Government and Macro Notes
A recent hard-fought deal between the Finance and Labor ministries to cut down pension raises next year will save zl. 5.6 billion ($2.4 billion) in the 1996 budget, Finance Minister Grzegorz Kolodko said. He added that the 2.5% increase did not pose a threat to the 1996 budget deficit, projected at zl. 9.7 billion ($4.1 billion), or 2.8% of GDP.
The State Treasury will not have to pay out compensation to pensioners after the Sejm rejected a ruling by the Constitutional Court that the government illegally cut pensions in 1993. Earlier rulings by the Constitutional Tribunal regarding earlier cuts in pensions and state workers' salaries will cost the treasury more that zl. 10 billion ($4.3 billion).
The treasury will get zl. 48 million ($20.4 million) in 1994 payouts from 10 listed companies in which it holds various minority stakes. Bank Przemyslowo-Handlowy SA (BPH), Bank Slaski SA and Wielkopolski Bank Kredytowy SA, have paid the treasury a total of about zl. 41.7 million ($17.4 million). The largest single payout - zl. 21.7 million ($9.2 million) - came from BPH, privatized early this year, in which the state holds a 46.6% stake.
Energy prices for both consumers and suppliers went up on July 1, 1995. Electricity prices for energy suppliers and distributors rose by an average of 6% and gas prices by 6.5%. Consumer electricity prices will rise by about 6.7% to zl 0.16 ($0.07) kwh from the current zl. 0.15 ($0.06) for around-the-clock usage. Gas prices increased by nearly 9% to zl. 0.49 ($0.21) from zl. 0.45 ($0.19).
The government said it had approved rules for over-the-counter trade in unlisted securities that would lay foundations for a regulated market for several hundred companies in the Mass Privatization Program. It said the OTC market should also become a vehicle for trade in Mass Privatization participation coupons and later on in shares in other unlisted companies that might find it too hard to meet the Warsaw Stock Exchange's listing requirements.
The minimum wage will go up to zl. 295 ($125) in the third quarter of this year. In May the average monthly gross wages amounted to zl. 730 ($311).
Poland earned almost zl. 2 billion ($851 million) from customs duties in the January-May period compared with zl. 1.7 billion ($723 million) in the same period last year.
The State Treasury will not have to pay out compensation to pensioners after the Sejm rejected a ruling by the Constitutional Court that the government illegally cut pensions in 1993. Earlier rulings by the Constitutional Tribunal regarding earlier cuts in pensions and state workers' salaries will cost the treasury more that zl. 10 billion ($4.3 billion).
The treasury will get zl. 48 million ($20.4 million) in 1994 payouts from 10 listed companies in which it holds various minority stakes. Bank Przemyslowo-Handlowy SA (BPH), Bank Slaski SA and Wielkopolski Bank Kredytowy SA, have paid the treasury a total of about zl. 41.7 million ($17.4 million). The largest single payout - zl. 21.7 million ($9.2 million) - came from BPH, privatized early this year, in which the state holds a 46.6% stake.
Energy prices for both consumers and suppliers went up on July 1, 1995. Electricity prices for energy suppliers and distributors rose by an average of 6% and gas prices by 6.5%. Consumer electricity prices will rise by about 6.7% to zl 0.16 ($0.07) kwh from the current zl. 0.15 ($0.06) for around-the-clock usage. Gas prices increased by nearly 9% to zl. 0.49 ($0.21) from zl. 0.45 ($0.19).
The government said it had approved rules for over-the-counter trade in unlisted securities that would lay foundations for a regulated market for several hundred companies in the Mass Privatization Program. It said the OTC market should also become a vehicle for trade in Mass Privatization participation coupons and later on in shares in other unlisted companies that might find it too hard to meet the Warsaw Stock Exchange's listing requirements.
The minimum wage will go up to zl. 295 ($125) in the third quarter of this year. In May the average monthly gross wages amounted to zl. 730 ($311).
Poland earned almost zl. 2 billion ($851 million) from customs duties in the January-May period compared with zl. 1.7 billion ($723 million) in the same period last year.
