Abstract
The economy has recovered from the 2012–13 slowdown, supported by sound policies and improving external conditions. The outlook is for robust growth and subdued inflation but risks, although moderating, are tilted to the downside. Further structural reforms and stronger policy buffers will mitigate risks and ensure that the recovery is durable and balanced. Interconnectedness. Poland’s strong interconnectedness with Europe through both trade and financial linkages has facilitated growth and income convergence and reduced inequality. However, it also exposes Poland to external shocks that can propagate through substantial foreign participation in the government bond market and in the banking system. Monetary policy. The recent policy interest rate cuts should help gradually return inflation to the target. However, the Monetary Policy Council (MPC) should stand ready to further ease monetary policy if inflation expectations were to disappoint. Financial sector policy. The financial sector remains profitable, well-capitalized, and liquid. Credit growth is picking up in tandem with activity. Addressing legacy vulnerabilities and completing financial sector reforms would further buttress financial stability and support continued healthy credit expansion. Fiscal policy. Gradual fiscal consolidation should continue to build policy buffers and address long-term aging-related contingent liabilities. The authorities should identify measures to underpin their fiscal plans. Structural reforms. Over the past two decades, Poland succeeded in closing a quarter of its per capita income gap with the European Union (EU) average. Further boosting income levels and living standards requires structural reforms to move up the value- added chain and facilitate labor mobility to higher productivity sectors.
Fund Relations
(As of May 31, 2015)
Membership Status: Joined 6/12/1986; Article VIII
General Resources Account:
| SDR Million | Percent Quota | ||
|---|---|---|---|
| Quota | 1,688.40 | 100.00 | |
| Fund Holdings of Currency | 1,417.37 | 83.95 | |
| Reserve Tranche Position | 271.04 | 16.05 | |
| Lending to the Fund | |||
| New Arrangement to Borrow | 257.07 | ||
| SDR Million | Percent Quota | ||
|---|---|---|---|
| Quota | 1,688.40 | 100.00 | |
| Fund Holdings of Currency | 1,417.37 | 83.95 | |
| Reserve Tranche Position | 271.04 | 16.05 | |
| Lending to the Fund | |||
| New Arrangement to Borrow | 257.07 | ||
SDR Department:
| SDR Million | Percent Allocation | |
|---|---|---|
| Net Cumulative Allocation | 1,304.64 | 100.00 |
| Holdings | 946.65 | 72.56 |
| SDR Million | Percent Allocation | |
|---|---|---|
| Net Cumulative Allocation | 1,304.64 | 100.00 |
| Holdings | 946.65 | 72.56 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
In Millions of SDR
| Type | Approval Date | Expiration Date | Amount Approved | Amount Drawn |
|---|---|---|---|---|
| FCL | 1/14/2015 | 1/13/2017 | 15,500.00 | 0.00 |
| FCL | 1/18/2013 | 1/17/2015 | 22,000.00 | 0.00 |
| FCL | 1/21/2011 | 1/17/2013 | 19,166.00 | 0.00 |
| FCL | 7/02/2010 | 1/20/2011 | 13,690.00 | 0.00 |
| Type | Approval Date | Expiration Date | Amount Approved | Amount Drawn |
|---|---|---|---|---|
| FCL | 1/14/2015 | 1/13/2017 | 15,500.00 | 0.00 |
| FCL | 1/18/2013 | 1/17/2015 | 22,000.00 | 0.00 |
| FCL | 1/21/2011 | 1/17/2013 | 19,166.00 | 0.00 |
| FCL | 7/02/2010 | 1/20/2011 | 13,690.00 | 0.00 |
Projected Payments to Fund (SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Principal | |||||
| Charges/Interest | 0.09 | 0.20 | 0.20 | 0.20 | 0.20 |
| Total | 0.09 | 0.20 | 0.20 | 0.20 | 0.20 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Principal | |||||
| Charges/Interest | 0.09 | 0.20 | 0.20 | 0.20 | 0.20 |
| Total | 0.09 | 0.20 | 0.20 | 0.20 | 0.20 |
Exchange Arrangements:
The zloty is freely floating.
