Polish monetary policy

National Bank of Poland Implements Second Straight Rate Cut and Signals Possibly More Ease to Come

December 5, 2012

The decrease in the interest rates should support economic activity and thus reduces the risk of inflation falling below the target in the medium term.  Should the incoming information confirm a protracted economic slowdown, and should the risk of increase in inflationary pressure remain limited, the Council will further ease monetary policy. Poland’s Monetary Council […] More

National Bank of Poland Cuts Reference Interest Rate for First Time since June 2009

November 7, 2012

Officials at the Narodowy Bank reduced their central bank interest rates by 25 basis points as analysts had expected.  The key reference rate drops to 4.5%.  Today’s action, which officials explained in a statement on their website, reverses the last of five 25-basis point rate hikes administered between January 2011 and May 2012.  The statement […] More

A Surprise Decision from the National Bank of Poland

October 3, 2012

Economists had been incorrectly predicting a rate cut this month by the Monetary Policy Council at Narodowy Bank, and a released statement made several points that are consistent with reducing rates.  Note was made that several other central banks eased in September.  Soft global activity promotes disinflation.  In Poland, industrial production, retail sales, the labor […] More