Wednesday, December 4, 2013

Poland holds rate steady at 2.50%

    Poland's central bank held its reference rate steady at 2.50 percent, as widely expected and will explain its decision at a press conference later today.
    The National Bank of Poland (NBP) has cut rates by 175 basis points this year, most recently in July when it said the cycle of easier policy had ended. Last month the bank said it would maintain rates "at least until the end of the first half of 2014."
    Poland's inflation rate fell to 0.8 percent in October from 1.0 percent in September, well below the central bank's 2.5 percent target.
   The country's Gross Domestic Product expanded by a stronger-than-expected 0.6 percent in the third quarter from the second for annual growth of 1.9 percent, up from 0.8 percent.
    Last month the NBP said the Polish government's expectation that the economy will grow by 2.5 percent in 2014 compared with 1.5 percent in 2013 was realistic while the OECD raised its 2013 growth forecast to 1.4 percent from a previous 0.9 percent and its 2014 forecast to 2.7 percent from 2.2 percent.


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