NBP MPC Press Release - 2015-05-06
Central bank: nbp | Type: decision | Date: 2015-05-06

Warsaw, 6 May 2015 
 
Information from the meeting of the Monetary Policy 
Council held on 5-6 May 2015 
 
The Council decided to keep the NBP interest rates unchanged: 
 reference rate 1.50% on an annual basis; 
 lombard rate 2.50% on an annual basis; 
 deposit rate 0.50% on an annual basis; 
 rediscount rate 1.75% on an annual basis. 
 
Growth of global economic activity remains moderate, with a slight acceleration 
expected in 2015. In the euro area economic growth remains relatively low, although 
incoming information signals a gradual improvement of economic conditions . In the 
United States, despite the weakening of GDP growth in 2015 Q1, the recovery is expected 
to continue. In turn, the economic outlook for Poland’s eastern trading partners, i.e. 
Russia and Ukraine, remains unfavourable. 
After a sharp and long -lasting fall, global oil prices have risen slightly recently. 
This has weakened disinflationary forces in many countries. However, global price 
growth remains very low, and in many European economies it is negative . In these 
conditions, major central banks are keeping interest rates close to zero and the ECB is 
continuing its asset purchase programme, which is contributing to higher financial asset 
prices in many European countries. 
In Poland, economic activity remains stable, with GDP growth in 2015 Q1 probably 
slightly higher than in 2014 Q4. Rising domestic demand fuelled by an improving labour 
market situation, good financial condition of enterprises and stable expansion in lending, 
remains the main driver of economic growth. In turn, the low, although accelerating, 
growth in demand from Poland’s main trading partners drags down economic activity 
in Poland. 
Due to the moderate growth in demand and the continu ing negative output gap, 
there is no demand pressure in the economy. At the same time, low commodity prices 
and moderate nominal wage growth are contributing to the continued lack of cost 
pressure. As a result, the annual growth rate of consumer and producer prices remains 
negative, and inflation expectations are very low. 
In the opinion of the Council, the annual price growth will remain negative in the 
coming quarters, mainly due to the previously observed sharp fall in commodity prices. 
At the same time, the expected gradual acceleration of economic growth , amidst 
recovery in the euro area and good situation in th e domestic labour market, reduce the 
risk of inflation remaining below the target in the medium term. Therefore, the Council 
decided to keep NBP interest rates unchanged.