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Poland: Capital Outflow To Have Limited Impact

Warsaw, 29 October 1997 (RFE/RL) - The president of the Polish National Bank, Hanna Gronkiewicz-Waltz, says the outflow of capital from the Warsaw Stock Exchange (WIG) will have no effect on the Polish economy.

Speaking last night on television, Gronkiewicz-Waltz said Polish foreign currency reserves exceed $21 billion and even if all foreign investors pull out, only about ten percent ($2 billion) of the capital would leave the country because the Polish capital market is still shallow.

Speaking on the same program, WIG's Chairman Wieslaw Rozlucki said yesterday's 9.8 percent drop in the stock exchange index was sparked by panic over the fall elsewhere and not by economic reasons in Poland.