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News Parkiet
18.12.2003,

Personal finance

Poles switch from savings to consumption

Consumer demand in Poland may soon recover thanks to a recent shift from savings to personal consumption, driven by declining yields on various savings instruments. The trend continues to accelerate since December 2001, when Polish government first started levying capital gains tax on bank savings.

Depending on estimates, Poles withdrew between 8 and 12 billion zloty from their bank accounts at the end of 2003. Withdrawals from tax-exempt investment funds plus redemptions of government and corporate bonds totaled another 5.6 billion zloty. Sales on new investment certificates, government and corporate bonds reached just 3.6...


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