans to sole proprietorships remained at 4.9%. As regards zloty denominated loans to households interest rates for loans for consumption remained at 7.8% and interest rates for loans for house purchases remained at 4.5%. Interest rates on deposits of households went down from 1.7% to 1.6% and deposits of nonfinancial corporations remained at 1.3%. In August 2016, the value of M3 increased by PLN 0.6 billion (0.1%) and stood at PLN billion. Its annual growth rate decreased by 0.7 percentage points and stood 10.1% y/y. The value of monthly transactions amounted to PLN 1.0 billion 6. 4 Reserve maintenance period in question refers to the period from to 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 aspx?f=en/statystyka/oproc/mir_new/mir_new.html. 6 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 data reported by banks. The methodology for the compilation of transactions is described in m3/statystyka-transakcji-metodyka_en.pdf. 12 Narodowy Bank Polski

14 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 3.0 % Aug Sep Oct Nov 2014 Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Non-financial corporations Households Components of the M1 aggregate with high liquidity went down by 0.7 percentage points to 14.9% y/y when compared with the previous month. Other components of broad money decreased by 0.9 percentage points and stood at 2.9% y/y. In August 2016 currency in circulation decreased by PLN 0.8 billion (0.5%) and stood at PLN billion. Its annual growth rate decreased by 1.9 percentage points and amounted to 15.1% y/y. M3 liquidity measured as the share of currency in circulation and overnight deposits in M3 went up by 0.8percentage points and stood at 62.2%. M1 liquidity measured as the share of currency in circulation in M1 went down by 0.4 percentage points and stood at 22.0%. Information Bulletin 8/

15 share Chapter 2 Chart 2.3 Average MFI loan interest rates on new business, PLN denominated % Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Households (loans for consumption) Households (loans for house purchases) Non-financial corporations 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 Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug M3 M1 M1 Share of currency in circulation and overnight deposits in M3 Chart 2.5 Share of currency in circulation in M1 % Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Narodowy Bank Polski

16 Monetary developments 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) Aug Sep Oct Nov 2014 Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Non-financial corporations Households Chart 2.7 MFI loans and other claims on non-financial corporations and households (corresponding period of the previous year = 100) Aug Sep Oct Nov 2014 Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Non-financial corporations Households Deposits and other liabilities included in M3 increased in August 2016 by 1.4 billion (0.1%) and reached the level of PLN billion. Monthly transactions decreased by 0.7 percentage points and stood at 9.6%. Increase was reported in deposits of non-financial corporations (PLN 1.2 billion; 0.5%), non-monetary financial institutions (PLN 0.6 billion, 1.2%), nonprofit institutions serving households (PLN 0.2 billion; 1.0%) and households (PLN 0.1 billion; 0.01%). Decrease was reported in deposits of social security funds (PLN 0.6 billion, 15.3%). Deposits of local government remained unchanged. Among counterparts to M3, increase in external assets net by PLN 10.3 billion (4.8%) as well as increase in credit to domestic sectors by PLN 0.5 billion i.e. 0.04% 7 positively contributed to money supply. Decrease in credit to central government by PLN 9.1 billion, i.e. 4.1% and 7 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. Information Bulletin 8/

17 Chapter 2 Chart 2.8 Bank loans to households (corresponding period of the previous year = 100) Aug Sep Oct Nov 2014 Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Loans for house purchases Loans for consumption Chart 2.9 Bank loans to non-financial corporations (corresponding period of the previous year = 100) Aug Sep Oct Nov 2014 Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Over 1 year up to 5 years Up to 1 year (including current accounts) Over 5 years increase in long term loans 8 down by 0.8 billion i.e. 0.2% contributed to a decline in money supply. MFI 9 credit to non-financial corporations increased by PLN 0.4 billion (0.1%) and reached PLN billion. The value of monthly transactions amounted to PLN 0.7 billion. The annual growth rate in credit to non-financial corporations went down by 2.1% and stood at 5.1%. Loans with maturity up to one year (including overdrafts) went up by 4.9% and loans with maturity from 1 up to 5 years increased by 5.0% while loans with maturity over 5 years went up by 5.4%. MFI credit to households increased in August 2016 by PLN 0.7 billion i.e. 0.1% and stood at PLN billion. Monthly transactions amounted to PLN 2.7 billion. Annual growth of 8 Long term loans comprise deposits and other liabilities with maturity over 2 years MFI securities issued with maturity over 2 years as well as capital and reserves. 9 Except credit against securities issued. 16 Narodowy Bank Polski

