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Conference following the October meeting of the Monetary Policy Council

Date: 05-10-2016

At its October meeting, the Monetary Policy Council decided to keep policy interest rates unchanged.

At the meeting held on 4 and 5 October, the Monetary Policy Council decided to keep the NBP interest rates unchanged. Thus, the reference rate stands at 1.50%, the lombard rate at 2.50%, the deposit rate at 0.50% and the rediscount rate at 1.75%.

“In the Council’s opinion, the scale of deflation will continue to decrease gradually in the coming months. Higher price growth will be supported by stable GDP growth, amid accelerating wage growth and higher child benefits. In the coming quarters, investment growth should also rise, supported by good financial standing of enterprises, growing capacity utilisation in the corporate sector and gradually rising absorption of EU funds. The sources of uncertainty for the expected economic activity and price developments are risks of a deterioration in global economy and a fall in commodity prices. The Council confirms its assessment that – given the available data and forecasts – the current level of interest rates is conducive to keeping the Polish economy on the sustainable growth path and maintaining macroeconomic balance,” the press release informed.

During the press conference, Professor Adam Glapiński spoke about economic growth: “We predict slightly better growth in 2017 than this year's growth – in general, growth of 3-4 percent is very good. I forecast that next year it will be closer to 4 percent than this year. 3.5 percent growth seems unachievable this year.”

"I inform the market that we do not discuss whether to lower rates because we are concerned about quarterly data falling by 0.1 or 0.2 percentage points. This is not the situation. The economy is growing and will grow even more," informed Professor Adam Glapiński.

Apart from the MPC Chairman, the conference was attended by Professor Eugeniusz Gatnar and Dr Kamil Zubelewicz.

The next MPC meeting is scheduled for 8-9 November 2016.

See also:

NBP interest rates

Reference rate 1.25
Lombard rate 1.75
Deposit rate 0.75
Rediscount rate 1.30
Discount rate 1.35

Exchange rates

Table of 2021-12-03
1 EUR4.5934
1 USD4.0653
1 CHF4.4165
1 GBP5.4021
100 JPY3.5879

Economic outlook

Monthly data

Quarterly data

Financial markets

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