NBP MPC Press Release - 2018-09-05
Central bank: nbp | Type: decision | Date: 2018-09-05

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Warsaw, 5 September 2018 
Information from the meeting of the Monetary Policy Council 
held on 4-5 September 2018 
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 economic conditions remain favourable . In the euro area, economic situation 
continues to be favourable, despite slightly slower GDP growth than in 2017. In the United 
States, economic growth is higher than in the previous year, which confirms that economic 
conditions in this country are strong. In China, economic activity growth has continued at 
a stable pace for the past few quarters. 
Despite favourable global economic conditions, inflation abroad remains moderate. At 
the same time, an increase in oil prices in the recent months has driven up inflation indices 
in many countries. 
The European Central Bank keeps interest rates close to zero, including the deposit 
rate below zero. At the same time, the ECB continues to purchase financial assets, although 
it has announced a reduction in the scale of purchases from October 2018 and the 
termination of the programme by the end of the year. The Federal Reserve continues to 
gradually tighten monetary policy. 
In Poland, the 2018 Q2 GDP data point to high economic growth. It is driven by rising 
consumption, fuelled by increasing employment and wages, disbursement of benefits and 
very strong consumer sentiment. This is accompanied by a rise in investment, both in the 
public sector and among big enterprises. In 2018 Q2, exports picked up markedly, leading 
to a positive contribution of net exports to GDP growth. 
Notwithstanding high economic growth and wages rising faster than i n the previous 
year, consumer price growth remains moderate. The slightly higher annual CPI rate than 
in 2018 Q1 reflects mainly the growth in fuel prices. At the same time, inflation net of food 
and energy prices continues to be low. 
In the Council's assessment, current information point to a favourable outlook for 
economic growth in Poland, despite the expected slowdown in GDP growth in the coming 
years. In line with the available forecasts, inflation will remain close to the target in the 
monetary policy transmission horizon. As a result, the Council judges that the current 
level of interest rates is conducive to keeping the Polish economy on a sustainable growth 
path and maintaining macroeconomic stability.