The tense situation in Ukraine has an impact on the WSE and dampens appetite for gold

On Monday, gold lost value relative to the quotations of the week - analysts pointed out. They added that fared poorly also our marketplace, and it is all due to the tense situation in Ukraine. Approx. hours. 17.30 euro cost 4.17 zł, and the dollar 3.02 percent.
- In the last week of the Warsaw Stock Exchange stood out the relative strength of their environment, especially that of Western Europe or the USA. Today, however, there were problems with maintaining this advantage, which was influenced further worries about the fate of Ukraine and the fact that the shallow market, where little capital is a need to change the prices - analyst pointed DM BOS Luke Bugaj.

He added that even before the start of Monday's trading , it was obvious that the quotations will be marked by further unrest for our eastern border . - This time it's on the eastern part of Ukraine, where separatists were occupied offices and do not want to give up. The authorities in Kiev have issued an ultimatum to lay down their arms , which passed without a response at 8 am - pointed to the analyst.

- This type of news from the successive reports of the possibility of imposing further , longer economic sanctions on Russia, which has become the separatists of the district Donetsk, did not improve the investment climate. Already at the beginning of the session so got cheaper Ukrainian companies or companies involved in the East - he added.

As a result, at the close of trading on Monday WIG index lost 1.1 percent . , WIG20 0.95 per cent . , And WIG30 1.07 percent .

Still uncertain situation in Ukraine reflects well on quoted rate. - Gold moved up today in a relatively narrow band , but they are weaker than the levels observed for most of last week . The biggest influence on the quotation is the current situation in Ukraine , and this is full of uncertainty , which translates into a weaker zloty - told PAP dealer of one of the foreign banks operating in the local market . In his opinion , the data on inflation and industrial production should not have a major impact on our currency exchanges . He added that it may be more meaningful to read data from the Chinese economy .

On Tuesday at 14 CSO will release inflation data for March . According to analysts polled by PAP, in terms of yoy prices rose by 0.7 per cent . , A month-on- month by 0.2 per cent .

And on Wednesday, investors will know the data on industrial production and a change in its price . In the opinion of analysts , in March, production grew by 6.5 per cent . yoy , and a month -to-month by 9.6 per cent .

On Wednesday, the market also know the readings of the economy of the Middle Kingdom , and will be the data on March retail sales and industrial production, as well as the estimate of GDP growth for the first quarter of this year.

Gold loses by Ukraine

From morning our currency loses -values ​​. All the Ukrainian conflict . Against the euro, gold lost nearly 2 cents . At the opening cost 4,179 euros zł , meanwhile, after half an hour longer 4.1899 zł .

A similar trend is taking place on a pair of pound -gold . At the opening of the British pound cost 5,048 zł , and at 8:10 zł 5.0639 already . The same thing happens with the Swiss franc franc , within half an hour it gained 0.23 percent . the zloty and is now 3.4483 zł .

IMF calls on ECB to take custom actions
Less than 3 zł per dollar




Because of the situation with our eastern neighbor in the coming week can be expected of more expensive rates. What most can go up the euro. Mario Draghi , head of the European Central Bank , stated simply that if the euro will continue to drożało , it intervenes Reprints , just to lower the exchange rate . The reason is simple . Dear euro means that inflation is falling, which can cause problems with recovery from the crisis.

"Golden slightly lost on Friday against the euro , compared with persistent fears of war between Ukraine and Russia . Traffic intensified this morning because of subsequent reports from the eastern border," - said in a morning report BGZ . - " Investors are likely to focus today on concerns related to Ukraine and the earlier statements of the ECB , probably ignoring data from the U.S. and the euro area . Therefore expect a further increase in the EUR / PLN and a decline in the EUR / USD to 4.1950 and 1.3820 respectively " - added .

Not without significance is the behavior of Putin, who threatens that it will limit or even cut off gas supplies to Ukraine.
Ruble to our golden in turn decreases. At the opening of today's trading cost RUB 0.08407 zł , and just before the ninth 0.0845 zł .

- Together with the withdrawal of the eurodollar and growing geopolitical tension in the region lose gold . As always with our currency weakness is not too large - due to the movement of the Eurodollar to a greater extent PLN weakness is seen in relation to the USD. In this situation around a circular level 3 zł again try to defend themselves - says Thomas Gessner of BDM Brokerage .

Of course, the whole situation does not help the Ukrainian hryvnia . At the close of the fifth quotations Ukrainian currency lost against our ylotowki 11.80 percent .

