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Conference following the April meeting of the Monetary Policy Council

Date: 06-04-2016

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

At the meeting held on 5 and 6 April, the Monetary Policy Council decided to keep the NBP interest rates unchanged. Thus, the reference rate stands 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 assessment, price growth will stay negative in the coming quarters due to the earlier fall in global commodity prices. At the same time, it will be accompanied by stable economic growth, including an expected rise in consumer demand growth driven by rising employment, forecasted acceleration of wage growth and an increase in social benefits. This notwithstanding, the downside risks to the global economic conditions and the volatility of commodity prices remain the sources of uncertainty for the domestic economy and price developments. The Council continues to assess 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 maintaining macroeconomic balance.”

When asked at the press conference about the possibility of changes to the level of interest rates, Professor Marek Belka said: “There is no dramatic scenario of economic slowdown in sight that would convince the Monetary Policy Council to lower interest rates. I don't think one could say that the events of the last month have made an interest rate cut more likely.” He explained that this is mainly due to the dynamic economic growth in Poland.

Apart from the MPC Chairman, the conference was attended by Professor Eugeniusz Gatnar and Dr Kamil Zubelewicz.

The next MPC meeting is scheduled for 5-6 May 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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