At its 10-11 January monetary policy meeting, the Central Bank left interest rates unchanged at 4.50% for a seventh consecutive month, in a move that was widely expected by the market. Interest rates have thus remained unchanged since June, when the Bank raised rates by 25 basis points. The National Bank of Poland (NBP) cited weakening growth in the Euro area and heightened volatility in the financial markets as the main factors behind its decision. The Bank also stressed that the domestic economy has performed relatively well in the final quarter of 2011, although it expects slower economic growth throughout 2012. The Central Bank maintained its opinion that ?in the medium term inflation will be curbed by gradually decelerating domestic demand amidst fiscal tightening, including reduced public investment spending, and interest rate increases implemented in the first half of 2011, as well as the expected global economic slowdown.? At the same time, monetary authorities warned that ?the impact of the situation in the global financial markets on the zloty exchange rate together with a possible rise in commodity prices continues to be an upside risk to domestic price developments.? On 30 December, the zloty traded at 4.47 per EUR, which represented a 0.9% increase compared with the previous month. Overall, in 2011, the zloty dropped 12.6% versus the EUR.
Poland Monetary Policy
Central Bank holds interest rates at its first meeting in 2012
January 11, 2012
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Poland Economic News
October 12, 2016
According to the Central Statistical Office (GUS), consumer prices recorded flat growth over the previous month in September, which followed the 0.2% decrease recorded in August.
October 5, 2016
As anticipated by market analysts, the National Bank of Poland (NBP) decided to keep the reference rate at the record low of 1.50% at its 4–5 October monetary policy meeting.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI) rose from August’s 51.5 to a six-month high of 52.2 in September, according to IHS Markit.
September 30, 2016
According to a preliminary estimate released by the Central Statistical Office (GUS) on 30 September, consumer prices recorded flat growth over the previous month in September, which followed the 0.2% fall recorded in August. In annual terms, consumer prices dropped 0.5% in September, which was a less pronounced decline than the 0.8% fall recorded in August.
September 30, 2016
The manufacturing sector business climate index decreased from 4.8 points in August to 3.3 points in September, according to the Central Statistical Office’s Business Tendency Survey (GUS-BTS).