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Conference following the December MPC meeting

Date: 04-12-2013

At the December meeting, the Monetary Policy Council decided to maintain the NBP interest rates at the present level. The Council deemed that the rates should remain unchanged until at least the end of the first half of 2014.

At its meeting on 3 and 4 December 2013, the Monetary Policy Council maintained the NBP interest rates at an unchanged level. The reference rate remains at 2.50%, the lombard rate at 4%, the deposit rate at 1% and the rediscount rate - at 2.75%. The press conference after the MPC meeting was attended by Professor Marek Belka, MPC Chairman, and Council members: Professor Adam Glapiński and Dr Andrzej Rzońca.

The information from the MPC meeting quoted the following grounds for the decision: "Gradual economic recovery is likely to continue in the coming quarters; however, inflationary pressures will remain subdued. Therefore, the Council decided to keep the NBP interest rates unchanged. The Council maintains its assessment that NBP interest rates should be kept unchanged at least until the end of the first half of 2014."

The Council also observed that "lowering interest rates in the first half of 2013 and keeping them unchanged in subsequent quarters supports the recovery of the domestic economy, a gradual return of inflation to the target and stabilisation in the financial markets".

"Today, the economy is on the rise, and the next quarter should bring us further growth. I don't find it impossible that our economy will accelerate more than we expect. Data on 2013 Q3 confirm that we are tending in the right direction", said Professor Marek Belka at the conference. He added that the Council welcomed the reports of rising domestic demand and investment expenditure in 2013 Q3.

This was also emphasised by MPC in its release: "In Poland, GDP data for 2013 Q3 confirmed the continuation of a gradual economic recovery. After several quarters of decline, domestic demand increased somewhat in 2013 Q3, driven by rising consumption and a slight increase in investment."

Professor Adam Glapiński added that according to many analysts' forecasts, the coming quarters should post economic growth of 2 to 3%. "We cannot hope for 5 or 6%, but what we expect is satisfactory enough", he said.

This was the last of the 2013 decision-making MPC meetings. The next one is scheduled for 7 and 8 January 2014.

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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