Poland Monetary Policy


Poland: Central Bank pauses easing cycle in April

April 10, 2013

At its 9-10 April monetary policy meeting, the National Bank of Poland (NBP) left its reference rate unchanged at a record low of 3.25%, in a decision that was in line with market expectations. The move marks the first pause since October last year and follows five consecutive interest rate cuts.

The Central Bank reiterated that global economic activity remains subdued amid stagnation in the Euro area. On a positive note, it highlighted some improvement in Germany - Poland's main trading partner - as well as an acceleration in economic growth in the United States. On the domestic side, the Bank stated that the economy is experiencing anaemic growth but that is expected to gradually improve in the coming quarters.

Regarding price developments, the Central Bank indicated that there are currently "no wage and inflationary pressures". The Bank concluded its statement by adding that "the Council's decisions in the following months will depend on the assessment of the incoming data with regard to the probability of inflation remaining markedly below the NBP inflation target and regarding economic activity".

FocusEconomics Consensus Forecast panellists expect the NBP reference rate to end this year at 3.48%. For 2014, panellists expect the policy rate to end the year at 3.79%.


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Poland Monetary Policy Chart

Poland Monetary Policy April 2013

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

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