The Treasurer’s Guide to Trade Finance

Poland

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 514 bn Goods Exports 195

GDP per capita (USD) 13,424 Imports 209

GDP volume growth (year-on-year) + 4.3% Net – 14

Population 38.30m Services Exports 38

MMR (year average) 4.10% Imports 32

Exchange rate PLN / USD (year average) 2.9628 Net + 6

BoP (goods, services & income) as % of GDP – 6.1% Source: IFS, IMF, January 2013

International/Regional memberships

European Union (EU): since 1 May 2004.

Poland is also a member of the European

Economic Area (EEA).

International Monetary Fund (IMF):

since 12 June 1986.

World Trade Organization (WTO):

since 1 July 1995.

Government trade policy

ƒ Poland implements the EU’s trade

regulations, commercial policies and

customs code (ec.europa.eu/trade).

ƒ Poland trades freely with its fellow EEA

member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

Export Credit Insurance Corporation (KUKE

— http://www.kuke.com.pl).

ƒ The EU maintains 74 free trade zones with

seven in Poland.

Currency and exchange controls

Official currency: Polish zloty (PLN).

Exchange rate arrangement: free floating.

Poland imposes few foreign exchange controls.

Controls are imposed by the National Bank of

Poland (NBP — http://www.nbp.pl) and the Ministry of

Finance (www.mofnet.gov.pl).

ƒ Controls apply to securities purchased by

residents from countries outside the EEA

and the Organisation for Economic Co-

operation and Development (OECD)

(with the exception of countries with which

Poland has negotiated bilateral treaties).

ƒ Residents require authorisation from the

Polish Financial Supervision Authority (PFSA)

in order to issue/sell securities abroad as do

non-residents investing in Poland.

Bank accounts

Permission to hold currency accounts

Within

Poland

Outside

Poland

PLNForeign currency PLNForeign currency

Resident

company ✔ ✔ ✔

✔

Non-resident

company ✔ ✔ ✔ N/A

* Prior approval from the NBP is required by residents wishing

to hold accounts in countries outside the EEA or OECD.

Residents must provide the NBP with quarterly balance reports

on any accounts held outside Poland.