Poland accepted the obligation of Article VIII, Sections 2, 3, and 4 on June 1, 1995. Poland maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions, except for the exchange restrictions imposed by Poland solely for the preservation of national or international security as introduced by the European Union (EU) within the framework of the Common Foreign and Security Policy. The consolidated list of such sanctions is available at: http://eeas.europa.eu/cfsp/sanctions/consol-list/index_en.htm.
Article IV Consultation:
The last Article IV consultation was concluded on June 23, 2014. In concluding the consultation, Directors emphasized that Poland’s very strong fundamentals and economic policies had helped it weather turmoil in financial markets and paved the way for the economic recovery. They noted that the Precautionary Flexible Credit Line (FCL) arrangement has provided important insurance against external risks. At the same time, they observed that external risks remained elevated. Directors advised a measured pace for fiscal consolidation over the medium term to reduce the fiscal deficit and preserve growth. They agreed that the medium-term objective of a structural deficit of 1 percent of GDP remains appropriate and could be achieved through better expenditure prioritization, following a review of public expenditures, and improved tax compliance and efficiency of tax administration. Directors urged the authorities to address legacy flaws in the pension system and consider measures to deal with the sharp drop in future replacement rates. They also advised continued monitoring of liquidity in the government bond and equity markets, given the reduced presence of pension funds. On monetary policy, Directors concurred that the monetary stance was broadly appropriate within the context of limited inflationary pressures and subdued euro area inflation. However, a number of Directors called for heightened vigilance, as policy interest rates could be further reduced if the recovery falters or if revised projections indicate below-target inflation for a protracted period. In light of external risks, Directors concurred that moderate reserve accumulation would be prudent. Directors commended the resilience of the banking system, which remains well capitalized, profitable, and liquid. However, they called for enhanced financial sector supervision by expediting the completion of the macroprudential and bank resolution frameworks—including legislation to create a Systemic Risk Board. Directors encouraged the authorities to deepen structural reforms to achieve more inclusive sustainable growth.
Resident Representative:
Mr. James Roaf replaced Mr. Mark Allen as the Senior Regional Resident Representative for Central and Eastern Europe, effective August 8, 2013.
Republic of Poland: Technical Assistance from the Fund, 1992–2014
Republic of Poland: Technical Assistance from the Fund, 1992–2014
| Department | Subject/Identified Need | Action | Date | Counterpart |
|---|---|---|---|---|
| MAE-Coordinated | Periodic visits by experts from central banks cooperating in providing technical assistance to the NBP under the coordination of MAE | Experts’ visits | 1992–94 | NBP |
| MAE | Payments system, banking supervision, monetary research and analysis | Mission | May 1992 | NBP |
| MAE | Review of progress in the modernization of operational functions | Mission | October 1992 | NBP |
| MAE | Resident expert-Advisor to President of NBP | November 1991–92 | NBP | |
| MAE | Additional steps in the modernization process of the NBP | Mission | April 1993 | NBP |
| MAE | Monetary programming and operations, and payments system | Mission | November 1993 | NBP |
| MAE | Central bank modernization | Mission | August 1994 | NBP |
| MAE/LEG | Review of the exchange and payments system | Mission | February 1995 | NBP/MoF |
| MAE | Exchange rate system | Mission | March 1995 | NBP |
| MAE | Review of government securities market, payments system and public debt management | Mission | August 1995 | NBP/MoF |
| MAE | Asset consolidation exercise | Expert visits | Late 1995 | NBP |
