Abstract
Poland continued its convergence to average EU income levels, growing well above most of its peers. Yet, significant regional disparities and long-term structural challenges remain. The new government, which took office in November 2015, has introduced a number of new policies, some of which have dented investor sentiment and could weaken growth going forward. The near-term outlook is for continued expansion with low oil prices weighing on inflation. External risks to the outlook remain elevated and prospects of controversial policy initiatives have heightened domestic risks. Sound institutions, growth-friendly policies, and structural reforms are critical to achieve sustainable and inclusive growth.
Fund Relations
(As of April 30, 2016)
Membership Status: Joined 6/12/1986; Article VIII
General Resources Account:
| SDR Million | Percent Quota | ||
| Quota | 4,095.40 | 100.00 | |
| Fund Holdings of Currency | 3,865.88 | 94.40 | |
| Reserve Tranche Position | 229.52 | 5.60 | |
| Lending to the Fund | |||
| New Arrangement to Borrow | 227.51 | ||
| SDR Million | Percent Quota | ||
| Quota | 4,095.40 | 100.00 | |
| Fund Holdings of Currency | 3,865.88 | 94.40 | |
| Reserve Tranche Position | 229.52 | 5.60 | |
| Lending to the Fund | |||
| New Arrangement to Borrow | 227.51 | ||
| SDR Department: | |||
| SDR Million | Percent Allocation | ||
| Net Cumulative Allocation | 1,304.64 | 100.00 | |
| Holdings | 313.06 | 24.00 | |
| SDR Department: | |||
| SDR Million | Percent Allocation | ||
| Net Cumulative Allocation | 1,304.64 | 100.00 | |
| Holdings | 313.06 | 24.00 | |
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 | 13,000.00 | 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 | 13,000.00 | 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 | |||||
|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | 2020 | |
| Principal | |||||
| Charges/Interest | 0.38 | 0.54 | 0.54 | 0.54 | 0.54 |
| Total | 0.38 | 0.54 | 0.54 | 0.54 | 0.54 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | 2020 | |
| Principal | |||||
| Charges/Interest | 0.38 | 0.54 | 0.54 | 0.54 | 0.54 |
| Total | 0.38 | 0.54 | 0.54 | 0.54 | 0.54 |
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 July 10, 2015. In concluding the consultation, Directors welcomed Poland’s recovery from the 2012–13 slowdown, supported by very strong economic fundamentals and policies, which paved the way for continued robust growth and further integration with European and global markets. They added that Poland’s strong policy framework has increased the economy’s resilience but observed that downside risks to the outlook remain. Directors noted that the precautionary FCL arrangement continued to provide important temporary insurance against external risks. On monetary policy, Directors welcomed the March policy interest rate cut, which should help limit the risk of prolonged low inflation and agreed that there could be a need to ease monetary policy further if inflation expectations continue to disappoint. Directors recommended moderate reserve accumulation to strengthen the resilience to shocks. With respect to the financial sector, Directors commended the continued strong performance of the banking sector and welcomed the new bankruptcy and insolvency law and encouraged the authorities to expedite implementation of other key financial sector reforms, including the adoption of comprehensive macroprudential and bank resolution frameworks. They supported the authorities’ case-by-case approach to restructuring distressed Swiss franc-denominated mortgages. On fiscal policy, Directors considered that continued gradual consolidation would create additional policy space to allow for a timely and effective response to shocks without unduly weighing on growth. In this regard, they agreed that the medium-term objective of a structural deficit of 1 percent of GDP remained appropriate, and encouraged the authorities to identify specific expenditure savings and reduce the large VAT revenue gap to ensure that this objective be met. Directors commended that continued efforts to raise spending efficiency and reform of the special pension schemes would help address fiscal pressures from population aging. Directors encouraged the authorities to continue to implement structural reforms to boost productivity, safeguard competitiveness, and allow the economy to move up the value-added chain, thereby facilitating income convergence.
Resident Representative:
Mr. Bas Bakker replaced Mr. James Roaf as the Senior Regional Resident Representative for Central and Eastern Europe, effective August 4, 2015.
Republic of Poland: Technical Assistance from the Fund, 1992–2016
Republic of Poland: Technical Assistance from the Fund, 1992–2016
| 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 |
| MCM | Bank Resolution | Mission | March 2016 | BFG |
Republic of Poland: Technical Assistance from the Fund, 1992–2016
| 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 |
| MCM | Bank Resolution | Mission | March 2016 | BFG |
Statistical Issues
Poland—Statistical Issues Appendix
(As of March 2016)
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. Quarterly financial accounts of general government sector are compiled by the Central Statistical Office (GUS). 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 data. The data are compiled in accordance with the IMF’s Government Finance Statistics Manual 2001 (GFSM 2001). Monthly cash data cover “core” central government. Revenue and expense are divided by economic type. Financing is classified by sector and by type of debt instrument.
