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Conference Following the Meeting of Monetary Policy Council in September

Date: 05-09-2012

MPC: At its meetings on 4 and 5 September 2012, the Monetary Policy Council decided to keep interest rates unchanged. The reference rate remains at 4.75% in annual terms.

The press conference following the MPC meeting was attended by the President of the National Bank of Poland, Professor Marek Belka, and MPC members – Professor Anna Zielińska-Głębocka and Professor Elżbieta Chojna-Duch.

“The Information from the Meeting of the Monetary Policy Council held on 4-5 September 2012” provides an assessment of developments in the economic situation in Poland and the world. The release reads, i.a., “In the opinion of the Council, inflation will decrease gradually over the coming months (...)”. The questions most frequently asked by journalists related to the final paragraph of the “Information...”, reading as follows: “Should the incoming data confirm further weakening of economic conditions, and should the risk of increase in inflationary pressure be limited, the Council will consider adjustment of monetary policy.” Professor Marek Belka confirmed that this statement creates an opportunity for lowering interest rates in October, even though it is not binding.

While answering the question whether the MPC had considered the change of the NBP inflation target, the President communicated that although the Council had been dealing with the monetary policy guidelines for the year 2013, it had not discussed the change of the inflation target and no MPC member had requested the change of the target.

Asked for an opinion regarding the announcement by the Polish Financial Supervision Authority that it will ease the recommendations on the conditions for extending loans by banks, the President of the NBP concluded that such a recommendation would be appropriate.

“Phasing out foreign currency loans due to the PFSA recommendation proved of great benefit to the economy; now it would be a good idea to increase the availability of zloty denominated loans " – said Professor Belka.

NBP interest rates

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

Exchange rates

Table of 2016-08-25
1 EUR4.3095
1 USD3.8190
1 CHF3.9575
1 GBP5.0463
100 JPY3.8056

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