NBP MPC Press Release - 2013-02-06
Central bank: nbp | Type: decision | Date: 2013-02-06

N a t i o n a l B a n k o f P o l a n d 
M o n e t a r y P o l i c y C o u n c i l 
 
 
00 - 9 1 9 W a r s z a w a , u l . Ś w i ę t o k r z y s k a 1 1 / 2 1 , p h o n e ( + 4 8 2 2 ) 6 5 3 2 8 8 8 , f a x (+ 4 8 2 2 ) 6 5 3 1 3 2 8 
w w w . n b p . p l / r p p 
 
Warsaw, 6 February 2013 
 
INFORMATION FROM THE MEETING OF THE MONETARY POLICY 
COUNCIL 
held on 5-6 February 2013 
The Council decided to decrease the NBP interest rates by 0.25 percentage points: 
 reference rate to 3.75% on an annual basis; 
 lombard rate to 5.25% on an annual basis; 
 deposit rate to 2.25% on an annual basis; 
 rediscount rate to 4.00% on an annual basis. 
Incoming data show that global economic activity remains low. In 2012 Q4, economic growth 
in the United States declined, while the euro area most probably remained in recession. At the 
same time, recently some business indicators for developed countries have slightly improved. 
There are also signs that in some major emerging economies economic growth accelerated 
somewhat. Weak global economic activi ty is conducive to a decline in inflation in many 
countries. 
In Poland, incoming data, including GDP data for 2012, show that – as expected – 2012 Q4 
saw a further economic slowdown. The decrease in consumer demand was accompanied by a 
smaller decline in investment. Economic growth continued to be supported by a positive – 
albeit lower than in the previous quarter – contribution of net exports. 
The economic slowdown is also confirmed by data from the labour market. In December, 
employment in the corporate sector still decreased, and wage growth remained low. At the 
same time , the unemployment rate rose again. Over the last months, both household and 
corporate lending growth continued to weaken. 
In December, CPI inflation declined to 2.4% y/y, running at t he level consistent with the NBP 
inflation target of 2.5%. At the same time, both core inflation measures and producer price 
growth continued to decrease, which confirms further weakening of demand and cost pressures 
in the economy. Declining inflation was accompanied by lower inflation expectations of 
households. 
In the opinion of the Council, the incoming data confirm a considerable economic slowdown in 
Poland, which results in limited wage and inflationary pressures. At the same time, the Council 
assesses that GDP growth will remain moderate in the coming quarters, and therefore, the risk 
of inflation running below the NBP inflation target in the medium term persists. 
Therefore, the Council decided to lower the NBP interest rates further. The decrease in interest 
rates should support economic activity and reduces the risk of inflation remaining below the 
target in the medium term. 
2 
 
Decisions of the Council in the following months will depend on the assessment of the 
incoming data on economic developments and inflationary pressure, including the results of the 
March NBP macroeconomic projection.