Polish Monetary Policy Unchanged as Expected

September 29, 2010

Narodowy Bank left its seven-day reference rate at 3.5%, the level since June 2009.  A released statement anticipates moderate economic growth, limited wage and price pressures, and the possibility of global growth depressants.  Real GDP rose 3.5% in the year to 2Q10, while the latest 12-month rise in consumer prices of 2.0% is a half percentage point below target.  Corporate borrowing has been limited.

The Polish central bank was cut previously six times between November 2008 to and June 2009.  Four of those moves were by only 25 basis points each, but back-to-back monthly cuts of 75 bps each were implemented in December 2008 and January 2009.  The six reduction totaled 250 bps.

Copyright Larry Greenberg 2010.  All rights reserved.  No secondary distribution without express permission.

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