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Conference Following the Meeting of Monetary Policy Council in October

Date: 03-10-2012

MPC: The Council decided to keep the NBP interest rates unchanged and announced that should the incoming data confirm that economic slowdown would become protracted, while the risk of increase in inflationary pressure be limited, the Council will ease monetary policy.

At its meeting held on 2 and 3 October 2012 the Council decided to keep the NBP interest rates unchanged. The reference rate remains at 4.75% on an annual basis.

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 Jerzy Hausner and Professor Jan Winiecki.

The key fragment of the “Information from the Meeting of the Monetary Policy Council” delivered by the President of the National Bank of Poland reads: “Should the incoming data, including the November inflation projection of the NBP, confirm that economic slowdown would become protracted, while the risk of increase in inflationary pressure be limited, the Council will ease monetary policy”.

While answering the questions from journalists, Professor Marek Belka emphasized that one of the assumptions of the NBP monetary policy is to keep the real interest rates positive.

Asked for an opinion regarding the latest decisions concerning the euro area, the President of the NBP said he welcomed the European Central Bank’s announcement that it would launch an unlimited yet conditional program of buying the bonds of some countries of the area.

“It allows those countries time to adjust their economic policy and stabilizes the financial markets, which is beneficial also for the Polish economy” – commented Professor Marek Belka.

NBP interest rates

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

Exchange rates

Table of 2016-08-31
1 EUR4.3555
1 USD3.9082
1 CHF3.9745
1 GBP5.1392
100 JPY3.7895

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