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Press conference after the meeting of the Monetary Policy Council held on 7 December 2011

Date: 07-12-2011

The President of the NBP announced that central bank foreign exchange interventions would be continued in the event of foreign exchange market destabilisation.

The Monetary Policy Council at its meeting held on 6 and 7 December 2011 decided to keep interest rates unchanged. The reference rate remains at 4.5% in annual terms.

In the press release outlining the rationale for this decision, the MPC stated, among others: In the coming months, annual CPI will persist at a heightened level, primarily due to the previous sharp rise in global commodity prices and the zloty depreciation of recent months (…). In the opinion of the Council, in the medium term inflation will be curbed by gradually decelerating domestic demand amidst fiscal tightening, including reduced public investment spending, and interest rate increases implemented in the first half of 2011, as well as the expected global economic slowdown. The impact of the situation in the global financial markets on zloty exchange rate continues to be an upside risk to domestic price developments. In the Council’s opinion, the significant monetary policy tightening implemented in the first half of 2011 should enable inflation to return to the target in the medium term.

During the press conference that followed the MPC meeting, attended by Profs. Marek Belka, Jerzy Hausner and Jan Winiecki, questions were asked, among others, whether the NBP would continue interventions in the foreign exchange market. NBP President Marek Belka confirmed the central bank intends to continue interventions in accordance with the rules effective to date, i.e. not to protect a concrete level of the zloty exchange rate but to prevent destabilisation in the FX market.

Our assessment of the results of interventions carried out in the last two months is that the zloty stopped to weaken, its stability increased and is now comparable with the volatility of the Czech koruna and the Hungarian forint – Professor Belka said.

Questions were also asked about the opinion on the draft 2012 state budget adopted by the government. The President of the NBP said the draft had only just reached the NBP. The official opinion will be issued by the MPC after its next meeting scheduled for 20 December.

  Press release from the meeting of the Monetary Policy Council held on 6-7 December 2011

Recording of the Monetary Policy Council press conference (mp3, 18 MB)

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