Wednesday, January 8, 2014

Poland holds rate steady at 2.5% as expected

    Poland's central bank held its reference rate steady at 2.50 percent, as widely expected, along with its other main rates, and said in a brief statement that it would provide further details at a press conference later today.
   The National Bank of Poland (NBP) cut its rates by 175 basis points in 2013 and repeated last month that it would keep rates unchanged at least until the end of the first half of 2014. Last July the central bank said its cycle of easing had ended after rates were cut by 225 basis points since November 2012.
    Poland's inflation rate fell to a five month low of 0.6 percent in November, below expectations, from 0.8 percent in October. The NBP targets 2.5 percent inflation.
    Poland's Gross Domestic Product expanded by 0.6 percent in the third quarter from the second quarter for annual growth of 1.9 percent, up from 0.8 percent.
    In November the OECD raised its forecast for Poland's 2013 growth to 1.4 percent from a previous 0.9 percent and the 2014 forecast to 2.7 percent from 2.2 percent. In 2012 Poland's economy grew by 1.9 percent.


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