Poland Monetary Policy


Central Bank maintains rates unchanged as expected

At its 3-4 September monetary policy meeting, the National Bank of Poland (NBP) kept its reference rate unchanged at 2.50%, a decision that matched market expectations. This decision coincides with the announcement the Bank made during its July meeting in which it confirmed the end of the monetary policy loosening cycle that had begun in November.

The Bank noted that the economy accelerated in Q2, and although, "GDP growth remained considerably below its potential," the positive data marked a contrast to recent periods. Regarding price developments, the NBP indicated that while inflation rose to 1.1% in July, it remains well below the target of 2.5% plus/minus 1.0 percentage point. Given low inflationary pressure and moderate economic recovery, the Bank plans to keep interest rates unchanged, "at least until the end of 2013."

FocusEconomics Consensus Forecast panelists expect the NBP reference rate to end this year at 2.53%. For 2014, panellists expect the policy rate to end the year at 3.01%.

Author:, Economist

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Poland Monetary Policy Chart

Poland Monetary Policy September 2013

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

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