L'évolution récente .du contrôle des changes en Pologn
Authors: Najder Elisabeth 
Published: November 2010

Recent developments in exchange control in Poland.

Since 1982, exchange control has been influenced, on the one hand, by two major factors, and on the other by the advent of the economic reform of January 1st, 1981, and an acute shortage of foreign currency, due to the cessation of payments in March 1981, and to the economic sanctions which followed the introduction of martial law.

The economic reform went some way towards liberalizing the structure of external trade. National and foreign trade planning lost their command status, and the monopoly enjoyed by the specialist organizations of the Ministry was subject to reconsideration. Henceforth, foreign trade operations could also be affected by other state or social enterprises, by mixed enterprises and by private individuals who had obtained the appropriate concessions. Enterprises were also given the right to keep a quota of the foreign currency accruing from their exports in order to finance imports on their own account. The system was to be complemented by foreign currency credits and auctions (a kind of currency stock exchange).

The acute shortage of hard currency which persisted in Poland after the declaration of martial law delayed these reforms. The scope of the concessions was limited by the exclusion of certain commodities and certain foreign customers. A delay was imposed on the payments for imports by using the currency quotas allowed to exporting enterprises, and a limit was placed on the number of enterprises allowed this concession. Every attempt at liberalization of the exchange control system was nullified by the centralized allocation of convertible currency, which was imposed more strictly then ever.

The new exchange control law of 1983 relating to individuals is still, despite appearances, very restrictive. Polish nationals may hold foreign currency, but may only use it within the provisions of the law or appropriate enactments, or with the express permission of the authorities. After the introduction of martial law, the liberal measures governing special currency accounts were suspended, and use of them was blocked. The raising of these restrictions has been slow and piecemeal ; private currency holdings are forbidden, and paying them into a special account is temporarily blocked. Increasing emphasis has however been placed on the special hard currency shops (Pewex) and on the privileges of mixed enterprises in respect of the use of hard currency and the repatriation of profits.

The switch to a single exchange rate, which came into effect on 1st, January 1982, accompanied by a de facto devaluation of the Rouble, does not seem to have put an end to multiple rates. Nor has it brought about a greater degree of standardization in the fixing of exports prices for transactions not exceeding 35 % of turnover. A complex system of subsidies, exemptions, write-offs and regulatory accounts (similar to the famous Preisausgleich) distorts the play of the market forces by freeing national enterprises from internal or external competition. The exchange rate plays no positive role and continues to have little influence on enterprise behaviour. The persistence of shortage and inflationary pressure puts a brake on implementation of the economic reform, and reinforces the pressures for further resort to mutiple exchange rates according to the nature of the transaction.