| FAD | Tax administration (VAT) | Nine short-term assignments of field experts | August 1992–October 1994 | MoF |
| FAD | Tax administration | Mission | November 1992 | MoF |
| STA | Framework for monetary statistics | Mission | February 1993 | NBP |
| STA | Framework for monetary statistics (follow-up) | Mission | November 1993 | NBP |
| STA | Government finance statistics | Mission | August 1995 | NBP/MoF |
| STA | Money and banking statistics | Mission | January 1996 | NBP |
| STA | Government finance statistics | Mission | July 1996 | NBP/MoF |
| STA | Balance of payments statistics | Mission | November 1996 | NBP/MoF |
| STA | Balance of payments statistics | Follow-up mission | April 1997 | NBP/MoF |
| STA | Review of progress in implementing the SDDS | Visit | February 1998 | |
| FAD | Public expenditure management | Mission | April 1998 | MoF |
| MAE | Operational aspects of monetary and exchange rate policy | Mission | September 1998 | NBP |
| FAD | Tax administration | Mission | October 1998 | MoF |
| FAD | Examination of impact on revenues of proposed tax reform | Mission | November 1998 | MoF |
| FAD | Discussion of tax administration | Mission | March 1999 | MoF |
| FAD | Tax administration seminar | Mission | April 1999 | MoF |
| STA | Government Finance Statistics | Mission | October 1999 | MoF/Local |
| FAD | Tax administration—Introduction of expert | Mission | November 1999 | MoF |
| FAD | Administering Social Security | Mission | March 2000 | MoF |
| IMF/IBRD | FSAP | Mission | May/Sept 2000 | MoF/NBP |
| MAE | Monetary Operations | Mission | July 2001 | NBP |
| FAD | Expenditure restructuring | Mission | December 2001 | MoF |
| MAE | Stress testing | Mission | January 2002 | NBP |
| STA | Data ROSC | Mission | January 2003 | CSO/MoF/NBP |
| STA | Government finance statistics (GFSM 2001) | Mission | October 2003 | MoF |
| STA | Government finance statistics (GFSM 2001) | Mission | January 2005 | MoF |
| IMF/IBRD | FSAP Update | Mission | April/May 2006 | MoF/NBP |
| FAD | Developing a multi-annual fiscal framework | Mission | June 2008 | MoF |
| STA | Errors and omissions in balance of payments accounts | Mission | July 2009 | NBP |
| FAD | Medium-term fiscal framework | Mission | April 2010 | MoF |
| MCM | Detailed assessment of observance of BCP for effective banking supervision | Mission | Feb/March 2011 | KNF |
| STA | Errors and omissions in balance of payments accounts | Mission | June 2011 | NBP |
| FAD | Developing the fiscal regime for oil and gas | Mission | April 2012 | MoF |
| MCM | Macroprudential framework | Mission | May 2012 | NBP |
| IMF/WB | FSAP update | Mission | Feb/March 2013 | MoF/ KNF/NBP |
| FAD | Tax administration—Modernization challenges and strategic priorities | Mission | November 2014 | MoF |
Republic of Poland: Technical Assistance from the Fund, 1992–2014
| Department | Subject/Identified Need | Action | Date | Counterpart |
|---|---|---|---|---|
| MAE-Coordinated | Periodic visits by experts from central banks cooperating in providing technical assistance to the NBP under the coordination of MAE | Experts’ visits | 1992–94 | NBP |
| MAE | Payments system, banking supervision, monetary research and analysis | Mission | May 1992 | NBP |
| MAE | Review of progress in the modernization of operational functions | Mission | October 1992 | NBP |
| MAE | Resident expert-Advisor to President of NBP | November 1991–92 | NBP | |
| MAE | Additional steps in the modernization process of the NBP | Mission | April 1993 | NBP |
| MAE | Monetary programming and operations, and payments system | Mission | November 1993 | NBP |
| MAE | Central bank modernization | Mission | August 1994 | NBP |
| MAE/LEG | Review of the exchange and payments system | Mission | February 1995 | NBP/MoF |
| MAE | Exchange rate system | Mission | March 1995 | NBP |
| MAE | Review of government securities market, payments system and public debt management | Mission | August 1995 | NBP/MoF |
| MAE | Asset consolidation exercise | Expert visits | Late 1995 | NBP |
| FAD | Tax administration (VAT) | Nine short-term assignments of field experts | August 1992–October 1994 | MoF |
| FAD | Tax administration | Mission | November 1992 | MoF |
