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Conference following the December meeting of the Monetary Policy Council

Date: 02-12-2015

At its December meeting, the Monetary Policy Council decided to keep the policy interest rates unchanged.

At the meeting held on 1 and 2 December, 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 opinion of the Council, price growth will increase slowly in the nearest quarters, supported by the gradual closing of the output gap amidst improving economic conditions in the euro area and favourable domestic labour market developments. At the same time, the risk of a sharper slowdown in the emerging market economies and the impact this may have on global economic activity, as well as the possibility of commodity prices persisting at low levels, and as a result, low inflation in the external environment of the Polish economy, remain the sources of uncertainty about the pace of inflation returning to the target," the MPC explained the rationale for its decision in a press release following the December meeting.

Commenting on the MPC decision during the press conference, Professor Belka quoted the Council's opinion presented in the press release, stating that the current level of interest rates helps keep the Polish economy on the path of sustainable growth and macroeconomic equilibrium. "The economy is on a sustainable growth path and the monetary policy has played a part – a substantial one – in it," he said.

Asked to comment on the latest GDP, inflation and PMI data, NBP President said that all the data confirm the Council's view of how economic conditions in Poland are unfolding.

Asked about the prospects for the Polish economy, Professor Belka said: "On the one hand we have a decent, very stable growth. The PMI continues at positive rates, indicating that we should have no problems keeping the economy on this growth path, at least in the nearest months. And as regards inflation, the negative index is starting to diminish and we expect a positive consumer price growth soon. This is all in line with our expectations. If we stray, we only stray a little,” added Marek Belka.

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

The next MPC meeting is scheduled for 13-14 January 2016.

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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