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Financial News: Poland Interest Rates Remain Unchanged

Poland Interest Rates Remain Unchanged

10/03/2018 - 08:11:00 (RTTNews)

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

The Monetary Policy Council decided to keep the key reference rate 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 kept 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 1.8 percent held below the central bank's target of 2.5 percent for the fourth month running in September. Citing recent comments by hawkish MPC members, ING Bank economist Rafal Benecki pointed out that the MPC's stance has moved from ultra-dovish to dovish.

"Support for a scenario without any hikes until the end of 2020 is lower as new inflation threats appear, not least concerning global oil prices and electricity in Poland," the economist said. Further, some rate-setters seem to be overly optimistic regarding the growth outlook, Benecki added.

The economist expects interest rates to remain unchanged in 2019 and 2020.

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