National Bank of Poland keeps reference rate unchanged at 3½%

By Richard Connell

New York, Oct. 28 - The Monetary Council of the National Bank of Poland left its reference rate at 3½% at its meeting on Wednesday, according to a news release issued by the bank.

The council pointed to the further improved economic activity in the United States and in the euro area, although warned that risks still existed regarding the expected recovery.

The council looked at data which showed an improvement in the economy of Poland, including industrial output, retail sales and construction and assembly production.

Inflation in September decreased to 3.4%, above the inflation target of 2½%, but still below the upper limit for deviations of 3½%, indicating the decreased demand has not fully offset the increase of administered prices and the depreciation of the zloty exchange rate.

The council forecast that inflation should remain at an elevated level in the coming months, but over the medium term the council sees the probabilities of inflation running either above or below the target level to be balanced.

The reference rate remains at 3½%, the Lombard rate at 5%, the deposit rate at 2% and the rediscount rate at 3¾%.

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