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3
Tabela 1. Sytuacja płynno ciowa sektora bankowego w latach 2001 – 2006
Bony pieni ne
Lokaty MF w NBP
Udział b.p. w ł cznej
absorbcji (w %)
Ł cznie bony pien. i lokaty
MF
2006
19 758
5 065
80
24 823
2005
16 699
5 008
77
21 707
2004
5 275
12 192
30
17 467
2003
6 251
6 067
51
12 318
2002
10 565
7 275
59
17 840
2001
14 701
3 660
80
18 361
redniorocznie (w mln zł)
Okres
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4
Tabela 2. Wykorzystanie operacji depozytowo-kredytowych oraz kształtowanie si stawek
rynkowych w latach 2001 – 2006
O/N
SW
2W
1M
POLONIA
2006
150
50
-100
4,06
10
6
16
35
2005
162
29
-133
5,34
21
6
29
28
2004
310
22
-288
5,79
40
10
24
2003
167
34
-133
5,67
28
7
25
2002
80
170
89
8,82
90
32
43
2001
715
234
-481
16,13
142
42
151
Odchylenie stóp od st. ref. w pkt. baz.
( redniorocznie)
Okres
rednia
stopa
referencyjna
(w %)
rednie
odchylenie
rach. bie .
banków od
rez.
wymag.(w
mln zł)
Depozyt
na koniec
dnia
Kredyt
lombardo
wy
Saldo
(kredyt -
depozyt)
Operacje depozytowo-kredytowe
redniorocznie (w mln zł)
*
+ ,- -
-
-
,
+
.
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&
? (2&!*%&################################################
I.1 Sytuacja płynno ciowa w 2006 r.................................................................................... 7
I.2 Oddziaływanie czynników autonomicznych na płynno sektora bankowego w 2006 r.
……………………………………………………………………………………….....9
I.2.1 Skup i sprzeda walut przez NBP ............................................................................ 9
I.2.2 Depozyty sektora publicznego utrzymywane w banku centralnym....................... 11
I.2.3 Pieni dz gotówkowy w obiegu .............................................................................. 14
& ' ) >
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*:, &4* /.0
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)+
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################################################# -N
II.1 Instrumenty polityki pieni nej w 2006 r. ................................................................... 18
II.1.1 Stopy procentowe................................................................................................... 18
II.1.2 Operacje otwartego rynku ...................................................................................... 19
II.1.3 Rezerwa obowi zkowa........................................................................................... 20
II.1.4 Operacje depozytowo-kredytowe........................................................................... 22
II.1.5 Inne elementy polityki pieni nej NBP ................................................................. 22
II.2 Sytuacja na mi dzybankowym rynku pieni nym....................................................... 24
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Wykres 1. Nadpłynno sektora bankowego w latach 2001 - 2006
0
4 000
8 000
12 000
16 000
20 000
24 000
28 000
st
y
01
cz
e
01
lis
0
1
kw
i 0
2
w
rz
0
2
lu
t 0
3
lip
0
3
gr
u
03
m
aj
0
4
pa
0
4
m
ar
0
5
si
e
05
st
y
06
cz
e
06
lis
0
6
m
ln
z
ł
bony pieni ne NBP
lokaty złotowe MF w NBP
>-
+
,
7
' &2,
- ( +
@4&! >. :) (.! .+
*:)* )(+,:*(+
B! 4&3
)+
.2) 4)*()@=(*0
Q!4&! ' &(&
'*4& .+( 2&()*/ '() < :)*()&(& 4& B? 4&! ' *() &4* /0
) &+
! +
*%& .(2, ()* *%,3 (*%& (
*%,3 (.< ,2/* .!()* 2 / (& +
* :)( 4' 3
(&5
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N '()
4&4 * -H '& " & !4&! ' (& :) (.! .+
*:)* * * !.&?&!)7 2&!*0F&?()=(& +
&4@ * * !.
