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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Polish central bank, government squabble over money AFP - 2 hours 12 minutes ago Send IM Story Print Poland's government and the head of the central bank, Slawomir Skrzypek, pictured last year, are squabbling over a billion euros, each claiming they know best how to use the money as the country's finances come under strain. WARSAW (AFP) - – Poland's government and the head of the central bank are squabbling over a billion euros, each claiming they know best how to use the money as the country's finances come under strain. Governor Slawomir Skrzypek, close to the conservative opposition, says the central bank made a 2009 profit of four billion zlotys (one billion euros). He says that only this amount should be handed over to the state, which badly needs the money to balance the budget. However, the central bank's monetary policy committee, headed by Skrzypek but dominated by liberals, this week changed the way the profit was calculated, allowing the government to claim eight billion zlotys in all. The new calculation "conforms with practice at the European Central Bank and those of other EU central banks, notably in Germany and Belgium," the committee said in a statement. The governor retorted that the central bank could not hand over the extra cash since he needed it to build up reserves of 14 billion zlotys against possible currency changes. The committee statement contained serious errors, Skrzypek said, stressing that nothing should be done until the ECB had expressed an opinion on the matter after it was referred to it for guidance. Prime Minister Donald Tusk and Finance Minister Jan Rostowski covet the extra four billion zlotys to help them trim a budget deficit estimated to double this year to 52 billion zlotys or seven percent of Gross Domestic Product (GDP). "This is a political difference of opinion rather than an economic one," said Witold Orlowski of PricewaterhouseCoopers. "The head of the central bank could well take a more relaxed view ... an extra four billion zlotys in the budget will not have very much impact on (domestic demand)," Orlowski said. "Of course, for the central bank, there is a risk on exchange rates. However, on a legal basis, the governor is required to apply the decisions adopted by the monetary policy committee," he added. Poland is the only one of the 27 EU member states whose economy grew last year, expanding 1.7 percent despite the impact of the worst global slump in decades. However, some of that growth was due to public spending and the government faces a budget deficit equal to 7.2 percent of GDP, well above the three percent EU limit set for adoption of the euro -- a strategic goal for Poland, which joined the European Union in 2004. The European Commission has already called for the deficit to be brought back below the three percent ceiling by 2012. Poland was forced to abandon plans last year to join the eurozone in 2012. Tusk has cited 2015 as the next possible date, with the budget deficit back below three percent again by 2012. In February, the zloty fell to five-year lows against the euro of 4.83 but has since recovered to trade at 3.85 to the single european currency. Recommend Send IM Story Print News Search Top Stories Polish central bank, government squabble over money Britain's Mandelson attacks 'unacceptable' Barclays banker Gunmen in army uniforms massacre 25 people in Iraq On Good Friday, criticism of pope likened to anti-Semitism French strike paralyses cross-Channel ferries More Top Stories » Most Popular Most Viewed Most Recommended Abortion doctor killer gets life; no parole for 50 yrs Did comet smashup unleash Earth's mini Ice Age? Hamilton fastest in Malaysia GP, but cautious Gunmen in army uniforms massacre 25 people in Iraq On Good Friday, criticism of pope likened to anti-Semitism More Most Viewed » 'Rare' fossil of new dinosaur species found in US Hollywood stars help prevent suicide after Twitter alert Junkies and junk-food addicts share craving mechanism Toad is a telltale for impending quakes: scientists More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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