National Bank of Poland leaves 3¾% reference interest rate unchanged

By Richard Connell

New York, April 29 - The Monetary Policy Council of the National Bank of Poland held its reference rate at 3¾% at its meeting held on Tuesday and Wednesday, according to a news release issued by the bank.

The council examined data that confirmed the slowing of the economy of Poland, including declines in manufacturing, exports and retail sales.

The council noted that GDP growth in 2009 would be lower than originally forecast, a result of the deepening recession in Poland's major trading partners.

Inflation in Poland rose to 3.6% in March, above both the inflation target of 2.5% and the upper limit of target deviation set at 3.5%.

However, the council forecast that inflation would run below the target in the medium term due to the slowdown in economic growth.

The council held the reference rate at 3¾%, the Lombard rate at 5¼%, the deposit rate at 2¼% and the rediscount rate at 4%.

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