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Conference following the May meeting of the Monetary Policy Council

Date: 07-05-2014

At its May meeting, the Monetary Policy decided to keep the NBP interest rates at the present level, maintaining the assessment that these should remain unchanged until at least the end of the third quarter of 2014.

The Monetary Policy Council, which held a meeting on 8 and 9 May, decided to leave the NBP interest rates unchanged. Thus, 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 MPC decision rested on the assessment that gradual economic recovery is likely to continue in the coming quarters, while inflationary pressures will remain subdued. "Therefore, the Council decided to keep the NBP interest rates unchanged. The Council maintains the assessment that NBP interest rates should be kept unchanged for a longer period of time, i.e. at least until the end of the third quarter of 2014”, read the release of the Council.

“I would like to reiterate that the July projection of inflation and GDP will be a good time to consider changing this message“, said Professor Marek Belka during the press conference after the MPC meeting.

When asked about a change in the forward guidance strategy to a more flexible one, or its abandonment altogether, Professor Belka said: - “This form of advance information has worked well, but probably because the situation is quite stable now. However, if in the future we are not convinced that the situation is fully predictable, at some point we will change our way to communicate.

In response to questions about the latest economic forecasts for Poland released by the European Commission and the OECD, Professor Belka said: “What concerns me more is GDP growth in quarter-to-quarter terms, how much momentum the Polish economy can gain and how long it can keep up the pace”.

In its release, the Monetary Policy Council drew attention to the fact that the economic recovery is reflected in a gradual improvement in the labor market. "The slow rise in employment in the enterprise sector is accompanied by a gradual decline in unemployment. The unemployment rate is still at an elevated level, curbing wage pressure in the economy, "- said the Council.

The Council also upheld the assessment expressed in its previous releases that lowering interest rates in the first half of last year and keeping them unchanged in the coming quarters supports the recovery of the national economy, a gradual return of inflation to the target and stabilization of the financial markets.

The conference was attended, apart from the Chairman of the Council, by Professor Jerzy Hausner and Professor Andrzej Kaźmierczak.

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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