At its latest monetary policy meeting held on 22-23 November, the Central Bank decided to keep interest rates unchanged at 3.50%, maintaining its monetary policy stance for the 17th consecutive month. According to the Central Bank, slowly recovering global economic growth and, in particular, a strong third quarter GDP in Germany, support the external sector of the Polish economy. The Central Bank maintains interest rates at record-low levels due to modest inflationary and wage pressures in the Polish economy. Furthermore, widespread expansionary monetary policy of major central banks around the world, the possibility of weakening economic growth in the United States and the debt crisis in the Euro area prevent the Polish Central Bank from raising interest rates. In the same meeting, the Monetary Policy Council (MPC) confirmed the inflation target for 2010 at 2.5% with a tolerance range of 1 percentage point. The next monetary policy meeting is set for 18-19 January 2011, when monetary authorities will review their projections for GDP and inflation. Most analysts expect the MPC to maintain its dovish position, as an interest rate hike could exert upward pressure on the zloty and thus hurt exports.
Poland Monetary Policy
Central Bank leaves interest rates unchanged
November 23, 2010
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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).