In April 1991, representatives of the seventeen major West European creditor governments collectively known as the Paris Club (see Glossary) agreed to a two-phase, 50 percent reduction of Poland's debt on government loans. The United States made a similar reduction of 70 percent. Terms for servicing of the debt were rearranged, with payments to escalate gradually from US$0.5 billion in 1992-93 to US$1.5 billion later in the decade. Negotiations with Western commercial banks, the so-called London Club (see Glossary), continued in 1992. The hard currency debt was reduced from US$48.5 billion at the end of 1990 to US$44.3 billion in August 1991, partly because of the debt relief of US$1.6 billion effected by the United States and partly as the revaluation of the dollar against other Western currencies reduced the debt in those currencies.
In 1991 the total money supply in Poland, counting both zlotys and convertible currency, increased by 83.9 trillion zlotys. Of this amount, over 90 percent belonged to private individuals or private enterprises, and about 6 percent belonged to state enterprises. The increase in the money supply came mainly from higher bank debts owed by economic units and the government. A midyear alteration of the exchange rate between the zloty and the United States dollar also played a major role. Foreign currency held in Polish bank accounts increased by 13.2 percent in 1991 because more accounts were opened in 1991. Although money in personal savings accounts grew by 250 percent in 1991, money held by enterprises in bank accounts grew by only 12.4 percent in the same period. Estimated total foreign currency resources declined by over 3 percent in 1991 to US$5.3 billion.
Data as of October 1992