Narodowy Bank Polski

Conference after the meeting of the Monetary Policy Council

The MPC believes that the monetary policy tightening pursued since the beginning of 2011 should enable inflation to return to the target in the medium term.

The Monetary Policy Council at its meeting held on 4-5 October 2011 decided to keep the NBP interest rates unchanged. The reference rate continues to stand at 4.5% on an annual basis.

In the statement explaining the reasons of this decision, the MPC said: “In the opinion of the Council, the significant monetary policy tightening implemented since the beginning of 2011 should enable inflation to return to the target in the medium term. Given the above, the Council decided to keep the NBP interest rates unchanged”.

The question most frequently asked during the conference following the Council’s meeting concerned the NBP’s intervention in the foreign exchange market – the NBP intervened on 23 and 30 September and on 3 October. Professor Marek Belka once again said that the central bank’s intervention is not aimed to maintain any level of the Polish zloty exchange rate but rather to prevent a destabilization in the foreign exchange market. Therefore, the NBP has no fixed plans of intervention; yet the NBP’s President did not rule out the possibility of the NBP intervening in order to stabilize the market and prevent speculation. The President of the NBP once against pointed out that the zloty exchange rate still failed to reflect the fundamentals of the Polish economy.

Journalists also asked about the Prime Minister’s proposal, put forward on the same day, to establish the Systemic Risk Board at the NBP. The NBP’s President reminded that he signalled the need to set up such a body in his address to the Parliament as early as July 2011. The establishment of such an authority at the national level, comprising other institutions responsible for financial stability, would be modelled on the solution implemented at the EU level, namely the European Systemic Risk Board operating at the European Central Bank for a few months now (the NBP’s President was appointed to its management). Its primary task is to monitor macroeconomic risks in the financial sector and prevent any future crises.

  Press release from the meeting of the Monetary Policy Council held on 4 and 5 October 2011

NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

Exchange rates

Table of 2023-01-27
1 EUR4.7076
1 USD4.3252
1 CHF4.6961
1 GBP5.3505
100 JPY3.3309

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