Narodowy Bank

National Bank of Poland Monetary Policy Stance Left Unchanged

December 4, 2013

Officials at Narodowy Bank again left Poland’s reference interest rate at 2.5% after this month’s meeting.  The interest rate was lowered in eight steps between November 2012 and July 2013 from 4.75% to 2.50%.  A statement released by the central bank projects subdued inflation and a continuing gradual economic recovery.  The on-year CPI inflation rate […] More

National Bank of Poland

October 2, 2013

Narodowy Bank’s reference rate of 2.5% and all other central bank rates were left unchanged.  Eight cuts between November 2012 and July 2013 totaled 225 basis points.  Poland has been experiencing very weak growth(0.4% between 1Q and 2Q and 1.1% in the year to 2Q) and sub-target (ie below 2%)  inflation.  The reference rate is […] More

Polish Monetary Policy Eased Again

July 3, 2013

Officials at the National Bank of Poland agreed to a further 25-basis point cut of the reference central bank interest rate to a record low of 2.5%.  The Lombard and deposit rates were cut similarly to 4% and 1%.  A statement from Narodowy Bank acknowledges the zloty’s depreciation since mid-May but attributes such to external […] More

Another Rate Cut at the National Bank of Poland

June 5, 2013

A 25-basis point reduction to a record low 2.75% 7-day Polish repo rate brings the cumulative relief since last November to 200 basis points.  A statement from Poland’s Monetary Council justified today’s action by citing weak domestic demand, lessening support from exports, sub-target inflation, deterioration of the labor market that points to weak wage growth, […] More

Surprise Rate Cut in Poland

May 8, 2013

Officials had suggested earlier this spring that scope for further monetary easing had been exhausted but today decided to slice the key 7-day central bank interest rate from 3.25% to a record low of 3.0%.  Reductions between November 2012 and March 2013 had taken 150 basis points off the rate, and most analysts were not […] More

National Bank of Poland: A Pause in Rate Cuts but a Dovish Statement

April 10, 2013

The Monetary Policy Council left the record low 3.25% reference interest rate unchanged this month after four consecutive 25-basis point reductions in November-February followed by a 50-bp cut in March.  A statement was released that noted continuing weak growth in early 2013 reflected in falling industrial production, subdued credit expansion, and just marginally firmer retail […] More

National Bank of Poland Eases Again

February 6, 2013

The Monetary Policy Council announced its fourth reference rate cut of 25 basis points since November.  The new rate, 3.75%, is just 25 bps above its trough of 3.5% prior to 2011.  In defending today’s decision, officials declared that The decrease in interest rates should support economic activity and reduces the risk of inflation remaining […] More

A Surprise Decision from the National Bank of Poland

October 3, 2012

Economists had been incorrectly predicting a rate cut this month by the Monetary Policy Council at Narodowy Bank, and a released statement made several points that are consistent with reducing rates.  Note was made that several other central banks eased in September.  Soft global activity promotes disinflation.  In Poland, industrial production, retail sales, the labor […] More

No Change in National Bank of Poland’s 4.75% Reference Interest Rate

September 5, 2012

Narodowy Bank once again left monetary policy unchanged.  When the last of five 25-bp rate increases was administered in May of this year, officials warned that more restraint might become necessary in the absence of “signs of considerable economic weakening in Poland appear and the outlook for inflation returning to the target improves.”  It so […] More

Mixed European Data… U.S. Market Closed

July 4, 2012

There will be no U.S. market trading today because of the Independence Day holiday. Retail sales in the euro area rose 0.6% in May following April’s 1.4% decline.  Sales volume in April-May together was 1.0% below the first-quarter average.  Sales in May, although stronger than assumed, were down 1.7% from a year earlier. Euroland’s composite […] More

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