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Poland’s central bank keeps rates unchanged
By Angela McDaniels
Tacoma, Wash., Sept. 3 – National Bank of Poland’s Monetary Policy Council voted to maintain the reference rate at 2.5%, the Lombard rate at 4%, the deposit rate at 1% and the bill rediscount rate at 2.75%, according to a news release.
The council had a meeting on Tuesday and Wednesday.
In July, the annual CPI inflation declined and was negative 0.2%, which is well below the bank’s 2.5% inflation target. The council attributed the decline in inflation to a decline in food prices and lower core inflation.
In the second quarter, economic growth in Poland was slightly lower than in previous quarter, according to the news release. The council attributed a decline in GDP growth to a decrease in contribution of net exports below zero and a decline in investment growth. At the same time, it said a slight acceleration in consumption growth and a significant increase in inventories were conducive to a higher GDP growth rate.
According to data for July, the annual growth in industrial production and retail sales remained low in Poland, while construction and assembly output growth plunged. Also, the council said some economic activity indicators have recently declined, which may point to a further slowdown in economic activity.
Expansion in lending to the corporate sector and households in recent months has stabilized at a moderate level, according to the release.
In the opinion of the council, uncertainty about the outlook for economic activity in Poland has recently increased. If incoming data confirms weakening of economic activity and an increase in risk of inflation remaining below the target in the medium term, the council will adjust its monetary policy.
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