Poland Monetary Policy October 2016


NBP holds reference rate at record low as expected

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. The Bank has left the rate unchanged for over a year despite an environment of falling prices. In addition, the Bank held its lombard rate at 2.50%, deposit rate at 0.50% and rediscount rate at 1.75%.

The NBP’s decision to leave rates unchanged is largely due to a subsiding trend of deflation in the economy. This is thanks in part to higher wage growth and child benefits, which are supporting economic growth. Against this backdrop, the NBP explained that, “the current level of interest rates is conductive to keeping the Polish economy on the sustainable growth path”.

FocusEconomics Consensus Forecast panelists expect the policy rate to end 2016 at 1.47%. For 2017, the panel sees the rate ending the year at 1.59%.

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Poland Monetary Policy Chart

Poland Monetary Policy October 2016

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

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