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Conference following the May meeting of the Monetary Policy Council

Date: 06-05-2015

At the May meeting, the Monetary Policy Council decided to leave the interest rates unchanged.

At the meeting held on 5 and 6 May, the Monetary Policy Council decided to leave the NBP interest rates unchanged. Thus, the reference rate continues at 1.50%, the lombard rate at 2.50%, the deposit rate at 0.50% and the rediscount rate at 1.75%.

“In the opinion of the Council, price growth will remain negative over the next few quarters, primarily as a result of sharp falls in commodity prices observed in the recent period. At the same time the anticipated gradual acceleration in economic growth, observed amidst economic recovery in the euro area and a favourable situation in the domestic labour market, reduces the risk of inflation remaining below the target in the medium term” said the MPC in a statement issued at the conference justifying its decision.

According to the NBP President, the coming months will see a gradual increase in inflation, mainly due to the stabilization of commodity prices. Also rising wages and growth in industrial production and GDP will have a positive effect on the price level. According to our experts’ forecasts deflation will be over at the end of the year, which we have upheld for the past few months – said Professor Marek Belka at the press conference after the MPC meeting. It is true that we will revise the inflation path downwards on one occasion, by 0.1 percentage point or so, but this means that our expectations are fulfilled and remain unchanged. Everything is going the right way. Of course we cannot say that NBP does not see any problem with prolonged deflation, but we believe that there is no reason to panic, he added.

Professor Marek Belka was optimistic about the outlook for the Polish economy: – We can see that the economy has been gaining momentum and not just for three, but for several months. I am pleased to say that the economy is accelerating at a moderate pace. The essence is that our economy hinges on decent growth in consumer demand, revival in investment demand and well performing exports as its main drivers.

Besides the NBP President, the conference was attended by Professors Jan Winiecki and Dr Andrzej Rzońca. The next MPC meeting is scheduled for 2-3 June 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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