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Conference following the October meeting of the Monetary Policy Council

Date: 06-10-2015

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

At the meeting held on 5 and 6 October, 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 Council’s view, price growth will increase slowly in the coming quarters, supported by the expected closing of the output gap amid improving economic conditions in the euro area and favourable domestic labour market developments. At the same time, the persisting risk of sharper economic slowdown in the emerging market economies, low commodity prices and weaker inflation outlook abroad result in increased uncertainty about the pace of inflation returning to the target", the Council explained their decision in a release following the meeting.

Asked to comment on the decision, NBP President, Professor Marek Belka, said: "There is currently no space for any tangible changes to monetary policy. We do not know how the economic situation will unfold. Also, the future Council is a mystery. Nothing can be excluded, but I don't think monetary policy can be noticeably modified these days", said NBP President.

Apart from the MPC Chairman, the conference was attended by Professors Anna Zielińska-Głębocka and Jerzy Osiatyński. The next MPC meeting is scheduled for 3-4 November 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 2023-02-03
1 EUR4.6920
1 USD4.2928
1 CHF4.7023
1 GBP5.2571
100 JPY3.3391

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