Poland Monetary Policy


Central Bank leaves rate unchanged again

The National Bank of Poland (NBP) kept its reference rate unchanged at 2.50% for the fourth consecutive month at its 5-6 November monetary policy meeting. The decision was in line with market expectations and coincides with the Bank's announcement at its July meeting in which it confirmed the end of the monetary policy loosening cycle that began last November.

The Bank noted that recent indicators, "confirm low, yet accelerating economic growth and gradual recovery," going forward. Regarding price developments, the NBP indicated that inflation fell from 1.1% in August to 1.0% in September and is therefore well below its target of 2.5% plus/minus 1.0 percentage point. In previous statements the Bank had indicated that rates would remain unchanged until the end of 2013. However, given that low inflationary pressures persist and the economic recovery appears to be moderate, the Bank now plans to keep interest rates unchanged, "at least until the end of the first half of 2014."

FocusEconomics Consensus Forecast panelists expect the NBP reference rate to end this year at 2.49%. For 2014, panelists expect the policy rate to end the year at 3.01%.

Author:, Economist

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Poland Monetary Policy Chart

Poland Monetary Policy November 2013

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

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