Polish Monetary Policy Paused

July 6, 2011

The Narodowy Bank’s Monetary Policy Council left its 7-day reference rate unchanged at 4.5% following verbal hints over the past month that further increases now were unnecessary.  The rate had been raised by 25 basis points each on January 19, April 5, May 11, and June 8.  At the March meeting, officials also had decided […] More

Third Monetary Policy Tightening of 2011 in Poland

May 11, 2011

The reference rate of the Narodowy Bank is being raised to 4.25% from 4.0%.  The interval since the prior hike of 25 basis points on April 5 was smaller than that between the first move on January 19 and the second increase.  These are the only increases so far in this tightening cycle, and it […] More

A Second Polish Rate Hike

April 5, 2011

Poland’s central bank reference rate was hiked today to 4.0% from 3.75%.  An initial 25-basis point increase on January 19 was the first tightening since June 2008. From November 2008 to June 25, six easings cumulating to 250 basis points were implemented. A  statement today from officials justified today’s action as necessary to ensure that […] More

Polish Monetary Policy Left Unchanged in Possible Close Call

March 2, 2011

Narodowy Bank has implemented just one hike of its reference rate thus far, a 25-basis point increase on January 19 to 3.75%.  From June 2008 to November 2008, the rate had crested at 6.0%, still 225 basis points above the current level.  Monetary officials target CPI inflation in the medium term at 2.5%, give or […] More

Polish 7-Day Repo Reference Rate Left at 3.5%

December 22, 2010

Officials at the Narodowy Bank voted to leave its interest rate structure unchanged, which was the result analysts were anticipating.  The key 3.5% key reference rate has already been at this level for a year and a half, following six reductions totaling 250 basis points from October 2008 through June 2009. A statement from the […] More

Polish Reference Rate Kept Steady

November 23, 2010

Narodowy Bank’s seven-day repo rate has been 3.5% since June 2009 and will remain there even though CPI inflation moved up from the targeted 2.5% in September to 2.8% in October.  That was the first above-target outcome in seven months.  At recent meetings, the monetary policy council has considered a rate cut and narrowly missed […] More

Polish Reference Rate Not Changed But Reserve Requirement Hiked

October 27, 2010

The Narodowy Bank retained a 3.5%, which is the level of the main reference rate since a 25-basis point cut in June 2009 culminated 250 basis points of reduction since November 2008.  A statement from Polish central bank officials gave three reasons for not increasing the key interest rate: Limited domestic price and wage pressures.  […] More

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 […] More

Hungary and Poland Monetary Policy Decisions: No Changes

August 24, 2010

Yesterday the Magyar Nemzeti Bank announced no change in Hungary’s central bank Base Rate of 5.25%.  Fourteen reductions totaling 625 basis points between November 2008 and April 2010 had been implemented earlier.  There have been no hikes yet, but some informal consideration of such appears to have been entertained, since a new statement from officials […] More

Polish Monetary Settings Unchanged But CPI Forecast Revised Upward

June 30, 2010

Narodowy Bank policymakers are keeping the central bank reference rate at 3.5%.  A year has now gone by since the last of six rate reductions.  The first of these in November 2008 and final three in February, March and June of 2009 were by 25 basis points, while those announced in December 2008 and January […] More