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Conference following the September meeting of the Monetary Policy Council

Date: 07-09-2016

Conference following the September meeting of the Monetary Policy Council

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

At the meeting held on 6 and 7 September, 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 opinion, the annual consumer price index will remain negative in the coming months. However, deflation will be gradually subsiding due to dissipating effects of low commodity prices in the global markets. In the coming quarters, higher price growth will be supported by stable GDP growth, amid acceleration in wage growth and higher child benefits. Investment should also rise, which will be supported by a gradual increase in EU funds absorption, good financial standing of enterprises and growing capacity utilisation of firms. The sources of uncertainty for expected economic activity and price developments are risks of a deterioration in the global economy and of a fall in commodity prices. The Council confirms its assessment 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,” the press release informed.

During the press conference, Professor Adam Glapiński stressed that the Polish economy was in a good condition and in the current situation there was no need to reduce interest rates: “Interest rate reduction at this moment would not boost economic growth. The slowdown is not caused by the price of credit or a lack of liquidity – these parameters are at exceptionally favourable levels. I hope that the first decision will be the start of rate increases, accompanied by a pick-up in economic growth and inflation.”

During the September meeting, the Council adopted the “Monetary Policy Guidelines for 2017”.

“The Monetary Policy Guidelines for 2017 adopted by the MPC do not assume any fundamental changes,” Professor Glapiński informed. “The inflation target, which remains unchanged, serves well as an indicator, a signpost showing where we are heading and what situation we consider to be good,” he added. In the Monetary Policy Guidelines for 2017, the basic elements of NBP's current monetary policy strategy have been maintained, including the medium-term inflation target at the level of 2.5% with a symmetrical band of deviations of ±1 percentage points.

Apart from the MPC Chairman, the conference was attended by Professor Grażyna Ancyparowicz and Dr Jerzy Kropiwnicki.

The next MPC meeting is scheduled for 4-5 October 2016.

See also:

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

Economic outlook

Monthly data

Quarterly data

Financial markets



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