National Bank of Poland

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

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

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