) !4&! ' &(& &4&/*(+
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* * !.G< 4 . 0
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B4
4&/*(+
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) !@=(), 2& .+ 4&:)@' .():)#
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B44&/*(+
&!./A(
.(2, :)@' .? (2&!.:#
Wykres 2. Zmiany poziomu waha najkrótszych stóp procentowych
na rynku mi dzybankowym na tle zmian prowadzonych operacji otwartego
rynku w latach 2001- 2006
2,00%
7,00%
12,00%
17,00%
22,00%
27,00%
st
y
01
m
ar
0
1
m
aj
0
1
lip
0
1
w
rz
0
1
lis
0
1
st
y
02
m
ar
0
2
m
aj
0
2
lip
0
2
w
rz
0
2
lis
0
2
st
y
03
m
ar
0
3
m
aj
0
3
lip
0
3
w
rz
0
3
lis
0
3
st
y
04
m
ar
0
4
m
aj
0
4
lip
0
4
w
rz
0
4
lis
0
4
st
y
05
m
ar
0
5
m
aj
0
5
lip
0
5
w
rz
0
5
lis
0
5
st
y
06
m
ar
0
6
m
aj
0
6
lip
0
6
w
rz
0
6
lis
0
6
WIBOR O/N
WIBOR SW
WIBOR 2W
WIBOR 1M
Stopa referencyjna NBP
Stopa lombardowa NBP
Stopa depozytowa NBP
Wprowadzenie regularnych operacji podstawowych
Skrócenie operacji podstawowych z 28 do 14 dni
Skrócenie operacji podstawowych z 14 do 7 dni
ródło: NBP
&
(
)
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Wykres 5. Tempo wzrostu pieni dza gotówkowego na tle inflacji w latach 2000 – 2006.
-10%
-5%
0%
5%
10%
15%
20%
st
y
00
kw
i 0
0
lip
0
0
pa
0
0
st
y
01
kw
i 0
1
lip
0
1
pa
0
1
st
y
02
kw
i 0
2
lip
0
2
pa
0
2
st
y
03
kw
i 0
3
lip
0
3
pa
0
3
st
y
04
kw
i 0
4
lip
0
4
pa
0
4
st
y
05
kw
i 0
5
lip
0
5
pa
0
5
st
y
06
kw
i 0
6
lip
0
6
pa
0
6
CPI
roczne tempo wzrostu pieni dza gotówkowego
%& '()
4 * + *() / >*%&
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15
Wykres 6. Tempo wzrostu pieni dza gotówkowego na tle dynamiki agregatów monetarnych M1 i M3
-4
1
6
11
16
21
26
st
y
05
lu
t 0
5
m
ar
0
5
kw
i 0
5
m
aj
0
5
cz
e
05
lip
0
5
si
e
05
w
rz
0
5
pa
0
5
lis
0
5
gr
u
05
st
y
06
lu
t 0
6
m
ar
0
6
kw
i 0
6
m
aj
0
6
cz
e
06
lip
0
6
si
e
06
w
rz
0
6
pa
0
6
lis
0
6
gr
u
06
%
gotówka r/r
M1 r/r
M3 r/r
%& '()
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Wykres 7. Poziom pieni dza gotówkowego w obiegu oraz udziału gotówki
w szerokim agregacie monetarnym M3 w latach 2005 - 2006
14,0
14,5
15,0
15,5
16,0
16,5
st
y
05
lu
t 0
5
m
ar
0
5
kw
i 0
5
m
aj
0
5
cz
e
05
lip
0
5
si
e
05
w
rz
0
5
pa
0
5
lis
0
5
gr
u
05
st
y
06
lu
t 0
6
m
ar
0
6
kw
i 0
6
m
aj
0
6
cz
e
06
lip
0
6
si
e
06
w
rz
0
6
pa
0
6
lis
0
6
gr
u
06
%
50 000
55 000
60 000
65 000
70 000
75 000
80 000
m
ln
z
ł
stan na koniec miesi ca
udział gotówki w M3
%& '()
3
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17
Wykres 8. Rozwój kart płatniczych w latach 2000 – 2006
10 000
20 000
30 000
40 000
50 000
60 000
I 2
00
0
II
I
I 2
00
1
II
I
I 2
00
2
II
I
I 2
00
3
II
I
I 2
00
4
II
I
I 2
00
5
II
I
I 2
00
6
II
I
m
ln
z
ł
0
5000
10000
15000
20000
25000
30000
ty
s.
sz
tu
k
warto transakcji dokonanych ró nymi typami kart (lewa o )
liczba wyemitowanych kart płatniczych
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Wykres 9. Poziom stóp procentowych NBP 2006 r.
