At its 4-5 September monetary policy meeting, the National Bank of Poland (NBP) left its reference rate unchanged at 4.75%, a decision that was in line with market expectations. The Central Bank stated that global economic activity is weak, reflecting the stagnation in the Euro area as well moderate growth in the United States. On the domestic side, the Bank stressed that economic growth is slowing, which has been confirmed by the disappointing GDP figures in Q2. Regarding price developments, the Central Bank stated that "inflation will decrease gradually over the coming months, as the statistical base effect wanes amidst slowing demand in the economy". Inflation eased in July but remains above the Central Bank's target of 2.5% with a tolerance margin of plus/minus 1.0 percentage points.
Poland Monetary Policy
Central Bank keeps rates unchanged amid slowing GDP growth
September 5, 2012
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Poland Monetary Policy Chart
Note: NBP Reference Rate in %.
Source: National Bank of Poland (NBP).
Poland Economic News
October 19, 2016
In September, industrial production expanded 3.2% over the same month last year, which was notably below the 7.5% expansion recorded in August.
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.