National Bank of Poland

December 5, 2017

A statement released after this month’s Monetary Policy Council meeting exhibits no urgency to modify Poland’s 1.5% reference interest rate. The last changes to such were a pair of 50-basis point cuts in January and March of 2015. Before that, 225 basis points of easing were implemented from January 2012 to July 2013. The global environment remains conducive to moderate inflation, and the latest on-year rise of the CPI was 2.5%. Polish unit labor costs have eased, and core CPI is low despite robust growth of 4.9% in the year to 3Q17.  Officials foresee strong growth for a few more quarters but predict some deceleration thereafter. All in all, the current stance is deemed appropriate.

Copyright 2017, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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