Poland Monetary Policy


Central Bank remains on hold

At its 7-8 February monetary policy meeting, the Central Bank left interest rates unchanged at 4.50% for the eighth consecutive month, in a move that was widely expected by the market. The National Bank of Poland (NBP) stressed that global economic growth in the last quarter of 2011 remained subdued and that uncertainty regarding the fiscal crisis in the Euro area continues to prevail. However, the Bank also stated that the domestic economy had grown at a robust pace last year and that improving investor sentiment in the global financial markets helped to increase demand for emerging-market assets, including the Polish zloty, which appreciated considerably in January. Moreover, the Central Bank maintained its opinion that ?in the medium term inflation will be curbed by gradually decelerating domestic demand?, amidst ?lower economic growth abroad, fiscal tightening in Poland and interest rate increases implemented in the first half of 2011.?


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