Starting in 2015 (annual data for 2014), GUS is responsible for collecting, processing, and disseminating annual government finance statistics. The data are compiled according to European System of Accounts (ESA2010) and adjusted to GFS Manual 2014. The annual reports cover presentation of fiscal data on operations of the general government sector divided by central government, local government, and social security funds. Revenue and expense are divided by transactions. Financing is classified by sector and by type of debt instrument. General government data are released on a quarterly basis, derived from detailed ESA data. Monthly and annual data are regularly disseminated on the SDDS website. Data for 2013 were prepared by the Ministry of Finance according to GFS2001, while data for 2014 were prepared by the Central Statistical Office according to GFSM2014.
| I. Assessment of Data Adequacy for Surveillance (concluded) | |
| 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. Data on other financial corporations (OFC) are currently not available. 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 (FSI) based on the IMF’s Financial Soundness Indicators Compilation Guide. Poland is currently reporting all core FSIs and 19 of the 28 encouraged FSIs 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 depends 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. |
| I. Assessment of Data Adequacy for Surveillance (concluded) | |
| 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. Data on other financial corporations (OFC) are currently not available. 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 (FSI) based on the IMF’s Financial Soundness Indicators Compilation Guide. Poland is currently reporting all core FSIs and 19 of the 28 encouraged FSIs 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 depends 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 31, 2016
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 31, 2016
| 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 | 5/31/2016 | 5/31/2016 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 4/2016 | 5/20/2016 | M | M | M | ||
| Reserve/Base Money | 4/2016 | 5/6/2016 | M | M | M | O, LO, O, LO | O, O, O, O, O |
| Broad Money | 4/2016 | 5/13/2016 | M | M | M | ||
| Central Bank Balance Sheet | 4/2016 | 5/6/2016 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 4/2016 | 5/13/2016 | M | M | M | ||
| Interest Rates2 | 5/31/2016 | 5/31/2016 | D | D | D | ||
| Consumer Price Index | 4/2016 | 5/12/2016 | M | M | M | O, O, O, O | O, O, O, O, O |
| Revenue, Expenditure, Balance, and Composition of Financing3 – General Government4 | Q4/2015 | 5/20/2016 | A | A | A | LO, O, O, O | O, O, O, O, NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 3/2016 | 5/20/2016 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 3/2016 | 5/20/2016 | M | M | M | ||
| External Current Account Balance | 3/2016 | 5/13/2016 | M | M | M | O, O, O, LO | O, O, O, O, LO |
| Exports and Imports of Goods and Services | 3/2016 | 5/13/2016 | M | M | M | ||
| GDP/GNP | Q1/2016 | 5/31/2016 | Q | Q | Q | O, LO, O, O | LO, LO, O, O, LO |
| Gross External Debt | Q4/2015 | 3/31/2016 | Q | Q | Q | ||
| International Investment Position6 | Q4/2015 | 3/31/2016 | 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 31, 2016
| 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 | 5/31/2016 | 5/31/2016 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 4/2016 | 5/20/2016 | M | M | M | ||
| Reserve/Base Money | 4/2016 | 5/6/2016 | M | M | M | O, LO, O, LO | O, O, O, O, O |
| Broad Money | 4/2016 | 5/13/2016 | M | M | M | ||
| Central Bank Balance Sheet | 4/2016 | 5/6/2016 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 4/2016 | 5/13/2016 | M | M | M | ||
| Interest Rates2 | 5/31/2016 | 5/31/2016 | D | D | D | ||
| Consumer Price Index | 4/2016 | 5/12/2016 | M | M | M | O, O, O, O | O, O, O, O, O |
| Revenue, Expenditure, Balance, and Composition of Financing3 – General Government4 | Q4/2015 | 5/20/2016 | A | A | A | LO, O, O, O | O, O, O, O, NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 3/2016 | 5/20/2016 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 3/2016 | 5/20/2016 | M | M | M | ||
| External Current Account Balance | 3/2016 | 5/13/2016 | M | M | M | O, O, O, LO | O, O, O, O, LO |
| Exports and Imports of Goods and Services | 3/2016 | 5/13/2016 | M | M | M | ||
| GDP/GNP | Q1/2016 | 5/31/2016 | Q | Q | Q | O, LO, O, O | LO, LO, O, O, LO |
| Gross External Debt | Q4/2015 | 3/31/2016 | Q | Q | Q | ||
| International Investment Position6 | Q4/2015 | 3/31/2016 | 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.