Beam: in 2013, the NBP is not generated profit

                                          Beam: in 2013, the NBP is not generated profit

In 2013, the Polish National Bank had profit, which was caused by, among others, appreciation of the zloty - said the chairman of National Bank of Poland Marek Belka at a press conference after the meeting of the Monetary Policy Council.

Belka said that the MPC adopted the financial statements of the Polish National Bank. - The financial result for 2013 amounted to zero and was significantly lower than the profit for the year 2012, which amounted to more than 5.5 billion zł - informed. He explained that the result for 2013 was determined not only by the policy of the NBP interest rates, but by a number of factors beyond the control of the central bank. Among them mentioned, among others, appreciation of the zloty especially at the end of the year, low interest rates abroad and the high scale of excess liquidity of the financial sector in Poland.
- The strengthening of the zloty , which is good news for borrowers indebted in foreign currencies , importers, Polish tourists negative impact on the financial result of the NBP. In contrast, a significant weakening of our currency, the profit increases - said Beam. He noted that a profit is not a direct objective of the NBP , as is not the purpose of other central banks . Belka added that the financial statements will be submitted to the Council of Ministers for approval.

When asked about the consequences of possible adoption by the European Central Bank ( ECB) asset purchase program - which would mean the supply of money - said that if that happened, it could possibly affect the strengthening of the zloty, which would also " toned effect" on inflation. - In turn, the excess money can be poured out in the form of capital flows into Polish , which will operate in the opposite direction - he said.

The beam also spoke about the impact of the economic situation in Russia and the Ukraine to Poland. - A possible recession in the Ukrainian economy , and very weak growth in Russia , possibly associated with some sanctions or retaliation in trade (...) , it can of course affect both the inflation and GDP , in both cases reducing these two variables - Belka said . He stressed, however , that today it is difficult to determine the scale of problems , except that they are not decisive for the size of the Polish economy.

The Communication MPC written that national data on economic activity confirms the continuation of the gradual recovery of growth in Poland. " The economic recovery is gradually translating into the labor market . There are signs of growth in employment in the enterprise sector and a decline in unemployment. Spite of a slight decline in February, the unemployment rate remains elevated , which reduces the dynamics of wages " - indicated.

- In the opinion of the Council, in the coming quarters is likely continuation of a gradual upturn , however, inflationary pressures remain contained . (...) The Council believes that interest rates should remain unchanged in the long term , ie, at least until the end of the third quarter of this year . - Added .

According to the MPC lowering interest rates in the first half of last year and keeping them stable in the coming quarters conducive to recovery of the national economy, the gradual return of inflation to the target and to stabilize the financial markets.

The Monetary Policy Council meeting on Wednesday left interest rates unchanged ; NBP reference rate will continue to be 2.50 percent . on an annual basis , the lombard rate 4.00 per cent . , the deposit rate of 1.00 percent . , and the rediscount rate 2.75 percent .
.

Lithuanian parliament adopted a law on the introduction of the euro

Lithuanian parliament adopted on Thursday a bill on the introduction of euro on 1 January 2015. Lithuanian Prime Minister Algirdas Butkeviczius notes that the adoption of the European currency will strengthen the security of the country. "The introduction of the euro will deepen eurointegrację country, which in turn will strengthen security, increase the importance of Lithuania in Europe and in the world" - said the Prime Minister in widespread on Thursday a statement.

The Act on the introduction of the euro, which was supported by 87 MPs out of 107 MPs present in the room, it is assumed that from the entry point of the European currency will be exchanged for it in unlimited quantities and without a specific time limit by the Bank of Lithuania. Currency exchange are also commercial banks and the post office state, but only for the first six months after the introduction of the euro.

Settlements in litas will be made ​​even within 15 days of the adoption of the euro. During this time, the rest will be issued in euros. However, public transport or taxis, for practical reasons, it is proposed issuance at this time as the rest of the intestine.

Posted on Wednesday, a survey conducted by TNS LT 21-28 February to order the bank Swedbank indicates that the introduction of the European currency in the country supports 40 percent. residents, 60 percent. is opposed.

Lithuanian Ruta economist Medaiskyte indicates that the current tension with Russia favors the introduction of the euro.

Employees of ING Bank Slaski acquitted ws. currency options

Gliwice court on Friday acquitted the five employees of ING Bank Slaski, the prosecution alleged cheating customers at the conclusion of agreements on the so-called. currency options. The three companies, which concerned the process by entering into such agreements have lost nearly 20 million zł.
Invalid judgment has been entered on the Friday before the Rybnik department of inter-city District Court in Gliwice. Process costs charged to the State Treasury. Defendants also have to get the 2.6 thousand. zł reimbursement of defense costs.

