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Press conference held after the meeting of the Monetary Policy Council

Date: 08-01-2012

MPC: In February 2012 the Monetary Policy Council kept the NBP interest rates unchanged and pointed to a higher likelihood of interest rate increases than cuts in the subsequent months.

The Monetary Policy Council at its meetings held on 7 and 8 February 2012 decided to keep the NBP interest rates unchanged. The reference rate continues to stand at 4.5% on an annual basis.

In the report justifying its decision, the Monetary Policy Council stated, inter alia: “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, although the risk of elevated inflation in the coming months remains high. Recent developments in the domestic economy 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.”

The members of the Council who participated in the conference held after the MPC meeting were: Professor Marek Belka, Professor Zyta Gilowska and Professor Adam Glapiński.. The President of the NBP pointed out that since the last meeting of the Council, the majority of factors taken into account by the MPC had not changed. He emphasised, however, that the last month saw a strong appreciation of the zloty exchange rate, which was driven by improved sentiment in the global markets. Yet, as the global situation continues to be uncertain, it is difficult to forecast whether zloty appreciation will be a long-lived phenomenon.

- Inflation is pushed up faster and more strongly by zloty depreciation than driven down by zloty appreciation- said Professor Marek Belka.

Asked by journalists whether the Council pursued an accommodative or restrictive monetary policy stance, members of the Council answered that the Council’s stance was reasonable and pragmatic.

- We uphold our opinion that interest rate cuts are unlikely – said the NBP’s President, and Professor Zyta Gilowska added that they are less likely than interest rate increases.

  See: “Press release after the MPC meeting held on 7 and 8 February 2012”

Recording of the Monetary Policy Council press conference (mp3, 30,7 MB)

NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

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Table of 2023-02-03
1 EUR4.6920
1 USD4.2928
1 CHF4.7023
1 GBP5.2571
100 JPY3.3391

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