Poland: MPs started working on budget 2017

Poland’s Lower House of the Parliament (Sejm RP, CC BY)

Hungarian 3-month T-bill’s yield at all-time low

Romanian former deputy governor charged with bribery

Robert Fico: minimum wage in Slovakia will increase to EUR500

Poland

On October 19th the Polish parliament starts working on the draft budget 2017. Polish government projects the economy will grow by 3.6 per cent next year. The inflation will be at the level of 1.3 per cent and the budget deficit won’t exceed PLN60bn (EUR13.9bn).

The Polish Radio quotes an expert, Ms. Monika Kurtek, who is a chief economist at Postal Bank, saying that „the assumptions on GDP growth are optimistic”. According to Kurtek „a PLN60bn budget deficit forecast is very high but in recent years deficits were sometimes forecast at a higher level than they were in reality, which might also be the case in 2017.”

The budget includes the rise of the new minimum wage which will be introduced starting from January 2017, the impact of child benefits’ program Rodzina 500+ plus and other expenses.

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Hungary

„The average yield on Hungary’s 3-month discount Treasury Bills dropped further at the Government Debt Management Agency’s (ÁKK) weekly auction on Tuesday, which has to do with the fact that the issuer has allotted only HUF20bn (EUR65.3m) of the instrument this time,” Portfolio.hu informs. HUF20bn lot of 3-m T-bills attracted HUF45.4bn worth of bids from primary dealers at today’s auction, and the ÁKK allotted only the original volume offered.

The average yield was set to 0.39 per cent, which matches the all-time low reached in early September.

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Romania

Bogdan Olteanu, the deputy governor of the National Bank of Romania (2009-2016) was charged for bribery and influence peddling. The Romanian politician, who stepped down from his office in mid-July 2016 is now under arrest.

As the Romania Insider reports, Olteanu, during his tenure at NBR, „demanded and received EUR1m from an investor between July and November 2008, in exchange for trying to influence the prime minister to appoint a certain person as the governor of the Danube Delta”. It is said this „investor” was a controversial local businessman, Sorin Ovidiu Vantu.

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Slovakia

Slovak Prime Minister Robert Fico has just announced that before the next parliamentary election in his country, the minimum wage will be increased to EUR500. Now it’s EUR405 per month, and starting from January 2017 it will be EUR435.

The Slovak Spectator quotes Fico: “Every minimum wage hike is a historic moment for us. (…) As long as we’re members of any governing coalition, we’ll insist not only on preserving the principle of a minimum wage but also on creating a mechanism for its regular increment”.

Fico said also that “if we sustain the pace of increases – and we don’t see any problem in that because the macroeconomic indicators are very positive – then the promise that the minimum wage will begin with a number five between 2019 and 2020 is absolutely realistic”.

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What’s up in indexes

BUX (of Budapest) was up 1.40 per cent d/d and up 21.29 per cent from year-end. It increased from 28612.95 index points Monday, October 17th to 29012.68 index points Tuesday, October 18th.

BET (of Bucharest Stock Exchange) dropped by 0.27 per cent d/d and by 2.18 per cent from year-end. It decreased from 6865.04 index points Monday, October 17th to 6849.50 index points Tuesday, October 18th.

PX (of Prague) was up 0.92 per cent d/d. The index increased from 906.97 index points Monday, October 17th to 915.33 index points Tuesday, October 18th. From year-end it dropped by 4.29 per cent.

WIG20 (of Warsaw) was up 0.41 per cent d/d. It also dropped by 7.42 per cent from year-end. The index increased from 1714.20 index points Monday, October 17th to 1721.21 index points Tuesday, October 18th.

OMXT (of Tallinn) closed at 1019.54 index points on Tuesday, October 18th. It’s the same result as Monday’s (zero per cent change). From year-end it’s up 13.41 per cent.

OMXR (of Riga) increased from 714.35 index points Monday, October 17th to 716.78 index points Tuesday, October 18th.  So it’s up 0.34 per cent d/d and up 20.60 per cent from year-end.

OMXV (of Vilnius) increased from 546.46 index points Monday, October 17th to 547.89 index points Tuesday, October 18th. So it’s up 0.26 per cent d/d. From year-end it’s up 12.74 per cent.

SAX (od Bratislava) closed at 314.46 index points Tuesday, October 18th. It’s the same result as Monday’s. From year-end it’s up 7.56 per cent.

SOFIX (of Sofia) dropped by 0.27 per cent d/d – falling from 506.28 index points Monday, October 17th to 504.89 index points Tuesday, October 18th. From year-end it’s up 9.54 per cent.

UX (of Kyiv) increased from 839.52 index points Monday, October 17th to 843.45 index points Tuesday, October 18th. So it’s up 0.47 per cent d/d and up 22.98 per cent.

CROBEX (of Zagreb) was up 0.55 per cent increasing from 1971.55 index points Monday, October 17th to 1982.46 index points Tuesday, October 18th. From year-end it’s up 17.33 per cent.

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