National Bank of Poland keeps reference rate unchanged at 3½%

By Richard Connell

New York, Oct. 27 - The Monetary Policy Council of the National Bank of Poland left its reference rate unchanged at 3½% at is meeting on Wednesday, according to a news release issued by the bank.

The council noted that modest recovery in the global economy has continued but anticipates the pace of recovery to be lower in the second half of 2010.

The domestic economy of Poland showed slightly higher growth in the third quarter of 2010, led by stronger industrial output, construction and production capacity utilization.

However, the council pointed out that despite the improvements, expectations of demand and output have deteriorated.

CPI inflation in September 2010 increased to the target level of 2½%, and looking forward the council forecasts inflation rising further in the coming months.

Additionally, the council increased the required reserve rate by 50 basis points to 3½%, returning the rate to the level effective before June 30, 2009.

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