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Conference following the January meeting of the Monetary Policy Council

Date: 14-01-2016

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

At the meeting held on 13 and 14 January, 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%.

“The Council decided to keep the NBP interest rates unchanged, assessing that – given the available data and forecasts – the current level of interest rates helps to keep the Polish economy on a sustainable growth path and ensure macroeconomic balance.” The MPC explained the rationale for its decision in a press release following the January meeting. The Council also added that a fully comprehensive assessment of the outlook for price developments and economic growth in the coming quarters will only be possible after the Council gets acquainted with the latest March projection of inflation and GDP.

In the opinion of Professor Marek Belka, the rate of inflation will continue at a low level over the major part of 2016, reaching positive values later than so far anticipated. “No-one could have anticipated a further decline of commodity prices, to a super-low low level as regards oil,” said NBP President. Asked about GDP growth projections, Professor Belka said that also in this case we may expect some projection revision, yet this time an upside one.

Responding to the question on the direction in which NBP monetary policy will be heading, Professor Marek Belka said: “Very low inflation and the prospect that it will remain so should intuitively incline us to look at further easing of the monetary policy. On the other hand, turmoil on global markets, which manifests itself by the weakening of the zloty, should incline us to be more patient and wait to see how the situation develops. “

Commenting on the situation on the FX market, the NBP President said that there are no reasons for concern at the moment. Although the złoty is depreciating, which is a result of the global economic situation, yet the situation on the Treasury securities market remains stable.

The conference was attended, apart from the Chairman of the Council, by Professor Anna Zielińska-Głębocka and Professor Adam Glapiński.

The next MPC meeting is scheduled for 2-3 February 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 2023-02-03
1 EUR4.6920
1 USD4.2928
1 CHF4.7023
1 GBP5.2571
100 JPY3.3391

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