Narodowy Bank Polski

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NBP Announcement (Standard & Poor's information on credit rating)

Date: 18-01-2016

Following the publication of the Standard & Poor's information on credit rating, Narodowy Bank Polski wishes to draw attention to the following facts:

Poland's economy is characterised by strong fundamentals and high degree of macroeconomic stability. Economic growth is stable and close to the potential growth path. The current account deficit has narrowed in recent years, while the NBP's foreign exchange reserves remain at high levels.

Fiscal consolidation led to an exit from the Excessive Deficit Procedure in 2015. According to the Opinion of the Monetary Policy Council on the 2016 Draft Budget Act, it does not lead to an increase in the size of the imbalance in Poland’s public finance in 2016. NBP expects that the general government deficit to the GDP ratio will be close to the level assumed in the Act, i.e. 2.8% of GDP. In the opinion of the Monetary Policy Council, with the fiscal policy changes assumed in the Draft Budget Act, it may be difficult to maintain the budget deficit at the adequate level over next years unless there are new, stable sources of budget revenue.

The observed deflation resulting from external factors is of a temporary character, and it has not had any negative impact on growth and economic balance so far. NBP expects inflation to increase gradually in the coming year.

The proper implementation of monetary policy – and thus adequate economic policy – may be carried out only when the total independence of the central bank is preserved. The Monetary Policy Council in its current composition has pursued the policy of direct inflation target and it has not used any unconventional monetary policy tools. The statements made by the MPC members elected by the Senate and candidates to the MPC submitted by the members of the parliament do not indicate that the present monetary policy strategy may change.

Narodowy Bank Polski believes that well-balanced economic policy, including efficient monetary policy, is possible only when the stability of the financial system – the main part of which is the banking sector – is maintained. At present the banking sector is well-capitalised and well-managed. NBP will continue to act towards the stability of the system and against solutions which may have an adverse effect on bank lending and the safety of funds held by citizens at banks, and which ultimately might undermine the fundamentals of Poland's sustained growth.

Narodowy Bank Polski believes that only such solutions to the problem of loans denominated in foreign currency should be developed which do not undermine the stability of the financial system and the possibility of implementing a well- balanced economic policy.

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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Narodowy Bank Polski
Świętokrzyska 11/21
00-919 Warszawa

+48 22 185 10 00
NIP: 525-000-81-98
REGON: 000002223
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