Narodowy Bank Polski

Conference held after the meeting of the Monetary Policy Council

In March 2012, the Monetary Policy Council kept the interest rates unchanged and upheld the view that the likelihood of interest rate increases continued to be higher than that of interest rate cuts. The Council also got acquainted with the “Inflation Projection. March 2012”.

At the meeting held on 6 and 7 March 2012, the Monetary Policy Council decided to keep the interest rates unchanged. The reference rate continues to stand at 4.5% on an annual basis.

The President of the NBP Marek Belka and the MPC members: Professor Kazimierczak and Andrzej Rzońca, Ph.D., participated in the press conference held after the MPC Meeting. The NBP President reminded those present that at the March meeting, the Council had at their disposal the latest projection of inflation and the GDP.

- The projection confirmed two trends which had been observed for a longer time, namely an economic slowdown to be expected in the coming quarters and a gradual decline in inflation, albeit slower than desired – said Professor Marek Belka.

The projection was prepared relying on the data received until 24 January 2012. As new and surprising information was published after this date, among other things, on a marked decline in the inflation index in January 2012 (to 4.1%) and a considerable appreciation of the zloty, the NBP Economic Institute prepared an annex updating the projection, according to which inflation is likely to slow down even more markedly. The projection of inflation and the GDP will be presented to analysts and journalists at the NBP’s head office on Monday, 12 March.

The NBP President confirmed that there was interest rate increases were more likely than interest rate cuts in the coming months. When asked about possible measures to be taken by the NBP concerning WIBOR rates, Professor Marek Belka assured that the NBP was not going to construct its own indices or conduct 3-month repo operations as these would add to the liquidity surplus already present in this market. Yet, the NBP /has undertaken measures to ensure that WIBOR rates reflect the real price of money in the market.

  Press release from the meeting of the Monetary Policy Council held on 6-7 March 2012

“Information of the NBP concerning questions about WIBOR rates”


NBP interest rates

Reference rate 1.50
Lombard rate 2.50
Deposit rate 0.50
Rediscount rate 1.75

Exchange rates

Table of 2016-09-28
1 EUR4.2918
1 USD3.8264
1 CHF3.9398
1 GBP4.9717
100 JPY3.7981

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