Money in Poland
Poland - Money
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 March 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 two years.
The NBP’s decision to leave rates unchanged comes despite a rise in inflationary pressures. Inflation rose sharply in recent months, 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 domestic pressures.
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 the Consensus at 1.54%. For 2018, the panel sees the rate ending the year at 1.96%.
Poland - Money Data
|Money (annual variation in %)||11.5||4.2||6.7||8.8||9.7|
5 years of economic forecasts for more than 30 economic indicators.
Poland Money Chart
Source: National Bank of Poland.
|Bond Yield||3.54||-0.76 %||Mar 27|
|Exchange Rate||3.91||-0.98 %||Mar 27|
|Stock Market||58,339||-1.24 %||Mar 27|
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March 14, 2017
Consumer prices rose 0.3% over the previous month in February, which came in a notch below the 0.4% increase in January.
March 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 March monetary policy meeting.
March 1, 2017
The Manufacturing Purchasing Managers’ Index (PMI) fell slightly from January’s 54.8 to 54.2 in February, according to IHS Markit.
February 28, 2017
Poland’s economy gained steam in the fourth quarter amid a pick-up in exports and private consumption.
February 23, 2017
The manufacturing sector business climate index rose from 2.7 points in January to 4.5 points in February, according to the Central Statistical Office’s Business Tendency Survey (GUS-BTS).