News Parkiet

Taxes

Brokers scramble to collect tax records

from clients

Polish investment firms are working overtime and setting up special task forces to complete tax records before February 28 deadline, when they are supposed to mail their first ever tax statements to retail investors. Some of their clients didn't leave taxpayer ID numbers or other data. At least one broker tried to collect NIP taxpayer numbers by installing a pop-up window that asked clients to enter ten-digit number before they could access their accounts.

Petrochemicals

Nafta Polska officials meet with ConocoPhillips

Two ConocoPhillips executives met with officials from Nafta Polska privatization agency yesterday to present their strategy in Central and Eastern Europe. Polish government is reportedly trying to round up bidders to participate in privatization sale of Grupa Lotos, the country's second largest oil refinery.

Monetary policy

MPC may cool expectations of new rate cuts

Upcoming meeting of Poland's Monetary Policy Council could dampen widespread expectations for upcoming loosening of monetary policy. Financial markets have already priced in rate cuts of more than 100 basis points over the next twelve months. MPC meets today for a two-day session

Banking

Mortgage loan margins hit record low

Margins on zloty-denominated mortgage loans fell to a record low, turning some Polish banks towards more profitable loans in Swiss francs and euros. The spread between WIBOR market rates and mortgage loans narrowed from an average of 2.5 percent in 2003 to less than 1.5 percent in December.

The economy

January retail sales rose 7.5 percent, GUS says

January retail sales rose 7.5 percent from the same period last year, Main Office of Statistics said yesterday. Sales figures would be much higher if it wasn't for 10 percent decline in sales of durable goods, hardware and construction materials from company stores.