National Bank of Poland leaves reference rate unchanged at 3½%

By Richard Connell

New York, Feb. 24 - 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 noted that economic activity continues to increase in both the United States and the euro area; however, the council also pointed out that labor markets in the developed countries remain unfavorable and lending continues to shrink.

Preliminary data show that the GDP in the fourth quarter of 2009 in Poland showed a further recovery of economic growth, and looking forward the council noted signs of improved economic activity.

CPI inflation in January rose to 3.6%, slightly above the upper limit for deviations from the inflation target of 2.5%, a result of higher fuel prices.

Assessing the probabilities of inflation running either above or below the inflation target in the medium term to be balanced, the council opted to leave the rate unchanged to support the return of the economy to a potential growth plan.

The council has now left the interest rate unchanged at eight consecutive meetings.

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