| STA | Framework for monetary statistics | Mission | February 1993 | NBP |
| STA | Framework for monetary statistics (follow-up) | Mission | November 1993 | NBP |
| STA | Government finance statistics | Mission | August 1995 | NBP/MoF |
| STA | Money and banking statistics | Mission | January 1996 | NBP |
| STA | Government finance statistics | Mission | July 1996 | NBP/MoF |
| STA | Balance of payments statistics | Mission | November 1996 | NBP/MoF |
| STA | Balance of payments statistics | Follow-up mission | April 1997 | NBP/MoF |
| STA | Review of progress in implementing the SDDS | Visit | February 1998 | |
| FAD | Public expenditure management | Mission | April 1998 | MoF |
| MAE | Operational aspects of monetary and exchange rate policy | Mission | September 1998 | NBP |
| FAD | Tax administration | Mission | October 1998 | MoF |
| FAD | Examination of impact on revenues of proposed tax reform | Mission | November 1998 | MoF |
| FAD | Discussion of tax administration | Mission | March 1999 | MoF |
| FAD | Tax administration seminar | Mission | April 1999 | MoF |
| STA | Government Finance Statistics | Mission | October 1999 | MoF/Local |
| FAD | Tax administration—Introduction of expert | Mission | November 1999 | MoF |
| FAD | Administering Social Security | Mission | March 2000 | MoF |
| IMF/IBRD | FSAP | Mission | May/Sept 2000 | MoF/NBP |
| MAE | Monetary Operations | Mission | July 2001 | NBP |
| FAD | Expenditure restructuring | Mission | December 2001 | MoF |
| MAE | Stress testing | Mission | January 2002 | NBP |
| STA | Data ROSC | Mission | January 2003 | CSO/MoF/NBP |
| STA | Government finance statistics (GFSM 2001) | Mission | October 2003 | MoF |
| STA | Government finance statistics (GFSM 2001) | Mission | January 2005 | MoF |
| IMF/IBRD | FSAP Update | Mission | April/May 2006 | MoF/NBP |
| FAD | Developing a multi-annual fiscal framework | Mission | June 2008 | MoF |
| STA | Errors and omissions in balance of payments accounts | Mission | July 2009 | NBP |
| FAD | Medium-term fiscal framework | Mission | April 2010 | MoF |
| MCM | Detailed assessment of observance of BCP for effective banking supervision | Mission | Feb/March 2011 | KNF |
| STA | Errors and omissions in balance of payments accounts | Mission | June 2011 | NBP |
| FAD | Developing the fiscal regime for oil and gas | Mission | April 2012 | MoF |
| MCM | Macroprudential framework | Mission | May 2012 | NBP |
| IMF/WB | FSAP update | Mission | Feb/March 2013 | MoF/ KNF/NBP |
| FAD | Tax administration—Modernization challenges and strategic priorities | Mission | November 2014 | MoF |
Statistical Issues
Poland—Statistical Issues Appendix
(As of May 2015)
Poland—Statistical Issues Appendix
(As of May 2015)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. | |
| National Accounts: The Central Statistical Office (GUS) compiles and disseminates annual and quarterly GDP by production and expenditure approaches, both at current and previous year’s prices following the 2008 SNA and ESA 2010. A supply and use table is only available for the year 2010. Annual and quarterly financial accounts by institutional sectors are compiled by Narodowy Bank Polski (NBP) following the ESA 2010 standards and disseminated regularly on its website according to an advance release calendar: the annual financial accounts on the 20th of October the following year and quarterly financial accounts on the 20th calendar day of the 4th month following the end of the reference quarter, i.e., on the 20th of January, April, July, and October. | |
| Price Statistics: The consumer price index does not cover imputed rents of owner-occupied dwellings. The scope of the index covers all resident households, except those in some rural areas. The producer price index does not include any estimation for missing prices; quality and seasonal adjustment techniques are also not implemented. | |