Defence is satisfied with the judgment, the prosecution announced an appeal.

In 2013, the Prosecutor's Office in Gliwice accused the bankers of the five branches of ING Bank Slaski in Rybnik and Hawk of the Spring, accusing them of fraud to the detriment of customers. According to investigators fail to notify customers about the risk of the transaction, and thus introduced them in error, resulting in huge losses.

Uzasadniając uniewinnienie sędzia Ryszard Furman podkreślił, że choć po skorzystaniu z produktów zaproponowanych im przez bank przedstawiciele firm ponieśli milionowe straty, to jednak nie było to wynikiem działania oskarżonych, lecz gwałtownego wzrostu ceny euro. 

Sędzia podkreślił, że oszustwo to przestępstwo, "które powinno być rozumiane w sposób najbardziej dosłowny" - cechuje je umyślność i działanie w bezpośrednim celu osiągnięcia korzyści majątkowej. Uszczerbek finansowy musi być bezpośrednim efektem zawarcia transakcji, tymczasem umowy ws. opcji walutowej nie miały takiego charakteru - wskazał. 

Przypomniał też, że opcje walutowe to powszechnie stosowane w bankowości produkty, z których można, ale nie trzeba korzystać. - Winę oskarżonym można byłoby przypisać tylko wówczas, gdyby w momencie proponowania i zawierania tych transakcji mieli jakąś wiedzę - nie wiadomo z jakich źródeł - że w konkretnej dacie euro podskoczy w górę o złotówkę albo więcej, i fakt ten ukryli, zapewniając przy tym, że nic takiego stać się nie może - powiedział sędzia Furman. 

Wyraził też przekonanie, że - wbrew stanowisku prokuratury - firmy miały świadomość ryzyka, a bankowcy nie wprowadzali klientów w błąd. Sędzia zaznaczył także, iż w początkowym okresie po zawarciu transakcji euro taniało i warunki były wówczas dla klientów korzystne, zarabiał zarówno bank, jak i przedsiębiorcy. Trudno było przewidywać, że to się zmieni. - Nie był to wymysł oskarżonych, oni wskazywali na źródło tych przewidywań, były nimi prognozy analityków - podkreślił sędzia. 

Z wyrokiem nie zgadza się oskarżyciel. - Po zapoznaniu się z tym uzasadnieniem zapadnie decyzja o wywiedzeniu apelacji. Po wysłuchaniu ustnych motywów orzeczenia prawie na pewno taka apelacja zostanie złożona. Ocena materiału dowodowego, która została przedstawiona przez prokuraturę i ocena dokonana przez sąd są diametralnie różne - powiedział prok. Radosław Woźniak. 

Na ogłoszeniu wyroku było dwoje oskarżonych. Nie chcieli komentować orzeczenia. Ich obrońcy powiedzieli jedynie, że z wyroku są zadowoleni. - To sprawiedliwy wyrok, bardzo się cieszymy, że nasi pracownicy, którzy nie popełnili przestępstwa zostali uniewinnieni - powiedział PAP rzecznik ING Banku Śląskiego Piotr Utrata. 

Sprawa opcji walutowych stała się głośna przed kilkoma laty, kiedy okazało się, że wiele firm w całym kraju - zarówno małych jak i spółek giełdowych - straciło na takich umowach mnóstwo pieniędzy. Na mocy takich długoterminowych umów banki zobowiązywały się do wykupu waluty za z góry ustaloną cenę, nawet jeśli będzie ona wyższa niż kurs danej waluty. Opcje, które miały chronić przedsiębiorców przed ryzykiem walutowym, stały się dla nich pułapką - w ciągu siedmiu miesięcy, od sierpnia 2008 r., kurs euro wzrósł z 3,17 zł do 4,75 zł. Realizując umowę banki odkupowały od klientów walutę po cenie niższej niż rynkowa. 

Według gliwickiej prokuratury, trzej pokrzywdzeni przedsiębiorcy zawarli umowy ws. opcji, bo zostali oszukani przez pracowników ING Banku Śląskiego. Namawiano ich do tego, twierdząc, że umowy są zabezpieczeniem różnicy kursów, że są to produkty bezpieczne, które nie niosą za sobą ryzyka strat i ich obsługa jest bezkosztowa - wynika z aktu oskarżenia. 

Kiedy cena euro wzrosła do 4 zł firmy były winne ING Bankowi Śląskiemu prawie 20 mln zł. Jedna ze spółek musiała z tego powodu ogłosić upadłość. Dwie pozostałe firmy zawarły z bankiem ugody i stanęły przed koniecznością spłaty wielomilionowych zobowiązań.