Poland skyline at golden hour

Poland Monetary Policy March 2019

Poland: Central Bank stands pat at March meeting

As widely expected by market analysts, the National Bank of Poland (NBP) kept the reference rate unchanged at a record-low 1.50% at its 5–6 March monetary policy meeting. In addition, policymakers held the Lombard rate unchanged at 2.50%, the deposit rate at 0.50% and the rediscount rate at 1.75%. It has now been more than three years since the NBP last moved the reference rate.

The Bank took the decision against a backdrop of low inflation, softer economic activity and loose monetary conditions in the Eurozone. Moderating price pressures were reflected by January’s data on both headline and core inflation, while Q4’s slowdown in economic growth also supported the decision to hold rates. Going ahead, the Bank expects GDP growth to slow further and it sees inflation rising only mildly in the coming months, restrained by a freeze on electricity prices and contained oil prices. The NBP will thus likely hold fire for much of the year, with FocusEconomics expecting no rate hikes before 2020.

The next monetary policy meeting is scheduled for 2–3 April.

Poland Interest Rate Forecast

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest