NBP MPC Press Release - 2018-10-03
Central bank: nbp | Type: decision | Date: 2018-10-03

Warsaw, 3 October 2018 
Information from the meeting of the Monetary Policy Council 
held on 2-3 October 2018 
 
The Council decided to keep the NBP interest rates unchanged: 
• reference rate at 1.50%; 
• lombard rate at 2.50%; 
• rediscount rate at 0.50%; 
• rediscount rate at 1.75%. 
 
Global economic conditions remain favourable. In the euro area, the 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 , activity growth has 
continued at a stable pace for the past few quarters. 
Since the beginning of the ye ar, global energy commodity prices, including those of 
oil, have risen substantially. This has contributed to higher inflation in many countries. At 
the same time, core inflation in the external environment of the Polish economy, including 
the euro area, remains moderate, despite continued strong economic conditions. 
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 is reducing the scale of the purchases and has announced its termination until the end 
of the year . The Federal Reserve raised interest rates in September while continuing the 
gradual reduction of its balance sheet. 
In Poland, incoming data point to economic conditions remaining strong. GDP growth 
is driven by rising consumption, f uelled by increasing employment and wages, 
disbursement of benefits and very high consumer sentiment. This is accompanied by a rise 
in investment. Activity growth is also supported by favourable economic conditions 
abroad. 
Notwithstanding high economic growth and wages rising faster than in the previous 
year, consumer price growth remains moderate. The slightly higher annual CPI 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 points to a favourable outlook for 
economic growth in Poland, despite the expected slowdown in GDP growth in the coming 
quarters. 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.