At its 2-3 October monetary policy meeting, the National Bank of Poland (NBP) left its reference rate unchanged at 4.75% for the second consecutive month. The move surprised market analysts, which had expected a rate cut of 25 basis points. The Central Bank confirmed that global economic activity is weak, reflecting the recession in the Euro area, moderate growth in the United States as well as a slowdown among various emerging economies. On the domestic side, the Bank reiterated that that growth is decelerating, which has been confirmed by recent economic data. Regarding price developments, the Central Bank stated that "inflation will decrease gradually over the coming months, as the statistical base effect wanes amidst slowing demand in the economy". Inflation eased in August but remains above the Central Bank's target of 2.5% with a tolerance margin of plus/minus 1.0 percentage points.
Poland Monetary Policy
Central Bank leaves rates unchanged defying expectations
October 3, 2012
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Poland Monetary Policy Chart
Note: NBP Reference Rate in %.
Source: National Bank of Poland (NBP).
Poland Economic News
October 25, 2016
The manufacturing sector business climate index decreased from 3.3 points in September to 1.0 point in October, according to the Central Statistical Office’s Business Tendency Survey (GUS-BTS).
October 25, 2016
In September, retail sales rose 4.8% over the same month last year, which was below August’s over two-year high of a 5.6% increase.
October 19, 2016
In September, industrial production expanded 3.2% over the same month last year, which was notably below the 7.5% expansion recorded in August.
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.