2,00%
2,50%
3,00%
3,50%
4,00%
4,50%
5,00%
5,50%
6,00%
6,50%
st
y
06
lu
t 0
6
m
ar
0
6
kw
i 0
6
m
aj
0
6
cz
e
06
lip
0
6
si
e
06
w
rz
0
6
pa
0
6
lis
0
6
gr
u
06
Stopa depozytowa NBP
Stopa referencyjna NBP
Stopa lombardowa NBP
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Wykres 10. rednia miesi czna wielko emisji bonów pieni nych w 2006 r.
0
4 000
8 000
12 000
16 000
20 000
24 000
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
w
m
ln
z
ł
bony pieni ne
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3,5%
4,0%
4,5%
5,0%
5,5%
6,0%
6,5%
1
st
y
16
s
ty
31
s
ty
15
lu
t
2
m
ar
17
m
ar
1
kw
i
16
k
w
i
1
m
aj
16
m
aj
31
m
aj
15
c
ze
30
c
ze
15
li
p
30
li
p
14
s
ie
29
s
ie
13
w
rz
28
w
rz
13
p
a
28
p
a
12
li
s
27
li
s
12
g
ru
27
g
ru
POLONIA
WIBOR O/N
WIBOR SW
Stopa referencyjna
Stopa lombardowa
Stopa depozytowa
%& '() 7
-"
F
,
- - 2
-
,/,
"
25
+
.: &2* )* !.+
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7 0
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$G#
Wykres 13. Wykorzystanie operacji depozytowo-kredytowych oferowanych przez
NBP a odchylenie stawek WIBOR od stopy referencyjnej NBP w 2006 r.
-1,5
-1,3
-1,0
-0,8
-0,5
-0,3
0,0
0,3
0,5
0,8
1,0
1,3
1,5
s
ty
0
6
lu
t 0
6
m
ar
0
6
k
w
i 0
6
m
aj
0
6
c
ze
0
6
li
p
06
s
ie
0
6
w
rz
0
6
p
a
0
6
li
s
06
g
ru
0
6
pk
t p
ro
c.
-6 000
-5 000
-4 000
-3 000
-2 000
-1 000
0
1 000
2 000
3 000
4 000
5 000
6 000
m
ln
z
ł
Depozyt na koniec dnia (prawa o )
Kredyt lombardowy (prawa o )
Odchylenie WIBOR O/N
Pocz tek okresu rezerwowego
Odchylenie WIBOR SW
Warto ci ujemne na prawej osi oznaczaj ograniczenie płynno ci sektora bankowego (zło enie depozytu w
NBP), natomiast warto ci dodatnie – zasilenie w płynno (kredyt lombardowy oferowany przez NBP).
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#
Wykres 14. Sytuacja płynno ciowa oraz wykorzystywanie operacji depozytowo-
kredytowych banku centralnego w listopadzie i grudniu 2006 r.
-1,5
-1,0
-0,5
0,0
0,5
1,0
1,5
30
li
s
06
02
g
ru
0
6
04
g
ru
0
6
06
g
ru
0
6
08
g
ru
0
6
10
g
ru
0
6
12
g
ru
0
6
14
g
ru
0
6
16
g
ru
0
6
18
g
ru
0
6
20
g
ru
0
6
22
g
ru
0
6
24
g
ru
0
6
26
g
ru
0
6
28
g
ru
0
6
30
g
ru
0
6
pk
t p
ro
c.
-3 500
-2 500
-1 500
-500
500
1 500
2 500
3 500
m
ln
z
ł
Depozyt na koniec dnia (prawa o )
Kredyt lombardowy (prawa o )
Odchylenie WIBOR O/N
Odchylenie WIBOR SW
Warto ci ujemne na prawej osi oznaczaj ograniczenie płynno ci sektora bankowego (zło enie
depozytu w NBP), natomiast warto ci dodatnie – zasilenie w płynno (kredyt lombardowy oferowany
przez NBP).
