Polish monetary policy

National Bank of Poland

February 3, 2016

Poland’s council of monetary policymakers last changed the key reference interest rate in March 2015.  That move was a reduction as were nine changes totaling 275 basis points between November 2012 and January 2014.  Poland has negative inflation but economic growth that’s somewhat faster than 3.0%. According to a released statement, deflation hasn’t impeded appropriate […] More

Further Monetary Easing Not Taken in Poland But Remains a Future Possibility

December 3, 2014

In the opinion of the Council, the October adjustment of monetary policy and the stable, despite some slowdown, economic growth limit the risk of inflation remaining below the target in the medium term. Therefore, the Council decided to keep the NBP interest rates unchanged. However, the Council highlights that uncertainty regarding the economic conditions in […] More

National Bank of Poland

September 3, 2014

Poland’s record-low 2.5% interest rate was maintained.  It’s been at that level since a 25-basis point cut in July 2013, which culminated 225 basis points of easing going back to November 2012.  Analysts think a further reduction could occur as soon as next month because inflation, which is expected to run only marginally above zero […] More

Polish Central Bank Interest Rate Left at 2.5%

January 8, 2014

Poland’s seven-day repo rate was last cut in July 2013.  That reduction to a record low culminated 225 basis points of cuts in eight moves beginning with a 25-bp cut in November 2012.  Officials at Narodowy Bank Polski agreed as expected to retain the existing monetary policy stance following their first meeting of 2014.  Although […] More

National Bank of Poland

October 2, 2013

Narodowy Bank’s reference rate of 2.5% and all other central bank rates were left unchanged.  Eight cuts between November 2012 and July 2013 totaled 225 basis points.  Poland has been experiencing very weak growth(0.4% between 1Q and 2Q and 1.1% in the year to 2Q) and sub-target (ie below 2%)  inflation.  The reference rate is […] More

National Bank of Poland Keeps Existing Interest Rate Structures

September 4, 2013

The Policy Council of Narodowy Bank retained a 2.5% reference interest rate as widely expected and made no changes in its other central bank rates.  Inflation is running at only half the 2% target, and GDP doubled to 0.2% in the first quarter and doubled again to 0.4% in 2Q13.  On-year GDP growth was positive […] More

Polish Monetary Policy Eased Again

July 3, 2013

Officials at the National Bank of Poland agreed to a further 25-basis point cut of the reference central bank interest rate to a record low of 2.5%.  The Lombard and deposit rates were cut similarly to 4% and 1%.  A statement from Narodowy Bank acknowledges the zloty’s depreciation since mid-May but attributes such to external […] More

Narodowy Bank

March 6, 2013

The National Bank of Poland’s reference interest rate was cut today to 3.25% from 3.75%.  Reductions of 25 basis points each were implemented earlier in November, December, January and February.  The rate had been lifted between January 2011 and May 2012 by 125 bps in all to 4.75%. The statement of explanation accompanying today’s decision […] More

National Bank of Poland Eases Again

February 6, 2013

The Monetary Policy Council announced its fourth reference rate cut of 25 basis points since November.  The new rate, 3.75%, is just 25 bps above its trough of 3.5% prior to 2011.  In defending today’s decision, officials declared that The decrease in interest rates should support economic activity and reduces the risk of inflation remaining […] More

National Bank of Poland Eases Policy for a Third Time

January 9, 2013

As expected the Monetary Policy Committee at Narodowy Bank cut the central banks reference interest rate to 4.0% from 4.25% following similar cuts at its final two monthly meetings of 2012. More easing is possible in the future.  According to a statement released after officials met, The decrease in interest rates should support economic activity […] More