National Bank of Poland elects to keep reference rate at 3½%

By Angela McDaniels

Tacoma, Wash., Dec. 22 - The Monetary Policy Council of the National Bank of Poland kept its reference rate at 3½% at its meeting on Tuesday and Wednesday, according to a bank news release.

Annual CPI inflation fell to 2.7% in November from 2.8% in October, but it remains above the inflation target of 2.5%. The council said the decline was primarily due to a fall in food and energy price growth.

The council assessed that the still limited inflationary and wage pressure in Poland, uncertainty about the scale of acceleration of GDP growth in Poland and the global economic recovery justified leaving the interest rate unchanged.

The council noted that in the months to come, CPI inflation may be heightened by high growth in fuel prices and increases in value-added tax rates planned for 2011.

The rate has been 3½% since the council lowered it from 3¾% in June 2009.

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