18 Monetary developments Chart 2.10 Share of monetary aggregates and MFI loans and other claims on other domestic residents in GDP % Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 M1/GDP M3/GDP Loans/GDP credit to households decreased by 0.4 percentage points and stood at 4.5%. Growth of housing loans stood at 3.4% y/y. The growth in consumer loans stood at 7.4% y/y. According to data for Q2 2016, the monetization of national economy increased. The M1 to GDP ratio increased by 1.5 percentage points and stood at 40.7%, and the M3 to GDP ratio by 1.6 percentage points and stood at 66.1%. During the period in question credit domestic sectors to GDP ratio increased by 0.7 percentage points and stood at 58.0%. In August 2016, the nominal exchange rate of the zloty 10 appreciated by 0.3% against EUR, 1.3% against CHF and 0.7% against GBP. 10 Exchange rate changes between end-july2016 and end-august 2016 are calculated as the difference between end-month average exchange rates quoted by NBP. Information Bulletin 8/

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20 Chapter 3 Balance of payments in Poland in August 2016

21 Chapter 3 Balance of payments in Poland in August 2016 Components of monthly bop are estimated based on monthly and quarterly information reported by residents involved in transactions with non-residents, public statistics surveys as well as administrative data sources. This version of bop is preliminary and may be subject to further revisions The Current and Capital Account Current account in August 2016 was negative and amounted to PLN 4.5 billion. The negative balance of the current account has been influenced by negative balances on trade in goods (PLN 2.2 billion), primary income (PLN 5.2 billion) and secondary income (PLN 0.4 billion) as well as positive balance of services (PLN 3.3 billion). In the corresponding period of the previous year current account balance was also negative and stood at PLN 3.0 billion. Total balance of current and capital account was negative and amounted to PLN 4.4 billion. In August 2016 exports of goods was estimated at PLN 59.1 billion while imports was estimated at PLN 61.3 billion. Exports were higher by PLN 5.7 billion, i.e. 10.8% and imports increased by PLN 7.2 billion, i.e. 13.2% when compared with the corresponding period of the previous year. Negative trade in goods balance stood at PLN 2.2 billion. In August 2015 it was also negative and amounted to PLN 0.8 billion. Exports of services was estimated at PLN 15.2 billion, up by PLN 0.9 billion, i.e. 6.4% when compared with August Imports stood at PLN 11.9 billion which means an increase by PLN 0.5 billion, i.e. 4.3% when compared with the corresponding period of the previous year. Positive balance of services stood at PLN 3.3 billion and was influenced by positive balance on transportation (PLN 1.5 billion), other services (PLN 2.2 billion) and negative balance on travel (PLN 0.4 billion). In August 2016, the primary income balance was negative and amounted to PLN 5.2 billion. In the corresponding period of 2015 this balance was also negative and stood at PLN 4.8 billion. Negative balance of primary income resulted mostly from negative balance on investment income (PLN 6.9 billion). Negative balance of investment income was driven by foreign direct investors income on their capital involvement in Polish companies amounting to PLN 5.9 billion (of which: dividends amounting to PLN 1.3 billion, reinvested earnings PLN 3.9 billion and interest on debt instruments PLN 0.7 billion). Negative balance of investment income was also influenced by non-residents income from portfolio investment (PLN 1.3 billion) as well as interest due to other debt instruments reported in other investment (PLN 0.6 billion), mostly due to loans received by Polish entities. 20 Narodowy Bank Polski

22 Balance of payments in Poland in August 2016 Balance of payments (mn PLN) Cummulated data b August July a a September 2014 September 2015 August August 2015 August 2016 a Current account Balance on goods Goods: exports Goods: imports Balance on Services Services: Credit Services: Debit Balance on Primary Income Primary income: credit Primary income: debit Balance on Secondary Income Secondary income: credit Secondary income: debit Capital account Capital account: credit Capital account: debit Financial account Direct investment assets Equity and investment fund shares Debt instruments Direct investment liabilities Equity and investment fund shares Debt instruments Portfolio investment assets Equity securities Debt securities Portfolio investment liabilities Equity securities Debt securities Other investment assets Monetary authorities General government MFIs Other sectors Other investment liabilities Monetary authorities General government MFIs Other sectors Financial derivatives Official reserve assets Net Errors and Omissions a Preliminary data. b Cumulated data presented as 12-month moving data. In the current account inflow of EU funds stood at PLN 2.0 billion, of which PLN 1.7 billion was inflow against Common Agricultural Policy (primary income) amounted to PLN 2.0 billion. In August, balance on EU transfers was positive and stood at PLN 0.7 billion. Information Bulletin 8/

