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Financial News: Poland Central Bank Retains Record Low Rate

Poland Central Bank Retains Record Low Rate

10/02/2019 - 08:05:00 (RTTNews)

(RTTNews) - Poland's central bank left its key interest rate unchanged at a record low as widely expected.

The Monetary Policy Council decided to keep the key reference rate unchanged at a record low 1.50 percent, the National Bank of Poland said in a statement on Wednesday.

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

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

In September, consumer price inflation slowed for the first time since January. The inflation rate came in at 2.6 percent.

Even though inflation has been above the central bank's 2.5 percent target for the past four months, policymakers do not seem to be concerned, Jason Tuvey, an economist at Capital Economics, said.

The economist said a further rise in inflation above target over the next year or so will prevent policymakers from easing policy. The policy rate will be left unchanged at 1.50 percent until at least the end of 2020, Tuvey added.

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