%& '() 7
-
&'2*5
3
)6(3
*=.< )=:):& ' 0
7/./A )@ &? * !&! 6!4*!(./A&2* /A )3
()*0 ./A! AD +
B4
4&/*(+
&!./A< !
&2, 5*'()& &/ (* &'/A.3
*()* +
&4.
E &' +
&4. *C
* *(/.0
(*0
:()*0 .>& )@) !.()& >& - 4,(2+
B!? &!./A< 4&'/ %'.! &2, 4&4 *'(): &'/A.3
*()* +
& ?.>&
B!(* - 4,(2+
&: ? &!.:#
+
&:) +5*'()* &'/A.3
*()* +!2)
&' +
&4. *C
* *(/.0
(*0
,2 +>+
&! >& )@!
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42+? &!./A< +
(# ! !.&2&5
/) ?3
)=&(*0'&
&'/A.3
*() !
I &2,#
27
redni poziom
bonów
pieni nych NBP
redni poziom
depozytów
bud etowych w
NBP
redni poziom
depozytu na
koniec dnia
redni poziom
kredytu
lombardowego
Suma
2006
1
2
3
4
1+2+3+4
I
19 534
11 031
98
0
30 663
II
18 443
12 300
140
0
30 883
III
21 281
8 632
82
0
29 995
IV
20 038
7 360
86
-146
27 338
V
20 024
7 652
85
-10
27 751
VI
21 523
5 638
156
0
27 317
VII
19 558
7 651
111
0
27 320
VIII
20 255
7 264
153
0
27 672
IX
20 428
8 127
221
0
28 776
X
19 834
10 509
32
-19
30 356
XI
18 233
10 909
209
0
29 351
XII
17 924
8 714
398
-386
26 650
Udział redniego
poziomu bonów
pieni nych NBP
w absorpcji
płynno ci
Udział redniego
poziomu
depozytów
bud etowych w
NBP w absorpcji
płynno ci
Udział redniego
poziomu
depozytu na
koniec dnia w
absorpcji
płynno ci
Udział redniego
poziomu kredytu
lombardowego w
generowaniu
płynno ci
Suma
2006
I
63,71%
35,97%
0,32%
0,00%
100,00%
II
59,72%
39,83%
0,45%
0,00%
100,00%
III
70,95%
28,78%
0,27%
0,00%
100,00%
IV
73,30%
26,92%
0,31%
-0,53%
100,00%
V
72,16%
27,57%
0,31%
-0,04%
100,00%
VI
78,79%
20,64%
0,57%
0,00%
100,00%
VII
71,59%
28,01%
0,41%
0,00%
100,00%
VIII
73,20%
26,25%
0,55%
0,00%
100,00%
IX
70,99%
28,24%
0,77%
0,00%
100,00%
X
65,34%
34,62%
0,11%
-0,06%
100,00%
XI
62,12%
37,17%
0,71%
0,00%
100,00%
XII
67,26%
32,70%
1,49%
-1,45%
100,00%
+ ,
* !
-
.
/
!
. ,!! 0
.$%&
!
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2
28
+ ,
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3 !
