At its 1-2 October monetary policy meeting, the National Bank of Poland (NBP) kept its reference rate unchanged at 2.50% for the third consecutive month, a decision that matched market expectations. This decision coincides with the announcement the Bank made during its July meeting in which it confirmed the end of the monetary policy loosening cycle that had begun in November. The Bank noted that despite recent improvements in some indicators, "economic growth has remained relatively weak." Regarding price developments, the NBP indicated that inflation remained at July's 1.1% in August, and is therefore well below the target of 2.5% plus/minus 1.0 percentage point. Given the low inflationary pressures and a moderate economic recovery, the Bank plans to keep interest rates unchanged, "at least until the end of 2013." 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%.
Poland Monetary Policy
Central Bank maintains rates unchanged as expected
October 2, 2013
Author: Carl Kelly, Economist
Looking for forecasts related to Monetary Policy in Poland? Download a sample report now.
Poland Monetary Policy Chart
Note: NBP Reference Rate in %.
Source: National Bank of Poland (NBP).
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).