Poland Monetary Policy


Central Bank cuts rates for third straight month in January

At its 8-9 January monetary policy meeting, the National Bank of Poland (NBP) lowered its reference rate by 25 basis points to 4.00%, which was widely expected by the market. The move marks the third consecutive month in which the NBP cuts interest rates.

The Central Bank confirmed that global economic activity remains weak amid moderate growth in the United States as well as stagnation in the Euro area. On the domestic side, the Bank reiterated that economic activity has been weak in recent months, which has been confirmed by recent data.

Regarding price developments, the Central Bank stated that both wage and inflationary pressures are limited and hinted that there is "a risk of inflation running below the NBP's inflation target in the medium term". Inflation fell to 2.8% in November and remains within the Central Bank's target of 2.5% with a tolerance margin of plus/minus 1.0 percentage points.

The Bank maintained its dovish stance, stating that if economic data in the coming months point to a further slowdown and inflationary pressures remain limited, it will ease monetary policy further.


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Poland Monetary Policy Chart

Poland Monetary Policy January 2013

Note: NBP Reference Rate in %.
Source: National Bank of Poland (NBP).

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