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L.p
Data
przetargu
Data
zapłaty
Nominalna
warto oferty
sprzeda y (w
mln zł)
Nominalna
warto oferty
zakupu (w
mln zł)
Nominalna
warto ofert
przyj tych
(w mln zł)
rednia
przyj ta
cena
(za 10000
zł)
Warto w
cenie
sprzeda y (w
mln zł)
redni zysk
z bonów w
skali roku
(365/360)
1
06-01-06
06-01-06
21 000
26 698
21 000
9991,25
20 982
4,50%
2
06-01-13
06-01-13
21 000
29 626
21 000
9991,25
20 982
4,50%
3
06-01-20
06-01-20
17 500
36 343
17 500
9991,25
17 485
4,50%
4
06-01-27
06-01-27
14 500
28 067
14 500
9991,25
14 487
4,50%
5
06-02-03
06-02-03
16 200
27 961
16 200
9991,74
16 187
4,25%
6
06-02-10
06-02-10
17 300
31 008
17 300
9991,74
17 286
4,25%
7
06-02-17
06-02-17
21 200
32 870
21 200
9991,74
21 182
4,25%
8
06-02-24
06-02-24
22 500
31 582
22 500
9991,74
22 481
4,25%
9
06-03-03
06-03-03
21 400
33 753
21 400
9992,22
21 383
4,00%
10
06-03-10
06-03-10
21 000
33 709
21 000
9992,22
20 984
4,00%
11
06-03-17
06-03-17
21 200
30 841
21 200
9992,22
21 184
4,00%
12
06-03-24
06-03-24
21 000
26 017
21 000
9992,22
20 984
4,00%
13
06-03-31
06-03-31
21 200
27 628
21 200
9992,22
21 184
4,00%
14
06-04-07
06-04-07
19 000
23 863
19 000
9992,22
18 985
4,00%
15
06-04-14
06-04-14
22 000
28 588
22 000
9992,22
21 983
4,00%
16
06-04-21
06-04-21
19 000
29 517
19 000
9992,22
18 985
4,00%
17
06-04-28
06-04-28
18 200
22 635
18 200
9992,22
18 186
4,00%
18
06-05-05
06-05-05
17 500
31 223
17 500
9992,22
17 486
4,00%
19
06-05-12
06-05-12
22 000
31 328
22 000
9992,22
21 983
4,00%
20
06-05-19
06-05-19
20 300
32 625
20 300
9992,22
20 284
4,00%
21
06-05-26
06-05-26
21 500
35 502
21 500
9992,22
21 483
4,00%
22
06-06-02
06-06-02
22 600
33 451
22 600
9992,22
22 582
4,00%
23
06-06-09
06-06-09
24 000
37 335
24 000
9992,22
23 981
4,00%
24
06-06-16
06-06-16
21 500
37 646
21 500
9992,22
21 483
4,00%
25
06-06-23
06-06-23
18 000
32 843
18 000
9992,22
17 986
4,00%
26
06-06-30
06-06-30
19 000
34 304
19 000
9992,22
18 985
4,00%
27
06-07-07
06-07-07
20 500
41 581
20 500
9992,22
20 484
4,00%
28
06-07-14
06-07-14
19 700
46 344
19 700
9992,22
19 685
4,00%
29
06-07-21
06-07-21
18 200
48 220
18 200
9992,22
18 186
4,00%
30
06-07-28
06-07-28
21 500
44 650
21 500
9992,22
21 483
4,00%
31
06-08-04
06-08-04
19 500
40 021
19 500
9992,22
19 485
4,00%
32
06-08-11
06-08-11
21 600
42 424
21 600
9992,22
21 583
4,00%
33
06-08-18
06-08-18
19 000
38 031
19 000
9992,22
18 985
4,00%
34
06-08-25
06-08-25
20 200
41 907
20 200
9992,22
20 184
4,00%
35
06-09-01
06-09-01
20 600
45 272
20 600
9992,22
20 584
4,00%
36
06-09-08
06-09-08
18 700
44 602
18 700
9992,22
18 685
4,00%
37
06-09-15
06-09-15
19 200
49 243
19 200
9992,22
19 185
4,00%
38
06-09-22
06-09-22
21 500
48 485
21 500
9992,22
21 483
4,00%
39
06-09-29
06-09-29
24 500
62 390
24 500
9992,22
24 481
4,00%
40
06-10-06
06-10-06
18 500
47 175
18 500
9992,22
18 486
4,00%
41
06-10-13
06-10-13
17 900
58 890
17 900
9992,22
17 886
4,00%
42
06-10-20
06-10-20
19 600
67 019
19 600
9992,22
19 585
4,00%
43
06-10-27
06-10-27
21 300
61 376
21 300
9992,22
21 283
4,00%
44
06-11-03
06-11-03
16 700
67 621