| Government Finance Statistics: The Ministry of Finance (MoF) is responsible for compiling monthly and annual data. The data are compiled in accordance with the IMF’s Government Finance Statistics Manual 2001. Monthly cash data cover “core” central government. The annual reports cover a detailed presentation of comprehensive fiscal data on operations of the general government sector divided by central government (breakdown between budgetary, extra-budgetary, and social security accounts) and local government. Revenue and expense are divided by economic type. Financing is classified by sector and by type of debt instrument. Furthermore, for compiling outlays by function of government, classification of the functions of government, UN, 2000 is used. Starting in 2015 (annual data for 2014) GUS will assume responsibilities for collecting, processing, and disseminating annual government finance statistics. Additionally, general government data are released on a quarterly basis, derived from detailed ESA (European System of Accounts) data. | |
| Monetary and Financial Statistics: Beginning with data for January 2004, the NBP provides the European Central Bank (ECB) with monetary accounts in accordance with the ECB’s framework for monetary statistics using the national residency approach. An earlier Report on the Observance of Standards and Codes (ROSC) mission recommended that the NBP, in cooperation with the MoF, reconcile monetary and government finance statistics and carry out a reconciliation exercise on a regular basis. | |
| Financial Sector Surveillance: In November 2009, NBP in cooperation with GUS, the Polish Financial Supervision Authority (KNF) and MoF began reporting financial soundness indicators based on the IMF’s Financial Soundness Indicators Compilation Guide. Data are reported on a quarterly basis with a lag of approximately one quarter. NBP also implemented EU regulation 680/2014 which covers supervisory reporting defined by the Implementing Technical Standards (ITS) prepared by the European Banking Authority. The first data was collected for March 2014 for own funds and liquidity related reporting. Financial reporting on a consolidated basis according to the ITS scheme was reported for the first time for September 2014. | |
| External Sector Statistics: Largely to improve data accuracy, the NBP fully depend on survey-based source data, starting in the first quarter of 2010. STA undertook an evaluation mission to Poland in July 2009, and followed up in June 2011 to assess further data improvements and anticipated revisions in the external sector accounts. Due to the comprehensive work on improving the data sources, the errors and omissions reduced from 4 percent of GDP in 2004 to around 2 percent of GDP in recent years, which is comparable to the level in other European countries. Authorities are committed to further improving the compilation system for the external sector statistics. Poland, as all other EU countries, started disseminating balance of payments data in accordance with the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6) and external debt statistics in line with the 2013 External Debt Statistics: Guide for Compilers and Users (2013 EDS Guide). Poland reports Coordinated Direct Investment Survey and Coordinated Portfolio Investment Survey data to the IMF. | |
| II. Data Standards and Quality | |
| Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since April 17, 1996. Uses SDDS flexibility option on the timeliness of the data on general government and central government operations. | Data ROSC was published in 2003. |
Poland—Statistical Issues Appendix
(As of May 2015)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. | |
| National Accounts: The Central Statistical Office (GUS) compiles and disseminates annual and quarterly GDP by production and expenditure approaches, both at current and previous year’s prices following the 2008 SNA and ESA 2010. A supply and use table is only available for the year 2010. Annual and quarterly financial accounts by institutional sectors are compiled by Narodowy Bank Polski (NBP) following the ESA 2010 standards and disseminated regularly on its website according to an advance release calendar: the annual financial accounts on the 20th of October the following year and quarterly financial accounts on the 20th calendar day of the 4th month following the end of the reference quarter, i.e., on the 20th of January, April, July, and October. | |
