Narodowy Bank Polski

Research & Conferences

Labor market and its implications for the monetary policy

The conference Labor market and its implications for the monetary policy was held on 28 - 29 May 2020. This was the 5th edition of the annual conference of the National Bank of Ukraine (NBU), co-organized by Narodowy Bank Polski (NBP).

The organization of the event was also supported by the International Monetary Fund with the Government of Canada and the Kyiv School of Economics. The conference was attended by approximately 300 registered (active) participants from 32 countries, including representatives of central banks and international financial institutions, as well as distinguished experts and researchers from the world's leading universities. Due to the persistent epidemic situation, the conference was held remotely.

The topics of the conference concerned one of the most important structural determinants of monetary policy, which is the mechanism of labor market functioning and the related material situation of households. The issues discussed included the currently observed structural changes taking place in the labor market, connected with the aging of societies, migrations and growing wealth and income inequalities. In this context, the particular importance of the interaction between monetary policy and inequality among households and the role of the central bank in stabilizing the cyclical fluctuations of the economy were highlighted.

NBP interest rates

Reference rate 6.50
Lombard rate 7.00
Deposit rate 6.00
Rediscount rate 6.55
Discount rate 6.60

Exchange rates

Table of 2022-08-18
1 EUR4.7244
1 USD4.6468
1 CHF4.8733
1 GBP5.5983
100 JPY3.4368

Economic outlook

Monthly data

Quarterly data

Financial markets



Narodowy Bank Polski
Świętokrzyska 11/21
00-919 Warszawa

+48 22 185 10 00
NIP: 525-000-81-98
REGON: 000002223
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