Poland won’t intervene on the currency market

(CC0 e-gabi)

Ukrainian operating banks lost EUR32m in October 2016

Hungary: personal gross income grew by 4.8 per cent in 2015

Poland

Poland will not intervene on the currency market, the Polish Radio informs. Deputy Prime Minister Mateusz Morawiecki said so commenting Polish zloty’s turmoil on December 5th. The weakening of the Polish zloty was a result of an Italian referendum and Italian Prime Minister Matteo Renzi's expected resignation.

“On Monday morning, the EUR had lost around 0.56 per cent against the USD, while the PLN had lost against all four major currencies. At around 9.30 am Warsaw time, the EUR cost more than PLN4.48, the USD nearly PLN4.23, the CHF was PLN4.17 and the GBP was PLN5.37,” the Polish Radio writes.

Mr. Morawiecki also said that PLN is a fluid currency and that over the last decade this has helped the Polish economy buffer itself against macroeconomic risks. Morover, there were several times in the past when the PLN was weaker than it is now.

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Ukraine

The Interfax informs on losses of the Ukrainian banks. The total loss of 100 operating units reached UAH12.6bn (EUR453m) in the period January-October 2016. In October 2016 alone it was UAH 900 million (EUR32.4m).

According to the press release of the National Bank of Ukraine (NBU) in January-October 2016 the loss of operating banks plunged by 76.8 per cent y/y, "mainly thanks to a decrease of payments to reserves to cover possible losses from active transactions by 60.4 per cent.”

The bank also revealed that around UAH39.6bn were sent to the reserves in January-October. Net interest income as of November 1st, 2016 was UAH38.1bn (so it decreased by 10.2 per cent y/y). Net commission fee revenue grew by 12.9 per cent y/y, to UAH20.4bn.

A total of 65 banks earned profit of UAH9.6bn, including 66 banks in October – UAH1.1bn.

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Hungary

Hungarians earn more, but the inequalities still exist. Annual personal gross income in 2015 was up 4.8 per cent y/y. It averaged HUF1.44m (EUR4,562). At the same time the average annual net income grew by 4.6 per cent to HUF1.15m (EUR3,643). The data from the Central Statistical Office (KSH) shows that with consumer prices falling by 0.1 per cent, the real income was up 4.7 per cent.

The KSH published full summary of household living standards. It shows that around 69 per cent of gross income came from wages in 2015 (up from 68.2 per cent in 2014). Social transfers accounted for 29 per cent of gross income (down from 29.8 per cent) and other income, including financial earnings, contributed 2 per cent, just as in 2014.

Wages gross income per capita increased by 6.1 per cent y/y. Social transfers per capita increaseed by 2.2 per cent.

The Budapest Business Journal reports that “despite closing the income gap, the difference between the lowest and highest decile is still wide. Average net income in the bottom decile was HUF334,000 annually, 29 per cent of the national average, while in the top decile it was HUF2.74m, 240 per cent of the national average. The Gini coefficient measuring income distribution was 28.2 points in 2015, basically unchanged from the year before.”

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What’s up in indexes

BUX (of Budapest) was up 0.98 per cent d/d and up 25.83 per cent from year-end. It increased from 29808.49 index points Friday, December 2nd to 30100.00 index points Monday, December 5th.

BET (of Bucharest Stock Exchange) dropped by 0.47 per cent – falling from 6948.06 index points Friday, December 2nd to 6915.35 index points Monday, December 5th. From year-end it dropped by 1.24 per cent.

PX (of Prague) decreased from 887.20 index points Friday, December 2nd to 886.66 index points Monday, December 5th. So it dropped by 0.06 per cent d/d and by 7.29 per cent from year-end.

WIG20 (of Warsaw) increased from 1783.57 index points Friday, December 2nd to 1845.66 index points Monday, December 5th. So it’s up 3.48 per cent d/d. From year-end it dropped by 0.73 per cent.

OMXT (of Tallinn) increased from 1047.86 index points Friday, December 2nd to 1048.55 index points Monday, December 5th. So it’s up 0.07 per cent d/d. From year-end it’s up 16.64 per cent.

OMXR (of Riga) dropped by 0.40 per cent – falling from 745.63 Friday, December 2nd to 742.68 index points Monday, December 5th. From year-end it’s up 24.96 per cent.

OMXV (of Vilnius) was up 0.02 per cent d/d – increasing from 561.03 index points Friday, December 2nd to 561.16 index points Monday, December 5th. From year-end it’s up 15.47 per cent.

SAX (of Bratislava) closed at 313.55 index points Monday, December 5th. It’s the same result as Friday’s (zero per cent change). From year-end it’s up 7.25 per cent.

SOFIX (of Sofia) dropped by 0.43 per cent d/d – falling from 563.82 index points Friday, December 2nd to 561.37 index points Monday, December 5th. From year-end it’s up 21.80 per cent.

UX (of Kyiv) increased from 808.51 index points Friday, December 2nd to 811.35 index points Monday, December 5th. So it’s up 0.35 per cent d/d. From year-end it’s up 18.30 per cent.

CROBEX (of Zagreb) dropped by 0.54 per cent d/d – falling from 1986.33 index points Friday, December 2nd to 1975.54 index points Monday, December 5th. From year-end it’s up 16.92 per cent.

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