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Poland processes most of its international euro transactions with Germany and Holland

date: 2019.08.12

According to the data of the National Clearing House (KIR), the number of transactions processed through the Euro Elixir system is being systematically increased. In 2019, the vast majority, i.e. 75 per cent of transactions, were still received messages (76 per cent in 2018). In other words more transfers arrive from abroad than are sent from Poland. The countries with which Poland exchanges most of its euro transactions are Germany, Holland and France.

Euro Elixir is a clearing system that enables bank transfers in euro. It processes both the transactions between banks in Poland, and those sent and received from abroad. It is available to individuals and businesses. Payments through Euro Elixir can be made to and from any country of the European Union, the European Economic Community and non-Community countries belonging to SEPA, such as Switzerland and Monaco.

The number of euro payments made by the clients of Polish banks is steadily increasing. During five months of 2019, the system processed 3.4 million messages sent and 10.3 million messages received. If the growth rate of transfers maintains at the same level, this year will likely end with better results than the currently record-breaking year 2018, when 6.8 million sent and 22 million received messages were cleared.

- The reason for the growing number of euro transactions seems to be an effect of macroeconomic processes. Polish entrepreneurs do a lot of business and trade with the European Union countries, which has a direct impact on the number of transactions processed in Euro Elixir system -- says Tomasz Jończyk, director of the Business Line session clearing at KIR, responsible for the development of the Euro Elixir system.

According to the publication entitled "Handel zagraniczny Polski w okresie styczeń-luty 2019 roku" [1](Polish Foreign Trade in January-February 2019) since December 2018 exports of goods from Poland increased by 6 per cent, reaching approx. 37 billion euros, while imports increased by 9%, reaching approx. 39.1 billion euros. According to KUKE[2], Germany is the most important trading partner for Poland. By the end of 2018, exports of goods to the German market accounted for 28.2 per cent of total exports, and imports for 22.4 per cent of total imports. Following Germany, Poland’s biggest export partners include the Great Britain and Czech Republic (6.4% each) and France (5.5%). Top importers include China (11.6%), Russia (7.4%) and Italy (5%).

- We exchange the largest number of international transactions in the Euro Elixir system with our western neighbors. In the period between January and May 2019, we sent 1.4 million clearing messages to Germany, 338,000 to Holland, and 270,000 to Italy. The majority of received messages arrived from Germany: 4.47 million, Holland: 2.07 million, France: 480,000 and Belgium: 395,000 - explains Tomasz Jończyk.

The large number of Poles currently living abroad has a significant impact of the number of messages, mainly received. According to the Central Statistical Office (GUS), by the end of 2017, about 2.54 million Poles were temporarily outside of Poland -- 2.24 million in European countries. The EU countries hosting the majority of Poles include the United Kingdom (793,000), Germany (703,000), Holland (120,000) and Ireland (112,000). According to the National Bank of Poland (NBP), in the first half of 2017, Poles working abroad sent their earnings, amounting in total to PLN 16.3 billion, to their families in Poland. In 2018 this figure was close to PLN 8 billion.

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