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Financial News: Poland Central Bank Leaves Rates Unchanged Again

Poland Central Bank Leaves Rates Unchanged Again

09/05/2018 - 09:01:00 (RTTNews)

(RTTNews) - Poland's central bank left its key interest rate unchanged at a record low, on Wednesday, in line with economists' expectations.

The Monetary Policy Council of the National Bank of Poland decided to keep the key reference rate at a record low 1.50 percent.

The previous change in the reference rate was a half-basis point reduction in March 2015.

The lombard rate was held at 2.50 percent and the deposit rate at 0.50 percent. The rediscount rate was left unchanged at 1.75 percent.

Headline inflation at 2 percent has been holding below the central bank's target of 2.5 percent for three months in a row.

Capital Economics economist William Jackson expects the strong growth in the Polish economy to ultimately feed through into a rise in inflation.

"And we expect the headline rate to rise above the Bank's target in the first half of next year, prompting the start of a tightening cycle," Jackson said.

"Overall, we have penciled in 100bp of hikes next year, to 2.50 percent, while the markets are pricing in a more modest 50bp of tightening."

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