National Bank of Poland stands pat

As widely expected, the Polish central bank, National Bank of Poland, kept its interest rates on hold during its meeting today. Poland continues to see declines in prices; however, the NBP has mentioned earlier that the cycle of rate cutting is completed. It had last lowered its main rate in last March when it cut the rate to 1.5 percent, the lowest on record.

During today’s meeting, the NBP kept the reference rate at 1.5 percent, the Lombard rate at 2.5 percent, the deposit rate at 0.5 percent and the rediscount rate at 1.75 percent.

The National Bank of Poland governor Adam Glapinski had stated earlier that he projects the interest rates to stay the same until early 2018, when the economic growth is anticipated to be strong enough to raise borrowing costs.