The Bank also increased the following rates by 25 basis points: the rediscount rate to 4.75%, the Lombard rate to 6.00%, and the deposit rate to 3.00%. Previously the Bank raised the 7-day intervention rate by 25 basis points to 4.25% in May this year. Poland reported inflation of 4.5% in April, up from 4.3% in March, and higher than the Bank's official inflation target of 2.5% +/- 1%.
Wednesday, June 8, 2011
National Bank of Poland Raises Policy Rate 25bps to 4.50%
The Narodowy Bank Polski's Monetary Policy Council raised its benchmark 7-day interest rate by 25 basis points to 4.50% from 4.25% previously. Folllowing the announcement the bank Governor, Marek Belka, said: "We plan to wait before making any more policy moves,"..."After four rate increases, it seems the time has come to see what effect they have on the Polish economy."