National Bank of Poland

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

National Bank of Poland

October 6, 2015

Narodowy Bank’s seven-day reference rate was left at 1.5% following the latest Monetary Policy Council meeting.  It was reduced by 50 basis points in March 2015, this year’s only modification.  Nine earlier cuts from November 2012 through January 2014 reduced the rate from 4.75% to 2.0%.  Like many other economies, on-year CPI and PPI inflation […] More

National Bank of Poland

September 2, 2015

Poland’s 1.5% central bank reference rate was left unchanged as expected, but a released statement flagged mounting downside inflation risks:  “Increasing risk of stronger economic slowdown in emerging economies and the declining commodity prices have raised the uncertainty about the pace of inflation returning to the target.”  After the meeting in early July, officials by […] More

National Bank of Poland Retains a Record Low 1.5% Policy Interest Rate

July 8, 2015

A sequence of nine 25-basis points reductions and two cuts of 50 basis points beginning in November 2012 was punctuated by one of the two larger moves this past March.  As after a prior meeting in early June, monetary officials in Poland today released a statement providing a neutral policy bias. In the opinion of […] More

Narodowy Bank Eases Polish Monetary Policy

March 4, 2015

Reductions of 50 basis points in the National Bank of Poland’s reference rate to 1.5%, Lombard rate to 2.5%, and deposit rate to 0.5% were announced in a central bank statement today.  Officials make a case for deepening deflation in Poland: “Moderate wage growth, the fall in global commodity prices and no demand pressure all […] More

National Bank of Poland Releases a Dovish Statement

January 14, 2015

Poland’s reference central bank interest rate was cut previously by 225 basis points between November 2012 and July 2013 and then by an additional 50 bps on October 8, 2014.  The 2.0% rate level established after that most recent reduction was retained at the November, December, and January meetings of the Monetary Policy Council.  However, […] More

National Bank of Poland

October 8, 2014

A 15-month pause in interest rate cutting ended today.  Poland’s Monetary Policy Council voted to cut its key reference rate by a greater-than-expected 50 basis points to 2.0%.  The Lombard rate was trimmed to 3% from 4%, narrowing the corridor between its level and the deposit rate, which remains at 1.0%.  The central bank’s rediscount […] More

National Bank of Poland

July 2, 2014

It’s been a year since Poland’s key monetary policy interest rate was cut by 25 basis points to 2.5%, culminating 225 basis points of easing that began in November 2012.  Monetary Policy Committee members again agreed to leave their stance as it is, but they released a dovish statement today that cites several indications that […] More

National Bank of Poland

June 3, 2014

The central bank’s seven-day reference rate has been at 2.5% since a 25-basis point cut in July 2013 culminated a 225-bp easing cycle that had begun in November 2012.  Officials do not expect this record low level to be changed before this year’s final quarter.  That’s the conclusion of the policy committee’s latest statement. In […] More

National Bank of Poland

May 7, 2014

Officials at Narodowy Bank retained a 2.5% seven-day repo rate, projecting gradual economic recovery with continuing subdued inflationary pressure.  On-year CPI inflation is now 0.7%, less than a third of the target.  “Therefore, the Council decided to keep NBP interest rates unchanged. The Council maintains its assessment that NBP interest rates should be kept unchanged […] More