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Poland’s Monetary Council leaves interest rates unchanged

Poland’s Monetary Policy Council (RPP) left the country’s interest rates unchanged on Wednesday.

The reference rate will remain at 1.50 percent, the RPP said in a statement after its Wednesday meeting.

This means that the National Bank of Poland’s Lombard rate will stay at 2.50 percent, the deposit rate at 0.50 percent, and the rediscount rate at 1.75 percent.

“The current level of interest rates is conducive to keeping the Polish economy on a sustainable growth path and maintaining macroeconomic stability,” the statement published after the council sitting read.

“In the Council’s assessment, current information points to a favourable outlook for economic growth in Poland, despite the expected slowdown in GDP growth in the coming quarters. In line with the available forecasts, inflation will remain close to the target in the monetary policy transmission horizon,” the statement said.

The council upheld the assessment that the growth of consumer prices in Poland remains moderate, despite high GDP growth and higher year-on-year wage growth.

Notwithstanding high economic growth and wages rising faster than in the previous year, consumer price growth remains moderate. The slightly higher annual CPI than in 2018 Q1 reflects mainly the growth in fuel prices. At the same time, inflation net of food and energy prices continues to be low,” according to the council.

It added that incoming data points to economic conditions remaining strong in Poland.

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