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Press conference after the May meeting of the Monetary Policy Council

Date: 09-05-2012

MPC: At its May meeting, the Monetary Policy Council raised the basic NBP interest rates by 25 basis points. During the press conference, the NBP President Professor Marek Belka explained that the decision should be seen rather as a step towards ordinary monetary policy than monetary tightening.

At its meeting on 8-9 May 2012, the Monetary Policy Council decided to raise policy interest rates by 0.25 percentage point as of 10 May. The reference rate will thus rise to 4.75% on an annual basis.

The press conference after the MPC meeting was attended by Professor Marek Belka and two MPC members: Professor Jerzy Hausner and Dr Andrzej Bratkowski. Asked if the May interest rate increase opened the door to a round of monetary policy tightening, the NBP President highlighted the last sentence from the MPC's release: "The incoming data will enable an assessment of whether another adjustment of interest rates will be justified". Professor Marek Belka added that in contrast to the April press release, the present one did not contain an equally strong hint of a likely interest rate increase.

"The increase is more of a step towards normality in the Polish monetary policy than its tightening", says NBP President. In the President's opinion, amid the global crisis, major central banks of the world have been forced to accept elevated inflation levels and to take extraordinary measures. Seen against this backdrop, monetary policy in Poland has been close to normal; yet for quite some time also Poland has experienced inflation levels exceeding the upper bound of the inflation target. This heightened inflation is largely imported, yet should it persist at such levels, it might lead to adverse developments.

"The MPC is more optimistic about the condition and growth potential of the Polish economy than some of the analysts", added Professor Belka.

  See: “Press release after the MPC meeting held on 8-9 May 2012”

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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