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Conference after the June Meeting
of the Monetary Policy Council

Date: 05-06-2013

'MPC's July decision will to a great extent be contingent on the findings of the next inflation and GDP projection', said NBP President.

At its meeting on 4 and 5 June 2013, the Monetary Policy Council decided to reduce policy interest rates by 25 basis points. As of 6 June, the reference rate will amount to 2.75% in annualised terms. Thus, since November 2012 the NBP rates have fallen by 200 bp, which - as was emphasised at the conference - had a positive effect on the Polish economy.

The conference was attended by: the NBP President Prof. Marek Belka and MPC members: Prof. Anna Zielińska-Głębocka and Prof. Jerzy Hausner.

The NBP President said that another such decision could not be ruled at the next meeting in July, as by then the Council will have learnt the findings of the second 2013 inflation and GDP projection. The projection will map out possible developments more clearly, which may allow the Council to make clearer declarations on their monetary policy stance in the subsequent months.

While answering questions posed, Prof. Belka strongly emphasised the fact that - contrary to some unfortunate media releases - no withdrawal of bank deposits has been observed in Poland. While undue attention has been given to the fact that time deposits at banks have recently shrunk by PLN 9bn, the total of deposits stored at banks has risen by PLN 12bn over the same time.

Asked about the outlook for the Polish economy, the NBP President expressed the hope that there will be no further deterioration. He pointed out that the Polish economy boasts strong fundamentals providing grounds for recovery. It does not manifest the imbalances so characteristic of other countries; its international competitiveness is increasing and the interest rates have been reduced by 200 basis points. Yet, given the fact that Poland's external trade is closely linked with the euro area, a rebound in that region would provide a crucial stimulus to the Polish economy.

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 2023-02-01
1 EUR4.7080
1 USD4.3254
1 CHF4.7222
1 GBP5.3279
100 JPY3.3307

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