16 700
9992,22
16 687
4,00%
45
06-11-10
06-11-10
17 800
79 937
17 800
9992,22
17 786
4,00%
46
06-11-17
06-11-17
17 800
91 653
17 800
9992,22
17 786
4,00%
47
06-11-24
06-11-24
19 500
108 486
19 500
9992,22
19 485
4,00%
48
06-12-01
06-12-01
20 800
137 902
20 800
9992,22
20 784
4,00%
49
06-12-08
06-12-08
17 100
140 743
17 100
9992,22
17 087
4,00%
50
06-12-15
06-12-15
17 000
177 981
17 000
9992,22
16 987
4,00%
51
06-12-22
06-12-22
16 300
234 984
16 300
9992,22
16 287
4,00%
52
06-12-29
06-12-29
18 400
26 545
18 400
9992,22
18 386
4,00%
1 025 000
2 700 435
1 025 000
1 024 192
Razem 2006:
29
+ ,
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1
-
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30
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Wyszczególnienie
XII 2005
I 2006
II 2006
III 2006
IV 2006
V 2006
VI 2006
VII 2006
VIII 2006
IX 2006
X 2006
XI 2006
XII 2006
( w mln PLN )
BUD ET PA STWA:
dochody
183 033,11
18 588,60
33 328,37
48 672,99
65 374,91
79 581,31
93 663,29
111 431,06
130 344,86
146 292,97
164 797,68
182 667,32
201 084,99
wydatki
208 481,67
18 994,69
38 924,29
56 251,35
73 608,25
92 796,91
110 159,21
125 619,85
142 896,43
158 937,22
179 489,05
199 026,15
222 956,93
deficyt(-)/nadwy .(+)
-25 448,56
-406,09
-5 595,92
-7 578,37
-8 233,35
-13 215,61
-16 495,92
-14 188,79
-12 551,56
-12 644,25
-14 691,37
-16 358,83
-21 871,94
rodki bud etu pa stwa
3 757,38
2 216,17
1 735,40
2 807,74
1 920,00
1 889,07
1 828,32
1 714,25
1 882,55
1 971,54
2 776,95
2 280,50
5 614,87
rachunek walutowy MF
3 392,37
2 789,82
13 154,11
9 881,64
9 628,24
9 306,28
8 835,98
8 083,25
7 996,44
4 749,99
385,43
1 929,92
1 244,04
lokaty złotowe MF
0,00
14 999,91
5 349,91
5 999,91
5 999,91
4 700,41
5 789,41
5 829,41
4 999,41
4 999,41
4 999,41
4 669,41
0,00
PIENI DZ GOT. W OBIEGU
62 596,88
60 218,00
61 122,77
63 437,90
66 524,41
66 390,99
69 885,22
70 466,80
70 478,00
71 518,55
72 378,45
71 430,22
75 377,24
RACHUNEK BIE
CY
7 880,96
11 904,91
12 698,14
11 187,61
12 054,00
12 520,23
12 050,36
11 133,23
14 120,92
9 080,40
10 209,05
16 164,70
11 701,98
odchylenie stanu r-ku
od rezerwy wymaganej
327,12
-210,77
571,91
-1 081,45
181,41
12,57
-505,32
-1 679,40
1 162,67
302,45
-3 102,21
2 247,82
224,11
KREDYT REFINANSOWY
3 055,68
2 604,89
2 616,82
2 498,55
3 674,87
2 544,48
2 442,77
2 417,67
2 429,92
2 348,62
2 324,05
2 335,46
5 440,17
lombardowy
464,00
0,00
0,00
0,00
1 164,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
3 186,24
redyskontowy
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
KREDYT TECHNICZNY
15 267,90
9 123,45
6 766,92
9 308,17
0,00
10 558,96
13 865,79
12 434,53
13 726,46
17 129,45
14 808,82
15 273,35
16 289,62
DEPOZYT NA KONIEC DNIA
2 581,81
2,60
0,00
0,00
683,31
0,00
2,10
2,20
3,58
2 075,88
10,81
5,82
2 647,74
OPER.OTWART.RYNKU*/
23 000,00
14 500,00
22 500,00
21 200,00
18 200,00
21 500,00
19 000,00
21 500,00
20 200,00
24 500,00
21 300,00
19 500,00
18 400,00
repo
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
bony pien.<7 dni
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
bony pieni ne 7 -dn.
