National Bank of Poland leaves reference rate unchanged at 3½%

By Richard Connell

New York, Sept. 30 - The Monetary Council of the National Bank of Poland left its reference rate unchanged at 3½% at its meeting on Wednesday, according to a news release issued by the bank.

The council examined data, which showed further improvement in the economies of the United States and the euro area, but warned that risks still existed regarding a full recovery.

According to preliminary data, the GDP in Poland in second-quarter 2009 increased by 1.1% on a year-over-year basis, a stronger rise than originally forecast, resulting from a rise in exports and reduced domestic demand.

Inflation in August rose to 3.7%, remaining above both the inflation target of 2.5% and the upper limit for deviations set at 3.5%, driven up by a rise in food prices.

Although the council sees inflation remaining high over the coming months, it forecast it running below the inflation target in the medium term.

The reference rate remains at 3½%, the Lombard rate at 5%, the deposit rate at 2% and the rediscount rate at 3¾%.

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