Poland Monetary Policy April 2017


Poland: Central Bank stays put in April after March's inflation dip

April 5, 2017

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 April monetary policy meeting. In addition, the Bank held its lombard rate at 2.50%, deposit rate at 0.50% and rediscount rate at 1.75%. The Bank has left the reference rate unchanged for two years now.

The NBP’s decision to leave rates unchanged comes on the back of a reversal in the inflation trend. Inflation dipped in March after surging in earlier months on the back of a rise in commodity prices. Global energy prices have stopped rising recently and core inflation remains moderate.

The Bank reiterated its wait-and-see stance in the statement, signaling a period of stable interest rates. The Bank emphasized that, “the current level of interest rates is conducive to keeping the Polish economy on the sustainable growth path and maintaining macroeconomic balance.”

Against this backdrop, the majority of our panelists expect the policy rate to end 2017 at the current level, with the Consensus at 1.55%. For 2018, the panel sees the rate ending the year at 1.99%.

Author: Marlène Rump, Senior Data Analyst

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