NBP MPC Press Release - 2015-10-06
Central bank: nbp | Type: decision | Date: 2015-10-06

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Warsaw, 6 October 2015 
 
Information from the meeting of the Monetary Policy 
Council held on 5-6 October 2015 
 
The Council decided to keep the NBP interest rates unchanged: 
 reference rate at 1.50% on an annual basis; 
 lombard rate at 2.50% on an annual basis; 
 deposit rate at 0.50% on an annual basis; 
 rediscount rate at 1.75% on an annual basis. 
 
Growth of global economic activity remains moderate. In the euro area, the recovery 
continues and the latest data point to stable GDP growth in this economy . Also in the 
United States , data indicate a further rise in economic activity. At the same time , in 
China economic conditions continue to deteriorate, while Russia and Brazil remain in 
recession. Therefore, concerns about the economic growth outlook in the emerging 
market economies persist, which increases uncertainty about economic conditions 
worldwide. 
Inflation abroad remains very low and in many countries it declined again, driven 
mainly by a renewed fall of commodity prices in recent months. In the euro area, price 
growth has turned negative again and the forecasts for the coming quarters have been 
revised downwards. 
Against this background, the Federal Reserve and the E CB are keeping their interest 
rates close to zero. The ECB also continues its asset purchase programme and signals its 
extension. At the same time, the Federal Reserve indicates a likely increase in interest 
rates. The uncertainty about monetary policy of maj or central banks and concerns about 
the outlook for economic growth in emerging market economies are causing elevated 
volatility in global financial markets. 
In Poland, stable economic growth continues, driven mainly by rising domestic 
demand, which is supported by favourable labour market developments, consumer 
confidence and financial standing of enterprises , as well as by stable lending growth. 
Recently released e conomic activity indicators were lower than expected , but their 
decline will probably prove temporary. 
As demand is growing at a moderate pace and the output gap is still negative, there 
is no inflationary pressure in the economy. Both a nnual consumer price growth and 
producer price growth remain negative and declined slightly last month. Deflati on has 
deepened mainly due to falling commodity prices in global markets. Amidst moderate 
 
 
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wage growth, this contains the risk of increasing cost pressure. Inflation expectations are 
still very low. 
In the Council’s view, price growth will increase slowly in the coming quarters, 
supported by the expected closing of the output gap amid improving economic 
conditions in the euro area and favourable domestic labour market developments. At the 
same time, persisting risk of stronger economic slowdown in the emer ging market 
economies, low commodity prices and weaker inflation outlook abroad result in 
increased uncertainty about the pace of inflation returning to the target. 
The Council decided to keep the NBP interest rates unchanged.