Small rate hike possible in early 2018 – RPP Member

Łukasz Hardt, member of the Poland’s Monetary Policy Council RPP said that a small interest rates hike might be possible early next year if inflation continues to be nearing its 2.5 percent target. “The fact that at the conference after the November RPP meeting I said that it is too early to increas...

Locked content BGŻ to sell its factoring business

WSE-listed lender BGŻ BNP Paribas has signed a conditional agreement to sell 100 percent of BGŻ BNPP Faktoring shares to its French majority shareholder, BNP Paribas for PLN 10.41 million, the company said in a market filing. The sale will go through if it will be cleared by proper authorities, incl...

Locked content PZU with PLN 700 mln Q3 net profit

WSE-listed, state-owned insurer PZU recorded a PLN 700 million net profit in Q3, up by 7.9 percent y/y. Gross written premium reached PLN 5.32 billion, up by 10 percent y/y, while EBIT amounted to PLN 1.69 billion compared to PLN 910 million last year. “The group has PLN 300 billion in assets, which...

Locked content European Parliament demands triggering Article 7 against Poland

MEP voted to demand that EU member states punish Poland by triggering Article 7 of the EU treaty which would strip Warsaw of its voting rights in the European Parliament. While 438 lawmakers voted for and 152 against the motion, triggering Article 7 is highly unlikely as it requires unanimity, and H...

Locked content KGHM Q3 profit drops

WSE-listed copper and silver giant KGHM posted a PLN 604 million net profit in Q2, down by 63 percent y/y. Revenues amounted to PLN 4.77 billion, up from PLN 4.68 billion last year. EBITDA grew by 29.8 percent to PLN 1.41 billion. “”Despite the relatively small increase in revenue due to the n...

ZUS: 70% new pension application filed so far

As many as 283k pension applications have been filed so far to the Social Security fund (ZUS), representing 70 percent of all people entitled to retire earlier, after Poland lowered its retirement age. As many as 410k people have the right to do so until the end of this year.

Locked content UOKiK extends Bytom-Vistula merger proceedings

The antitrust watchdog UOKiK has extended antimonopoly proceedings on the merger of clothing retailers Vistula and Bytom by 4 months. The case has been entered into the second phase of the proceedings, reserved for more complicated cases. UOKiK now can conduct, among others, market analysis. The mer...

Locked content Poland to extend the de minimis credit guarantee program

The Ministry of Finance wants to extend the de minimis credit-guarantee program until mid-2018. “The extension of the de minimis guarantee offer until 30 June 2018 will continue to make it easier for SMEs to get access to debt financing which in return will boost the economy,” the ministry said. The...
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GDP growth at 4.7% in Q3 – flash estimate

Poland’s gross domestic product grew by 4.7 percent year-on-year in the third quarter of 2017, according to a flash estimate published by the Central Statistical Office (GUS). The quarter-to-quarter growth was at 1.1 percent. GUS also revised the Q2 growth to 4 percent from the previous 3.9 percent....