At its 8-9 November monetary policy meeting, the Central Bank left interest rates unchanged at 4.50% for a fifth consecutive month, in a move that was widely expected by the market. Interest rates have thus remained unchanged since June, when the Bank had raised rates by 25 basis points. The decision of the National Bank of Poland (NBP) came as advanced economies struggle to revive growth and the financial markets remain turbulent. The Central Bank stressed that ?in the medium term inflation will be curbed by somewhat lower domestic economic growth amidst fiscal tightening, including reduced public investment spending, and interest rate increases implemented in the first half of 2011, as well as the expected global economic slowdown.? Although inflation decreased in September to 3.9%, it remains above the Central Bank's inflation target of 2.5% with a tolerance margin of 1.0 percentage points. The NBP expects inflationary pressures to moderate at the beginning of 2012, as the effect of VAT rate increases, as well as food and energy price rises in the first half of 2011, gradually abates.
Poland Monetary Policy
Central Bank leaves interest rates unchanged
November 9, 2011
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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).