Poland Monetary Policy


Central Bank keeps interest rates on hold

At its 7 September monetary policy meeting, the Central Bank decided to leave interest rates unchanged at 4.50%, in a move that was widely expected by the market. Interest rates have remained stable since June, when the Bank withdrew additional monetary stimulus from the economy and raised rates by 25 basis points. According to the Monetary Policy Council (MPC), ?the significant monetary policy tightening implemented since the beginning of 2011 should facilitate inflation's return to the target in the medium term.? In August, inflation increased to 4.3% and remained above the 1.0 percentage point tolerance margin around the Central Bank's 2.5% target. Policymakers stressed that going forward, ?inflation will be curbed by slower domestic GDP growth, amidst a fiscal tightening and a likely global economic slowdown.?


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