Poland Monetary Policy January 2017


Poland: NBP holds reference rate at record low as expected

January 11, 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 10–11 January monetary policy meeting. The Bank has left the rate unchanged for nearly two years amid a lack of inflationary pressures in the economy. In addition, the Bank held its lombard rate at 2.50%, deposit rate at 0.50% and rediscount rate at 1.75%.

The NBP’s decision to leave rates unchanged is largely due to a gradual return of inflationary pressures. Inflation came in at 0.8% in December, the highest rate since October 2013. The Bank sees the upward trend in price growth continuing as growth rises and the effect of low commodity prices continues to wane. Therefore, the NBP pointed to a period of steady interest rates as price pressures return and stated that, “the current level of interest rates is conductive to keeping the Polish economy on the sustainable growth path”.

FocusEconomics Consensus Forecast panelists expect the policy rate to end 2017 at 1.58%. For 2018, the panel sees the rate ending the year at 1.94%.

Author: Angela Bouzanis, Senior Economist

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Poland Monetary Policy Chart

Poland Monetary Policy January 2017

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

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