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Conference following the January meeting of the Monetary Policy Council

Date: 14-01-2015

At its January meeting, the Monetary Policy Council decided to keep policy interest rates unchanged. However, the Council does not rule out a monetary policy adjustment in the nearest future.

The Monetary Policy Council, which held a meeting on 13 and 14 of January, decided to leave the NBP interest rates at the previous level. Thus, the reference rate continues at 2.00%, the lombard rate at 3.00%, the rediscount rate - at 2.25%, and the deposit rate at 1.00%.

The MPC Chairman said that in his opinion there still existed room for interest rates to be reduced in the nearest future. “Whether this will materialise or not will be determined by two factors. The crucial one is the state of the economy; the other one is and whether the majority of the MPC will share this view”, said Marek Belka during the conference following the meeting of the MPC.

According to the NBP President, the Council’s decision to cut interest rates may be prompted by macroeconomic data to be published shortly. “In a few days, I think, we will have a clearer picture of the economic conditions – which were weak in November – and whether this weakness had continued into December. This is a factor of significance to some MPC members. We will also see how things unfold as regards deflation. In my opinion, these data may, in the nearest future, convince some Council Members to opt for a further monetary policy adjustment”, said Professor Belka.

The persistent deflation may also incline the Council to adjust monetary policy. Yet, the NBP President reminded the audience that deflation was primarily driven by external factors. Hence no short-term actions should be expected of the Council.

The press conference was attended, besides the Chairman, by Professor Jan Winiecki and Dr Andrzej Rzońca.

The next MPC meeting is scheduled for 3 and 4 February 2015.

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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