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Press conference after the meeting of the Monetary Policy Council

Date: 11-01-2012

MPC: The MPC has left its interest rates unchanged. The NBP President said that the probability of interest rates cuts in the nearest months has diminished.

At its meeting held on 10 and 11 January 2012, the Monetary Policy Council decided to leave the policy interest rates unchanged. The reference rate continues to stand at 4.5% p.a.

In the press release outlining the rationale for this decision, the MPC said, among others: “In the opinion of the Council, the monetary policy tightening implemented in the first half of 2011 supports inflation returning to the target in the medium term, however the risk of elevated inflation in the coming months has increased. At the same time, the recent domestic economic developments indicate that the expected demand deceleration in the coming quarters may prove weaker than previously anticipated. The Council decided to keep the NBP interest rates unchanged. The Council does not rule out the possibility of further monetary policy adjustments in the future, should the outlook for inflation returning to the target deteriorate.”

During the press conference following the MPP meeting, with the participation of Prof. Marek Belka, Prof. Elżbieta Chojna-Duch and Dr Andrzej Bratkowski, questions were asked, among others, whether a cut or a rise in interest rates was more likely in the future. The NBP President said that due to the persistence of increased inflation rate and a more positive outlook for the Polish economy than previously expected, the probability of interest rates cuts in the nearest months has diminished and an increase is currently more likely than a decrease.

In the release, the MPP reminded the public that the NBP has recently purchased foreign currency. Professor Belka again explained that the NBP does not carry out interventions in the foreign currency market to set some pre-assumed exchange rate of the zloty. Asked about his assessment of the threats to the Polish economy, the NBP President appealed to the journalists to avoid exaggeration in using such terms as ‘crisis’ or ‘threat’.

–– The Polish economy is doing well, notably compared to many other economies. Today, the European Commission has found our convergence program appropriate. I do not feel as if anything bad was going to happen in Poland in the nearest time – professor Belka said.

  See: “Press release after the MPC meeting held on 10 and 11 January 2012”

Recording of the Monetary Policy Council press conference (mp3, 18 MB)

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