National Bank of Poland

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

National Bank of Poland

April 9, 2014

Poland’s seven-day repo rate should stay at a record low of 2.5% “. at least until the end of the third quarter of 2014,” according to a released statement following Narodowy Bank’s policy meeting.  It has been at 2.5% since a 25-basis point cut in July 2013.  That cut culminated a series of 7 reductions […] More

National Bank of Poland Very Comfortable with its 2.5% 1-Week Repo Rate

March 6, 2014

Officials at Poland’s central bank on Wednesday not only kept their accommodative 2.5% interest rate but extended the likely interval before such is changed from the middle of this year to the end of the third quarter.  An explanation of the decision revised projected inflation downward a bit even as the forecast for growth was […] More

National Bank of Poland Keeps 2.5% Seven-Day Repo Rate

February 5, 2014

Poland’s record low central bank interest rate was kept in spite of recent weakness in the Zloty.  It has been 2.5% since a 25-basis point cut last July, which culminated an eight-move 225 basis point easing that began in November 2012.  A statement released by officials at Narodowy Bank acknowledged the challenges faced by emerging […] More