NBP MPC Press Release - 2015-12-02
Central bank: nbp | Type: decision | Date: 2015-12-02

1/2 
Warsaw, 2 December 2015 
Information from the meeting of the Monetary Policy 
Council held on 1-2 December 2015 
 
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%. 
 
Growth of global economic activity remains moderate. In the euro area and the 
United States, GDP growth slowed down in 2015 Q3. At the same time, incoming data 
point to the continuing recovery in these economies in successive quarters. In turn, 
Russia and Brazil remain in recession. In China, GDP growth in 2015 Q3 decelerated 
again, but incoming data indicate its stabilisation. Yet, the possibility of a sharp er 
deterioration in economic conditions in the emerging market economies remains a 
significant source of risk for global growth. 
Against the renewed fall of commodity prices in recent months, inflation in many 
economies – including in the United States and the euro area – remains close to zero. 
Against this background , the Federal Reserve and the European Central Bank are 
keeping their interest rates close to zero, although the Federal Reserve has announced an 
interest rate increase in the near future. At the same time, the ECB is continuing its asset 
purchase programme and is signalling the possibility of a further monetary easing. 
In Poland, stable economic growth continues. In 2015 Q3 GDP rose slightly faster 
than in the previous quarter. Consumer demand remains the main driver of economic 
growth, supported by robust labour market, strong consumer sentiment and increasing 
household lending. GDP growth is also driven by further, yet slower than in the 
previous quarter , rise in investment . C orporate investment activity is fuelled by high 
capacity utilization and firms’ good financial performance. Yet, uncertainty about the 
outlook for economic conditions abroad constrains corporates’ propensity to invest. 
Lower GDP growth in emerging economies also weakens export growth. However, as a 
slowdown in imports has been even stronger, the contribution of net exports to GDP 
growth remains positive. 
Despite improved labo ur market conditions, wage growth remains moderate. 
This, together with the continuing negative output gap , does not produce any 
inflationary pressure in the economy. Both t he a nnual consumer price growth and 
producer price growth remain negative , although the pace of deflation has recently 
declined. Deflation persists mainly due to a sharp fall of energy commodity prices in the 
global markets. Inflation expectations are still very low. 
 
 
2/2 
In the opinion of the Council, price growth will slowly increase in the nearest 
quarters, supported by the gradual closing of the output gap amidst improving 
economic conditions in the euro area and the favourable domestic labour market 
developments. At the same time, the risk of a sharper slowdown in the emerging market 
economies and the impact this may have on global economic activity, as well as the 
possibility of commodity prices persisting at low levels, and as a result, low inflation in 
the environment of the Polish economy, remain the sources of uncertainty about the pace 
of inflation returning to the target. 
The Council decided to keep t he NBP interest rates unchanged, assessing that –
considering available data and forecasts – the current level of interest rates is conducive 
to keeping the Polish economy on a sustainable growth path and sustaining 
macroeconomic balance.