| Price Statistics: The consumer price index does not cover imputed rents of owner-occupied dwellings. The scope of the index covers all resident households, except those in some rural areas. The producer price index does not include any estimation for missing prices; quality and seasonal adjustment techniques are also not implemented. | |
| Government Finance Statistics: The Ministry of Finance (MoF) is responsible for compiling monthly and annual data. The data are compiled in accordance with the IMF’s Government Finance Statistics Manual 2001. Monthly cash data cover “core” central government. The annual reports cover a detailed presentation of comprehensive fiscal data on operations of the general government sector divided by central government (breakdown between budgetary, extra-budgetary, and social security accounts) and local government. Revenue and expense are divided by economic type. Financing is classified by sector and by type of debt instrument. Furthermore, for compiling outlays by function of government, classification of the functions of government, UN, 2000 is used. Starting in 2015 (annual data for 2014) GUS will assume responsibilities for collecting, processing, and disseminating annual government finance statistics. Additionally, general government data are released on a quarterly basis, derived from detailed ESA (European System of Accounts) data. | |
| Monetary and Financial Statistics: Beginning with data for January 2004, the NBP provides the European Central Bank (ECB) with monetary accounts in accordance with the ECB’s framework for monetary statistics using the national residency approach. An earlier Report on the Observance of Standards and Codes (ROSC) mission recommended that the NBP, in cooperation with the MoF, reconcile monetary and government finance statistics and carry out a reconciliation exercise on a regular basis. | |
| Financial Sector Surveillance: In November 2009, NBP in cooperation with GUS, the Polish Financial Supervision Authority (KNF) and MoF began reporting financial soundness indicators based on the IMF’s Financial Soundness Indicators Compilation Guide. Data are reported on a quarterly basis with a lag of approximately one quarter. NBP also implemented EU regulation 680/2014 which covers supervisory reporting defined by the Implementing Technical Standards (ITS) prepared by the European Banking Authority. The first data was collected for March 2014 for own funds and liquidity related reporting. Financial reporting on a consolidated basis according to the ITS scheme was reported for the first time for September 2014. | |
| External Sector Statistics: Largely to improve data accuracy, the NBP fully depend on survey-based source data, starting in the first quarter of 2010. STA undertook an evaluation mission to Poland in July 2009, and followed up in June 2011 to assess further data improvements and anticipated revisions in the external sector accounts. Due to the comprehensive work on improving the data sources, the errors and omissions reduced from 4 percent of GDP in 2004 to around 2 percent of GDP in recent years, which is comparable to the level in other European countries. Authorities are committed to further improving the compilation system for the external sector statistics. Poland, as all other EU countries, started disseminating balance of payments data in accordance with the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6) and external debt statistics in line with the 2013 External Debt Statistics: Guide for Compilers and Users (2013 EDS Guide). Poland reports Coordinated Direct Investment Survey and Coordinated Portfolio Investment Survey data to the IMF. | |
| II. Data Standards and Quality | |
| Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since April 17, 1996. Uses SDDS flexibility option on the timeliness of the data on general government and central government operations. | Data ROSC was published in 2003. |
Republic of Poland: Table of Common Indicators Required for Surveillance–as of May 29, 2015
Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).
