NBP MPC Press Release - 2017-10-04
Central bank: nbp | Type: decision | Date: 2017-10-04

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Warsaw, 4 October 2017 
Information from the meeting of the Monetary Policy 
Council held on 3-4 October 2017 
 
The Council decided to keep the NBP interest rates unchanged: 
▪ reference rate at 1.50%, 
▪ lombard rate at 2.50%, 
▪ deposit rate at 0.50%, 
▪ rediscount rate at 1.75%. 
 
Global economy continues to recover. Available data indicate that GDP growth in the 
euro area stabilised in 2017 Q3 , after picking up in previous quarters. In the United 
States, economic conditions are strong, although adverse weather factors could have had 
a negative impact on economic activity in recent months. In China, monthly indicators 
suggest that GDP growth may slow down slightly in 2017 Q3. 
Despite ongoing global recovery, inflation abroad remains moderate, on the back of 
persistently low domestic inflationary pressure in many countries. Prices of some 
commodities, including oil, have risen somewhat of late. 
The European Central Bank keeps interest rates close to z ero, including the deposit 
rate below zero, and continues its asset purchase programme. At the same time, t he US 
Federal Reserve gradually tightens its monetary policy, embarking on a reduction of its 
balance sheet. 
In Poland, incoming data confirm continu ed stable growth in economic activity. 
Growth is still driven primarily by consumer demand, supported by rising employment 
and wages, disbursement of benefits and very good consumer sentiment. At the same 
time, a marked rise in construction and assembly output growth points to a probable 
recovery in investment. 
The annual growth in prices of consumer goods and services remains at a moderate 
level. At the same time, while wage growth in the economy has picked up, core inflatio n 
is still low. 
In the Council's opinion, in the following quarters inflation will remain moderate. 
This will result from moderate price growth in the external environment of the Polish 
economy, alongside a gradual rise in domestic inflationary pressure st emming from 
improving domestic economic conditions. In consequence, the risk of inflation running 
persistently above the target in the medium term is limited. 
The Council confirms its assessment that, given the present data and forecasts, the 
current level of interest rates is conducive to keeping the Polish economy on the 
sustainable growth path and maintaining macroeconomic balance.