Poland holds policy rate at 1˝%, ‘conducive’ to path of stable growth

By Susanna Moon

Chicago, July 6 – National Bank of Poland’s Monetary Policy Council voted to maintain the reference rate at 1˝% at its meeting held Tuesday to Wednesday.

“Given the available data and forecasts – the current level of interest rates is conducive to keeping the Polish economy on the sustainable growth path and maintaining macroeconomic balance,” according to a bank notice.

In line with the July projection, there is a 50% chance that the annual price growth will be in the range of negative 0.9 to negative 0.3% in 2016, compared with negative 0.9 to negative 0.2% in the March 2016 projection.

Consumer Price Index growth will stay in negative territory in upcoming quarters because of the recent “substantial decline in the global commodity prices,” the bank noted.

Meanwhile, GDP growth is expected to remain stable after a temporary drop at the beginning of the year.

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