23 000,00
14 500,00
22 500,00
21 200,00
18 200,00
21 500,00
19 000,00
21 500,00
20 200,00
24 500,00
21 300,00
19 500,00
18 400,00
POLONIA**/
3,95%
4,32%
4,15%
4,06%
4,20%
4,02%
4,02%
4,08%
4,02%
3,40%
4,04%
4,00%
5,11%
WIBOR
O/N
3,61%
4,46%
4,29%
4,14%
4,16%
4,11%
4,10%
4,10%
4,09%
3,47%
4,10%
4,10%
4,18%
T/N
4,60%
4,44%
4,30%
4,14%
4,14%
4,12%
4,10%
4,10%
4,10%
4,10%
4,11%
4,10%
4,11%
SW
4,60%
4,40%
4,27%
4,15%
4,12%
4,11%
4,11%
4,11%
4,11%
4,11%
4,11%
4,11%
4,11%
2W
4,60%
4,40%
4,25%
4,15%
4,12%
4,11%
4,11%
4,11%
4,11%
4,11%
4,11%
4,11%
4,11%
1M
4,60%
4,40%
4,22%
4,15%
4,12%
4,11%
4,12%
4,12%
4,12%
4,13%
4,13%
4,13%
4,12%
3M
4,60%
4,40%
4,16%
4,17%
4,13%
4,15%
4,21%
4,18%
4,19%
4,22%
4,21%
4,20%
4,20%
12M
4,60%
4,37%
4,10%
4,17%
4,20%
4,28%
4,71%
4,55%
4,60%
4,74%
4,61%
4,53%
4,51%
WIBID
O/N
3,32%
4,21%
4,10%
3,97%
3,97%
3,94%
3,94%
3,94%
3,94%
3,17%
3,95%
3,93%
3,90%
T/N
4,35%
4,20%
4,09%
3,97%
3,97%
3,95%
3,95%
3,95%
3,95%
3,94%
3,96%
3,95%
3,91%
SW
4,40%
4,20%
4,08%
3,97%
3,96%
3,96%
3,96%
3,96%
3,96%
3,96%
3,97%
3,97%
3,94%
2W
4,40%
4,20%
4,05%
3,98%
3,96%
3,96%
3,97%
3,97%
3,97%
3,96%
3,97%
3,97%
3,95%
1M
4,40%
4,20%
4,02%
3,98%
3,97%
3,96%
3,97%
3,97%
3,97%
3,97%
3,98%
3,97%
3,96%
3M
4,40%
4,20%
3,96%
3,99%
3,98%
3,99%
4,03%
4,01%
4,01%
4,03%
4,03%
4,02%
4,01%
12M
4,40%
4,17%
3,90%
3,99%
4,02%
4,09%
4,51%
4,35%
4,40%
4,54%
4,42%
4,33%
4,31%
USD/PLN ( fix )
3,2613
3,1630
3,1768
3,2491
3,0841
3,0671
3,1816
3,0831
3,0651
3,1425
3,0631
2,8911
2,9105
EUR/PLN ( fix )
3,8598
3,8285
3,7726
3,9357
3,8740
3,9472
4,0434
3,9321
3,9369
3,9835
3,8871
3,8166
3,8312
EUR/USD
1,1835
1,2104
1,1875
1,2113
1,2561
1,2869
1,2709
1,2754
1,2844
1,2676
1,2690
1,3201
1,3163
Oficjalne aktywa rezerwowe
(stan na koniec miesi ca)
mln zł
138 837,60
136 648,20
144 566,02
143 837,14
140 011,40
148 844,10
149 275,20
149 309,90
149 310,30
153 023,20
144 502,2
143 060,80
141 113,70
mln EUR
35 970,20
35 692,40
38 320,00
36 546,80
36 141,30
37 708,80
36 918,20
37 972,00
37 925,80
38 414,30
37 174,80
37 483,80
36 832,80
(-Skup) Sprzeda walut
-426,07
97,75
473,41
-375,00
-160,64
-1 743,44
-794,22
-881,21
-221,03
-2 380,61
509,43
251,26
-657,33
*/ - Operacje otwartego rynku podawane s wg warto ci nominalnej
**/ Od dnia 24.01.2005 r. NBP oblicza stawk POLONIA (Polish Overnight Index Average) b d c stawk referencyjn dla depozytów O/N przyj tych lub udzielonych pomi dzy uczestnikami Fixingu POLONIA.
