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Conference following the July meeting of the Monetary Policy Council

Date: 02-09-2015

At the September meeting, the Monetary Policy Council decided to keep the NBP interest rates unchanged.

At the meeting held on 1 and 2 September, the Monetary Policy Council decided to keep 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 nearest quarters, price growth will continue to pick up gradually, the MPC anticipate in the press release from the September MPC meeting. Factors supporting faster price growth include, in the Council's opinion, the expected further stable economic growth, improved business climate in the euro area and strong performance of the domestic labour market. Yet, the Council observed that there was still no certainty as to how fast inflation would return to the target – primarily because of the heightened risk of a more pronounced slowdown in the emerging economies and decline in commodity prices.

"According to the latest so-called expert forecast, the path of price growth has practically remained unchanged. It has shifted down, if I remember correctly, by 0.1 pp.", said NBP President, Professor Marek Belka, at the press conference. In his opinion, a positive price growth may be expected as early as November.

Equally, weaker data, above all those on the PMI, give no rise to downward revisions of this year's GDP. "Regarding the data for the second quarter, they were weaker than we expected. Yet, if adjusted seasonally, they would not be much different" explained the NBP President.

In Professor Belka's opinion, the circumstances do not call for any adjustment to interest rates. "Interest rates will most likely be kept unchanged until the end of the year".

Apart from the Chairman, the conference was attended by Professor Adam Glapiński and Professor Jan Winiecki. The next MPC meeting is scheduled for 5-6 October 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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