23 Chapter Financial account Non-resident investment in Poland (liabilities) In August 2016 non-residents investment went up by PLN 3.4 billion as a result of inflow of capital against portfolio investment. Resident s liabilities against direct investment increased by PLN 0.5 billion. This balance was influenced by positive reinvestment of earnings standing at PLN 3.9 billion and withdrawal of capital against debt instruments (PLN 3.7 billion). Balance on portfolio investment was positive and stood at PLN 7.2 billion. Non-resident capital against debt securities went up by PLN 7.0 billion (mainly investment in Treasury bonds issued on domestic market - up by PLN 4.3 billion, as well as those issued on external markets up by PLN 2.7 billion). During the analysed period an inflow of capital was also registered in equity securities (PLN 0.2 billion). Balance of other non-resident investment in Poland was negative and stood at PLN 4.3 billion. This item has been mostly influenced by decrease in liabilities of the banking sector by PLN 3.3 billion (mainly due to non-resident deposits). Liabilities of the enterprise sector decreased by PLN 1.6 billion (mostly due to trade credits). At the same time, liabilities of NBP increased by PLN 0.7 billion (mainly due to repo transactions) Polish investment abroad (assets) In August 2016, balance on Polish investment abroad was negative (decrease in assets) and stood at PLN 1.6 billion. In direct investment, an inflow of capital in debt instruments in the amount of PLN 4.0 billion (decrease in assets) significantly exceeded increase in assets against equity capital (PLN 0.4 billion). Residents decreased their assets under portfolio investment by PLN 0.6 billion, in the vast majority of debt securities. Negative balance of other investment (decrease in assets) amounted to PLN 0.2 billion. External assets of the banking sector increased by PLN 0.8 billion (loans extended to nonresidents) and external assets of the enterprise sector decreased by PLN 1.1 billion (trade credits). NBP s own transactions and NBP client transactions resulted in an increase in the value of reserve assets by PLN 3.3 billion. Official reserve assets at the end of August 2016 amounted to PLN billion. 22 Narodowy Bank Polski

24 Chapter 4 Key decisions of the Monetary Policy Council

25 Chapter 4 Key Decisions of the Monetary Policy Council Resolution of the Monetary Policy Council No 4/2016 of 24 May 2016 on approving the Report on NBP s Activity in Narodowy Bank Polski

26 Chapter 5 Statistical annex

27 Chapter Tables Table Basic statistical data current prices Industrial output Construction output Consumer price index Producer price index 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 PLN million % % PLN million % % % % % % % Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Narodowy Bank Polski

28 Statistical annex. Tables Table Basic statistical data (cont d) Construction price index the same month previous previous month year = 100 = 100 Number of employed, corporate sector total Average employment, corporate sector total Number of unemployed Unemployment rate Average monthly employee earnings, gross, corporate sector National Budget revenue & expenditure revenue expenditure financial surplus/ deficit and net foreign lending/ borrowing % % thousands thousands thousands % zloty PLN million PLN million PLN million Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Information Bulletin 8/

29 Chapter 5 Table Basic statistical data (cont d) total revenues of which: sales of goods & services operating costs total of which: cost of sales pre-tax profit/loss Corporate financial performance statutory deductions net profit/loss cost to sales ratio net margin quick liquidity ratio total current assets accounts receivable and associated claims accounts payable PLN million PLN million PLN million PLN million PLN million PLN million PLN million % % % PLN million PLN million PLN million Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Narodowy Bank Polski

30 Statistical annex. Tables Table Financial market basic information reference rate lombard rate NBP interest rates deposit rate rediscount rate discount rate reserve requirement ratio on zloty deposits Reserve requirement reserve requirement ratio on foreign currency deposits (zloty equivalent) reserve requirement ratio on repo operations demand time demand time interest on reserve requirement total required reserves held % % % % % % % % % % % PLN million Dec a Jan a Feb a Mar a Apr a May a June a July a Aug a Sep a Oct a Nov a Dec a Jan a Feb a Mar a Apr a May a June a July a Aug a Sep a Oct a Nov a Dec a Jan a Feb a Mar a Apr a May a June a July a Aug a Sep a Oct a Nov a Dec a Jan a Feb a Mar a Apr a May a June a July a Aug a a Rediscount rate as from October 9, 2014 NBP reference rate. Information Bulletin 8/

31 Chapter 5 Table Financial market basic information (cont d) 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) PLN million PLN million PLN million % PLN million Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Narodowy Bank Polski

32 Statistical annex. Tables Table Financial market basic information (cont d) 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) PLN million PLN million PLN million % PLN million Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Information Bulletin 8/

33 Chapter 5 Table Financial market basic information (cont d) number of companies at month end capitalisation at month end P/E ratio at month end Warsaw Stock Exchange Index (WIG) at month end Data on trading sessions of Warsaw Stock Exchange WIG monthly average mwig40 at month end mwig40 monthly average swig80 at month end swig80 monthly average monthly turnover turnover ratio PLN million PLN million % Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Narodowy Bank Polski

34 Statistical annex. Tables Table PLN/USD and PLN/EUR daily exchange rates Days May 2016 June 2016 July 2016 August 2016 NBP average NBP average NBP average NBP average exchange rates USD/EUR exchange rates USD/EUR exchange rates USD/EUR exchange rates PLN/USD PLN/EUR PLN/USD PLN/EUR PLN/USD PLN/EUR PLN/USD PLN/EUR Average monthly rate X X X X USD/EUR Information Bulletin 8/