Reflects the assessment provided in the data ROSC published on November 6, 2001, and based on the findings of the respective missions that took place during May 10–18, 2001 for the dataset corresponding to the variable in each row. For fiscal data, also takes account of the 2009 Fiscal Transparency ROSC. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation, and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Republic of Poland: Table of Common Indicators Required for Surveillance–as of May 29, 2015
| Date of latest observation | Date received | Frequency of data7 | Frequency of reporting7 | Frequency of publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality–Methodological soundness8 | Data Quality Accuracy and reliability9 | ||||||
| Exchange Rates | 5/29/2015 | 5/29/2015 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 4/2015 | 5/7/2015 | M | M | M | ||
| Reserve/Base Money | 4/2015 | 5/14/2015 | M | M | M | O, LO, O, LO | O, O, O, O, O |
| Broad Money | 4/2015 | 5/14/2015 | M | M | M | ||
| Central Bank Balance Sheet | 4/2015 | 5/7/2015 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 4/2015 | 5/14/2015 | M | M | M | ||
| Interest Rates2 | 5/29/2015 | 5/29/2015 | D | D | D | ||
| Consumer Price Index | 4/2015 | 5/14/2015 | M | M | M | O, O, O, O | O, O, O, O, O |
| Revenue, Expenditure, Balance, and Composition of Financing3 – General Government4 | Q4/2014 | 5/20/2015 | A | A | A | LO, O, O, O | O, O, O, O, NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 3/2015 | 5/20/2015 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 3/2015 | 5/20/2015 | M | M | M | ||
| External Current Account Balance | 3/2015 | 5/15/2015 | M | M | M | O, O, O, LO | O, O, O, O, LO |
| Exports and Imports of Goods and Services | 3/2015 | 5/15/2015 | M | M | M | ||
| GDP/GNP | Q1/2015 | 5/29/2015 | Q | Q | Q | O, LO, O, O | LO, LO, O, O, LO |
| Gross External Debt | Q4/2014 | 3/31/2015 | Q | Q | Q | ||
| International Investment Position6 | Q4/2014 | 3/31/2015 | Q | Q | Q | ||
Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).
Reflects the assessment provided in the data ROSC published on November 6, 2001, and based on the findings of the respective missions that took place during May 10–18, 2001 for the dataset corresponding to the variable in each row. For fiscal data, also takes account of the 2009 Fiscal Transparency ROSC. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation, and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Republic of Poland: Table of Common Indicators Required for Surveillance–as of May 29, 2015
| Date of latest observation | Date received | Frequency of data7 | Frequency of reporting7 | Frequency of publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality–Methodological soundness8 | Data Quality Accuracy and reliability9 | ||||||
| Exchange Rates | 5/29/2015 | 5/29/2015 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 4/2015 | 5/7/2015 | M | M | M | ||
| Reserve/Base Money | 4/2015 | 5/14/2015 | M | M | M | O, LO, O, LO | O, O, O, O, O |
| Broad Money | 4/2015 | 5/14/2015 | M | M | M | ||
| Central Bank Balance Sheet | 4/2015 | 5/7/2015 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 4/2015 | 5/14/2015 | M | M | M | ||
| Interest Rates2 | 5/29/2015 | 5/29/2015 | D | D | D | ||
| Consumer Price Index | 4/2015 | 5/14/2015 | M | M | M | O, O, O, O | O, O, O, O, O |
| Revenue, Expenditure, Balance, and Composition of Financing3 – General Government4 | Q4/2014 | 5/20/2015 | A | A | A | LO, O, O, O | O, O, O, O, NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 3/2015 | 5/20/2015 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 3/2015 | 5/20/2015 | M | M | M | ||
| External Current Account Balance | 3/2015 | 5/15/2015 | M | M | M | O, O, O, LO | O, O, O, O, LO |
| Exports and Imports of Goods and Services | 3/2015 | 5/15/2015 | M | M | M | ||
| GDP/GNP | Q1/2015 | 5/29/2015 | Q | Q | Q | O, LO, O, O | LO, LO, O, O, LO |
| Gross External Debt | Q4/2014 | 3/31/2015 | Q | Q | Q | ||
| International Investment Position6 | Q4/2014 | 3/31/2015 | Q | Q | Q | ||
Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Not Available (NA).
Reflects the assessment provided in the data ROSC published on November 6, 2001, and based on the findings of the respective missions that took place during May 10–18, 2001 for the dataset corresponding to the variable in each row. For fiscal data, also takes account of the 2009 Fiscal Transparency ROSC. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation, and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.