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Conference following the meeting of the Monetary Policy Council

Date: 08-01-2014

At the January meeting, the Monetary Policy decided to leave the NBP interest rates at the present level, maintaining its stance that the rates should remain unchanged until at least the end of the first half of 2014.

The Monetary Policy Council, which held a meeting on 7 and 8 January, decided to leave the NBP interest rates unchanged. The reference rate continues at 2.50%, the lombard rate at 4%, the deposit rate at 1% and the rediscount rate at 2.75%.

This decision of the Council was underpinned by the view that the gradual economic recovery is likely to continue in the coming quarters, while inflationary pressures will remain subdued. The Monetary Policy Council also confirmed its opinion that the NBP interest rates should be kept unchanged until at least the end of the first half of 2014.

"In the opinion of the Council, lowering the interest rates in the first half of 2013 and keeping them unchanged in subsequent quarters supports recovery of the domestic economy, gradual return of inflation to the target and stabilisation in the financial markets," reads the information from the meeting of the Monetary Policy Council.

The press conference after the MPC meeting was attended by Professor Marek Belka, MPC Chairman, and Council members: Professor Jerzy Hausner and Professor Andrzej Kaźmierczak.

"A lot has changed since the Council's last meeting. Paradoxically, we expect slightly higher growth and slightly lower inflation. In other words, things couldn't get any better. We find no reason to change anything, even the language we are using - let alone the interest rates – which is why the key paragraphs of our messages are practically copied from the previous month," said NBP President.

Professor Belka added that the GDP growth rate envisaged by NBP for the third quarter of this year will "start with a three". "In two months we will have a new projection of GDP and inflation and then we will be able to talk about the most likely path of economic growth and price changes," said Professor Belka.

This was the first of the 2014 MPC decision-making meetings. The next one is scheduled for 4 and 5 February 2014.

NBP interest rates

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

Exchange rates

Table of 2016-10-28
1 EUR4.3293
1 USD3.9696
1 CHF3.9927
1 GBP4.8294
100 JPY3.7730

Economic outlook

Monthly data

Quarterly data

Financial markets



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