Polish Central Bank’s Budget Contribution to Exceed Plan

Poland’s central bank posted net income of 6.5 billion zloty ($2.3 billion) last year and will transfer 95 percent of it to this year’s central government budget, the bank said in an e-mailed statement today.

The budget had called for a payment of 1.7 billion zloty from the Warsaw-based bank, the Rzeczpospolita newspaper said earlier when it reported the figure.

The money gained by the government will be “only and exclusively earmarked to reduce public debt and the deficit,” PAP newswire cited Finance Minister Jacek Rostowski as saying today. It will lower Poland’s borrowing needs by 4.5 billion zloty this year, PAP reported, quoting Deputy Finance Minister Dominik Radziwill.

To contact the reporters on this story: Nathaniel Espino in Warsaw nespino@bloomberg.net Katya Andrusz in Warsaw at kandrusz@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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