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Conference following the May 2016 meeting of the Monetary Policy Council

Date: 06-05-2016

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

At the meeting held on 5 and 6 May 2016, the Monetary Policy Council (MPC) 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, following a temporary slowdown in GDP growth observed at the beginning of the year, the subsequent quarters are expected to continue to see stable economic growth. Consumer demand, fuelled by growing employment, forecasted wage growth and increased social benefit payments, will remain the main driver of growth. 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 MPC explained in the press release published after its May meeting. 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: - We are discussing various scenarios. These are scenarios which would not rule out adjustments in monetary policy and interest rates. There are a few such scenarios and they may suggest changes. Professor Belka said that he did not have the impression that the discussion pointed to higher or growing likelihood of interest rate changes.

Apart from the MPC Chairman, the conference was attended by Professor Grażyna Ancyparowicz and Professor Eryk Łon.

The next MPC meeting is scheduled for 7-8 June 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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