NBP MPC Press Release - 2017-06-07
Central bank: nbp | Type: decision | Date: 2017-06-07

Warsaw, 7 June 2017 
Information from the meeting of the Monetary Policy 
Council held on 6-7 June 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%. 
 
Signs of improvement in the global economy are strengthening, particularly in 
industry and international trade. In the euro area, data indicate ongoing recovery. In the 
United States, economic growth declined in 2017 Q1, yet due to temporary factors. In 
China, after a rise in GDP growth in 2017 Q1, current data do not indicate a sustained 
acceleration in economic activity. 
Despite ongoing global recovery, inflation abroad has s tabilised at a moderate level, 
on the back of fading effects of an earlier increase in commodity prices, including oil 
prices, alongside low domestic inflationary pressure in many countries. 
The European Central Bank keeps interest rates close to zero, inc luding the deposit 
rate below zero. The ECB also continues its asset purchase programme. The US Federal 
Reserve gradually tightens its monetary policy, signalling further increases in interest 
rates. 
In Poland, GDP data indicate that economic growth accele rated in 2017 Q1. Growth 
was still driven primarily by increasing consumer demand, supported by rising 
employment and wages, very good consumer sentiment and disbursement of benefits. 
This was accompanied by near-zero investment growth rate. At the same t ime, exports 
and imports continued to rise at a strong pace. Leading economic indicators as well as 
output and sales data, despite slight weakening in the recent period, point to stable 
economic growth in 2017 Q2. 
The annual growth in prices of consumer go ods and services remains at a moderate 
level, while core inflation, though gradually increasing, is still low. Growth in unit 
labour costs also remains moderate. 
In the Council's opinion, in the following quarters inflation will remain moderate 
amid fading effects of the past increase in global commodity prices, with only a gradual 
rise in domestic inflationary pressure stemming 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 available 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.