National Bank of Poland
National Bank of Poland
April 11, 2018
No change was made in Polish monetary policy at the latest review. The reference interest rate has been at 1.5% since a pair of 50-basis point cuts in January and March of 2015. Prior to 2012, the reference rate had been at 4.75%. Officials foresee CPI inflation staying near its target during the forecast horizon […] More
National Bank of Poland
February 7, 2018
The Monetary Policy Council at Narodowy Bank Polski agreed to leave interest rates unchanged at this week’s policy review. Since March 2015, a 1.5% reference rate has been flanked by by a 0.5% deposit rate and a 2.5% Lombard rate. Robust growth continues, yet inflation is moderate overall and low on core items. Over its […] More
National Bank of Poland Keeps Existing Policy Settings
January 10, 2018
A statement released by monetary officials after they left the 1.5% reference interest rate at 1.5% — it’s been at that level since March 2015 — predicts decent growth ahead but at a somewhat lower pace than in the second half of 2017 and CPI inflation near its target. Although wage growth has accelerated, core […] More
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 […] More
National Bank of Poland
November 8, 2017
Poland’s reference interest rate was left at 1.5% at this week’s monetary policy review. It’s been 1.5% since a pair of 50-basis pint cuts in the first quarter of 2015. The rate had been at 4.75% prior to November 2012. In a released statement, officials revealed marginally higher expected growth and inflation in 2018, but […] More
National Bank of Poland
June 7, 2017
Poland’s reference interest rate was left at 1.5%, its level since a pair of 50-basis point cuts in January and March of 2015. From November 2012 to July 2013, the rate was earlier sliced from 4.75% to 2.50%. A statement released today observed that economic growth in Poland had accelerated last quarter and was led […] More
National Bank of Poland
May 17, 2017
Prior to November 2012, the Polish central bank reference interest rate had been 4.75%. 2.25 percentage points of monetary easing were implemented by July 2013, and two cuts of 50 basis points each in the first quarter of 2015 reduced the key rate to a record low of 1.5% where it has remained for the […] More
National Bank of Poland
April 5, 2017
Poland’s 7-day repo rate has been at 1.5% since a 50-basis point reduction in August 2015. That was the tenth cut since November 2012. In that span, the rate fell 325 basis points from 4.75%. According to a released statement, Poland is experiencing consumption-led growth at a moderate pace, and with unit labor costs rising […] More
National Bank of Poland’s Reference Interest Rate Left at 1.5%
March 8, 2017
A released statement following the Monetary Council’s meeting on March 7-8 asserts that a recent considerable rise of total CPI inflation reflects things that are beyond the control of monetary policy. Core inflation is still around zero, implying scant demand pressure and only moderate growth in unit labor costs. The monetary authorities consequently believe that […] More
National Bank of Poland
February 8, 2017
Poland’s 7-day repo rate has been at 1.5% since a 50-basis point cut in March 2015. Inflation has risen lately for reasons largely beyond the control of monetary policy. According to a released statement, “the risk of inflation persistently running above the target in the medium term is low” because of a negative output gap […] More
