Business News Poland-week 18
- Stanisław Chao
- Apr 28, 2020
- 2 min read
Weekly briefing you important business news regarding Poland.
Polish central banker says he hopes no need for further policy easing
WARSAW (Reuters) - Polish central banker Eryk Lon said he hopes there will be no need for further easing of monetary policy to support the Polish economy against the negative impact of the coronavirus pandemic.
The central bank has cut rates twice in the space of a month to support the economy, which has largely shut down as part of measures to halt the spread of the novel coronavirus, with the benchmark rate now at 0.5% - a historically low level.
Poland’s central bank has also introduced other, non-standard, monetary policy instruments in its stimulus plan, according to which it will continue delivering liquidity to banks by buying treasury bonds from them, as well as other state-guaranteed debt.
Polish gov’t vows more aid to virus-stricken economy
Deputy Prime Minister Jadwiga Emilewicz said on Tuesday the government was readying a fresh package of measures to protect jobs and “keep the pulse of the economy going” amid the disruption.
The planned new measures include a multimillion loan subsidy programme aiming to support businesspeople who are at risk of losing or have already lost their financial liquidity, Emilewicz said.
She added that the programme, expected to be coordinated by state-owned Bank Gospodarstwa Krajowego (BGK), would be worth PLN 270 million (EUR 60 million, USD 65 million) this year alone.
Poland Launches New Rules to Prevent Takeovers by Non-EU Investors
WARSAW — The Polish government wants to be notified of any planned takeovers of companies by investors from outside the European Union, who may seek to buy businesses hit by the coronavirus cheaply, Deputy Prime Minister Jadwiga Emilewicz said.
The government has announced a rescue plan worth up to 330 billion zlotys ($78.43 billion) to help its economy survive the pandemic and the resulting crisis. The latest proposals to protect domestic firms add to the package.
Emilewicz said the industries the government would aim to shield from unwanted takeovers would include energy, medicine, pharmaceutics, food, transport, logistics, data processing and telecommunications.
LG Chem gets another huge loan for Its battery plant in Poland
According to the South Korean media, LG Chem just received another huge loan for its lithium-ion battery gigafactory in Poland.
Three banks - Korea Development Bank (KDB), Export-Import Bank of Korea (Korea Eximbank) and Nonghyup Bank - reportedly offered some €550 million for the project, which in total will cost €1.5 billion ($1.65 billion).
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