Press conference following the meeting of the Monetary Policy Council
The Monetary Policy Council (MPC) decided to keep the NBP interest rates unchanged. MPC members said they had not changed the way they perceived the economic situation and the outlook for inflation since their previous meeting.
At its meetings on 5 and 6 June 2012, the MPC decided to keep interest rates unchanged, The reference rate continues at 4.75% on an annual basis.
The press conference following the MPC meeting was attended by NBP President prof. Marek Belka, prof. Elżbieta Chojna-Duch and prof. Adam Glapiński. When answering journalists questions they affirmed that Council members had not changed their perception of the economic situation in the past month. A more complete assessment of the situation will be provided to the Council by the next projection of inflation and GDP to be published in July.
The NBP President said the Council did not consider changing the required reserve ratio. It is relatively low in Poland and there is surplus liquidity in the banking system. The President said that publicising cases of financial problems of some construction companies by the media does not pose a threat to the banking system. He emphasised that the banking sector in Poland is stable and posted record profits in the first quarter of 2012. The recently higher outflow of funds to foreign parent banks from their Polish subsidiaries does not pose a threat, either.
This is first of all the result of the Polish companies becoming independent from funding provided so far by parent banks – the President said.
Prof. Marek Belka also reminded that he was involved in the Vienna initiative 2.0.
The journalists also asked about the impact of the European Football Championship EURO 2012 on inflation in Poland. According to the President, the impact will be slight and temporary.