New legislation will allow Poles to open bank accounts in EU countries

Poland is to introduce legislation that will remove restrictions on sh ort-term capital flow as of October this year. This means that Polish nationals will be able to open private and corporate bank accounts, take out loans and play the stock market in EU countries, and the same will apply for EU nationals in Poland. The move comes as an immediate result of negot iations with the European Union (EU) and the Organization for Economic Cooperation and Development (OECD). According to Andrzej Wolski from the Polish Banking Association (ZBP), Poles are unlikely to choose foreign banks to deposit their money because of the high interest rates offered in Poland. Presidential economic adviser Witold Orlowski told Gazeta Wyborcza that there is a small and not serious threat that the new legislation could lead to an influx of speculative short-term capital that might destabilize the zloty. (Gazeta Wyborcza, Jan. 19-20, p. 1) M.T.K.