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Conference following the February meeting of the Monetary Policy Council

Date: 05-02-2014

At its February meeting, the Monetary Policy Council decided to leave the NBP interest rates at the present level, maintaining its stance that the rates should remain unchanged until at least the end of the first half of 2014.

The Monetary Policy Council, which held a meeting on 4 and 5 February, decided to leave the NBP interest rates unchanged. The reference rate continues at 2.50%, the lombard rate at 4%, the deposit rate at 1% and the rediscount rate at 2.75%.

This decision of the Council was underpinned by the view that the gradual economic recovery is likely to continue in the coming quarters, while inflationary pressures will remain subdued. Thus, the MPC decided to keep the interest rates unchanged. At the same time the Council maintained its stance that the NBP interest rates should be kept unchanged until at least the end of the first half of 2014.

"I see no need for rash moves. The situation invites us to continue our approach. The text of the release is a blatant repetition of the messages of the previous months. In this way we wanted to send a strong signal to the markets that we have things under control and there is no reason to change our approach," said Professor Marek Belka during the press conference following the MPC meeting.

Apart from the Chairman of the Council, the conference was attended by Professor Elżbieta Chojna-Duch and Professor Anna Zielińska-Głębocka.

"In the opinion of the Council, lowering interest rates in the first half of 2013 and keeping them unchanged in subsequent quarters supports recovery of the domestic economy, gradual return of inflation to the target and stabilisation in the financial markets," reads the information from the meeting of the Monetary Policy Council.

"The economy is accelerating from a very low base, the output gap is still substantial and it will only close gradually. This is manifested in the labour market, where the improvement is gradual and characterised by a slight rise in employment rather than wage growth, "said Professor Belka. He emphasised that our economy is balanced and rests on sound foundations.

The next meeting of the Monetary Policy Council is scheduled for 4 and 5 March 2014. The date for the June meeting, however, has been changed. It will be held on 2 and 3 June instead of the previously planned 3 and 4 June. The Chairman of the Council explained that the schedule has been changed to allow Council members to participate in the events devoted the 25th anniversary of the first free election in Poland, which put an end to communism. The anniversary occurs on June 4.

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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