Interest Rate in Poland
Poland - Interest Rate
NBP holds reference rate despite higher price pressures
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 7–8 February monetary policy meeting. In addition, the Bank held its lombard rate at 2.50%, deposit rate at 0.50% and rediscount rate at 1.75%. The Bank has left the reference rate unchanged for nearly two years.
The NBP’s decision to leave rates unchanged comes despite a rise in inflationary pressures. Inflation rose sharply in December, largely due to a rise in commodities prices—which the Bank views as temporary. Excluding pressures from abroad, price dynamics in Poland remained contained due to low wage growth and moderate economic activity.
The Bank reiterated its wait-and-see stance in the statement, signaling a period of stable interest rates. The Bank emphasized that, “the current level of interest rates is conducive to keeping the Polish economy on the sustainable growth path and maintaining macroeconomic balance.”
Against this backdrop, the majority of our panelists expect the policy rate to end 2017 at the current level, with Consensus at 1.58%. For 2018, the panel sees the rate ending the year at 1.94%.
Poland - Interest Rate Data
|Policy Interest Rate (%)||4.50||4.25||2.50||2.00||1.50|
5 years of economic forecasts for more than 30 economic indicators.
Poland Interest Rate Chart
Source: National Bank of Poland.
|Bond Yield||3.90||1.04 %||Feb 22|
|Exchange Rate||4.07||-0.14 %||Feb 22|
|Stock Market||59,451||0.20 %||Feb 22|
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February 17, 2017
In January, industrial production expanded 9.0% over the same month of 2016, which was well above the 2.3% increase recorded in December and was the highest reading since February 2011.
February 14, 2017
Poland’s economy picked-up pace in the final quarter of 2016, according to a preliminary flash estimate released by the Central Statistical Office of Poland.
February 13, 2017
Consumer prices rose 0.4% over the previous month in January, which came in lower than the revised 0.7% increase in December (previously reported: +0.5% year-on-year).
February 8, 2017
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 7–8 February monetary policy meeting.
February 1, 2017
The Manufacturing Purchasing Managers’ Index (PMI) for Poland rose from December’s 54.3 to 54.8 in January, according to IHS Markit.