Thursday, September 8, 2011

Narodowy Bank Polski Keeps Interest Rate at 4.50%

The Narodowy Bank Polski's Monetary Policy Council held its benchmark 7-day interest rate steady at 4.50%.  The Bank said: "In the opinion of the Council, the significant monetary policy tightening implemented since the beginning of 2011 should facilitate inflation's return to the target in the medium term. Given the above the Council decided to keep the NBP interest rates at the current level. The Council does not rule out the possibility of further monetary policy adjustment, should the outlook for inflation returning to the target deteriorate."

The Bank also held unchanged the following rates: the rediscount rate at 4.75%, the Lombard rate at 6.00%, and the deposit rate at 3.00%.  The Bank last raised the interest rate by 25 basis points to 4.50% in June this year, and held the interest rate unchanged at its previous meeting.  Poland reported inflation of 4.1% in July, down from 4.2% in June, 5% in May, 4.5% in April, 4.3% in March, and higher than the Bank's official inflation target of 2.5% +/- 1%. 


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