Poland maintains reference rate at 1½%, keeps all other rates unchanged

By Marisa Wong

Morgantown, W.Va., Sept. 2 – National Bank of Poland’s Monetary Policy Council voted to keep the reference rate at 1½%, the Lombard rate at 2½%, the deposit rate at ½% and the rediscount rate at 1¾% at its meeting on Tuesday and Wednesday, according to a bank news release.

The bank reported that in Poland GDP growth in the second quarter was slightly weaker than in the previous quarter.

The council said it believes price growth will continue to slowly increase in the coming quarters. Its growth will be supported by expected stable economic growth, with the recovery in the euro area and a favorable situation in the domestic labor market, the bank said.

At the same time, increasing risk of stronger economic slowdown in emerging economies and declining commodity prices have raised the uncertainty about the pace of inflation returning to the target.

As a result, the council decided to keep the rates unchanged.

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