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Conference following the February meeting of the Monetary Policy Council

Date: 03-02-2016

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

At the meeting held on 2 and 3 February, 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 is conducive to keeping the Polish economy on the sustainable growth path and ensures macroeconomic balance," - this rationale for the decision was quoted in the MPC's press release following the February meeting.

The Council assesses that "CPI inflation will remain negative in the coming months due to the depressed prices of global energy commodities. At the same time, a gradual increase in core inflation is expected, which will be supported by the stable economic growth amid improving economic activity in the euro area and favourable domestic labour market conditions."

Professor Marek Belka, NBP President, explained that the deflation observed over the past dozen or so months did not provide sufficient grounds for an interest rates adjustment in the nearest future. "Of course, persistent deflation is a factor that makes us think about interest rate cuts – or shall I say, such thoughts occur to us. On the other hand, we are experiencing economic growth and an improving labour market. We expect wages to grow faster.” Then Marek Belka added: "There is a lot of turmoil in the world, which has not left the zloty unaffected; the same goes, to some extent, for the Treasury security market. I have said this in public several times: in times like these, it's better to hold than to expose the Polish economy to more risk. But of course the factors I mentioned, which have counterbalanced each other so far, may change. We will leave it to the new Council just being formed."

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

The next MPC meeting is scheduled for 10-11 March 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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