31
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33
Wykres 1. Poziom nadpłynno ci sektora bankowego w Czechach
(dzienne saldo operacji otwartego rynku)
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
450 000
500 000
st
y-
06
lu
t-
06
m
ar
-0
6
kw
i-0
6
m
aj
-0
6
cz
e-
06
lip
-0
6
si
e-
06
w
rz
-0
6
pa
-0
6
lis
-0
6
gr
u-
06
w
m
ln
C
Z
K
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R
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Wykres 2. Stawki rynkowe na tle stóp oficjalnych Banku Czech
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
s
ty
0
6
lu
t 0
6
m
ar
0
6
k
w
i 0
6
m
aj
0
6
c
ze
0
6
li
p
06
s
ie
0
6
w
rz
0
6
p
a
0
6
li
s
06
g
ru
0
6
s
ty
0
7
w
p
kt
p
ro
c.
Stopa podstawowa
Stopa depozytowa
Stopa kredytowa
CZEONIA
PRIBOR 2W
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Wykres 3. Poziom nadpłynno ci sektora bankowego na Słowacji
(dzienne saldo operacji otwartego rynku)
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
450 000
500 000
st
y-
06
lu
t-
06
m
ar
-0
6
kw
i-0
6
m
aj
-0
6
cz
e-
06
lip
-0
6
si
e-
06
w
rz
-0
6
pa
-0
6
lis
-0
6
gr
u-
06
w
m
ln
S
K
K
Podstawowe operacje otwartego rynku
Dłu sze operacje otwartego rynku (emisja bonów NBS)
%& '7
- () "
4B/ &4* /0
) 4&' +!&!./A & '>,= ./A<
:&=* 4 *4&! ' 6&4* /0
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35
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2*'.+
&!./A#
Wykres 4. Stawki rynkowe na tle stóp oficjalnych Banku Słowacji
11
1,0
2,0
3,0
4,0
5,0
6,0
7,0
st
y
06
lu
t 0
6
m
ar
0
6
kw
i 0
6
m
aj
0
6
cz
e
06
lip
0
6
si
e
06
w
rz
0
6
pa
0
6
lis
0
6
gr
u
06
st
y
07
w
p
kt
p
ro
c.
Stopa podstawowa
Stopa depozytowa
Stopa kredytowa
SKONIA
BRIBOR 2W
%& '7
- () "
+
&4 * * !.&?&!)7 2&!*0 & +> !. (/ &( 4 *
( 4& )&:)*
J<
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2*
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23
*(' &!.:#
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7
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)+
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+!2 ( +
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4 *4&! ' (./A( .(2, :)@' .? (2&!.:# +!2@+
@&?3
)/
#
36
Wykres 5. Poziom nadpłynno ci sektora bankowego na W grzech
(dzienne saldo operacji otwartego rynku)
0
200 000
400 000
600 000
800 000
1 000 000
1 200 000
1 400 000
1 600 000
st
y-
06
lu
t-
06
m
ar
-0
6
kw
i-0
6
m
aj
-0
6
cz
e-
06
lip
-0
6
si
e-
06
w
rz
-0
6
pa
-0
6
lis
-0
6
gr
u-
06
w
m
ln
H
U
F
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37
Wykres 5. Stawki rynkowe na tle stóp oficjalnych Banku W gier
4,0
5,0
6,0
7,0
8,0
9,0
10,0
st
y
06
lu
t
06
m
ar
0
6
kw
i 0
6
m
aj
0
6
cz
e
06
lip
0
6
si
e
06
w
rz
0
6
pa
0
6
lis
0
6
gr
u
06
st
y
07
w
p
kt
p
ro
c.
Stopa podstawowa
Stopa depozytowa
Stopa kredytowa
rednia stopa rynkowa overnight wa ona wielko ci transakcji (wyliczana przez MNB)
BUBOR 2W
%& '7
- 3()"
38
*
*
*
Tabela 1. Zestawienie podstawowych parametrów operacji polityki pieni nej prowadzonej przez banki centralne
Czech, Słowacji, W gier i Polski (dane na dzie 31 grudnia 2006 r. lub rednio w 2006 r.).
;
!
%
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