National Bank reports current account gap fell to $320 million in November

The National Bank of Poland (NBP) announced yesterday that Poland's current account (C/A) gap fell to $320 million in November from a revised $852 million in October. The November data showed a year-on-year increase in exports of 26%, with imports decreasing 4% over the same period as the result of declining internal demand. According to Monetary Policy Council (RPP) member Grzegorz Wojtowicz, the C/A gap fell to 6.8% of GDP by the end of November. Another RPP member Boguslaw Grabowski claimed that it dropped to 7% of GDP in November from 7.3% in October. RPP member Wieslawa Ziolkowska said that she would vote for a decrease in interest rates as early as January or February, since in her opinion the low deficit and declining inflation support such a move. (Reuters, Parkiet, p. 1) M.M.