National Bank of Poland

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

National Bank of Poland

January 11, 2017

The 1.5% central bank reference rate since a 50-basis point cut in March 2015 was decreed still appropriate in a released statement that observes slower growth last quarter, projects moderate growth this year, and attributes a rise of inflation to 0.8% as of December to “factors beyond the direct impact of domestic monetary policy.” Price […] More

National Bank of Poland Keeps Record Low 1.5% Reference Interest Rate

December 7, 2016

Poland’s main central bank interest rate has been 1.5% since cuts of 50 basis points in January 2014 and March 2015. In defending the appropriateness of this level after the latest Monetary Policy Council review, officials observed Amid moderate global economic growth and lower commodity prices than in previous years, price growth in the environment […] More

National Bank of Poland

November 9, 2016

The Polish central bank reference rate will stay at 1.5% where such has been since a 50-basis point reduction in March 2015. Earlier, the rate was cut by 275 basis points between November 2012 and January 2014. A statement released by central bank officials today unveils new growth and inflation projections. Consumption-led growth in 2017 […] More

National Bank of Poland

October 5, 2016

The last change in Poland’s reference interest rate was a cut of 50 basis points in March 2015 to a record low of 1.5%. Officials at the NBP agreed at their latest policy review to keep that level, observing in a released statement that Growth continues at a steady pace. Deflation still exists but has […] More

National Bank of Poland

September 7, 2016

Officials at Narodowy Bank as expected retained a 1.5% policy interest rate.  That’s been the level since a 50-basis point cut in March 2015. Previously, the rate in nine steps was cut from 4.75% starting in November 2012 to 2.0% in January 2014. A released statement stresses subdued inflation. “Deflation will be gradually subsiding due […] More

National Bank of Poland

July 6, 2016

This week’s monetary policy review in Poland left the central bank reference interest rate at 1.50%, its level since a 50-basis point cut in March 2015.  There previously had been nine reductions engineered between November 2012 and January 2014 that cut the reference rate to 2.0% from 4.75%.  A statement released after this week’s two-day […] More

National Bank of Poland: No Policy Change

April 6, 2016

Thirteen months have elapsed since the second of two 50-basis point cuts in the central bank’s reference interest rate, which has been at 1.5% and flanked by a 2.5% Lombard rate and a 0.5% deposit rate.  A sstatement released after this month’s meeting of the Monetary Council expresses satisfaction with the current stance, which “is […] More

National Bank of Poland

January 14, 2016

Poland’s central bank reference rate will remain at 1.50%, its level since a 50-basis point cut last March.  From November 2012 until then, three cuts of 50 basis points and seven reductions of 25 bps were implemented.  A statement released after today’s meeting has a generally upbeat tone, suggesting that the key rate will likely […] More

National Bank of Poland’s Reference Interest Rate Left at 1.5%

December 2, 2015

Having cut its interest rate by 225 basis points from 4.75% to 2.5% between July 2013 and November 2012, the Monetary Policy Council did not make a further change until the first quarter of 2015.  Two more 50-basis point reductions were implemented in January and March in response to an increasingly disinflationary global environment.  The […] More

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