NBP MPC Press Release - 2013-09-04
Central bank: nbp | Type: decision | Date: 2013-09-04

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Warsaw, 4 September 2013 
 
Information from the meeting of the Monetary Policy 
Council held on 3-4 September 2013 
 
The Council decided to keep the NBP interest rates unchanged: 
 reference rate 2.50% on an annual basis; 
 lombard rate 4.00% on an annual basis; 
 deposit rate 1.00% on an annual basis; 
 rediscount rate 2.75% on an annual basis. 
 
In 2013 Q2 global economic activity growth was somewhat higher than in Q1, yet, 
persisted at a moderat e level. GDP growth in the United States accelerated and – after 
a few quarters of decline – GDP in the euro area increased. The incoming data on the 
economic situation at the beginning of Q3 point to continued gradual recovery in the 
major developed econo mies. Major emerging economies in turn saw persistently low – 
as for those countries – economic activity growth. Moderate global economic activity 
growth is conducive to low inflation in many countries. 
Signals of a probable reduction in the scale of monet ary expansion by the Federal 
Reserve, observed in the financial markets, contributed to heightened volatility and the 
outflow of capital from many emerging economies as well as depreciation of their 
currencies. Yet, zloty exchange rate remained relatively stable. 
In Poland, in 2013 Q2 economic growth, after a period of strong slowdown, slightly 
accelerated. Yet, GDP growth remained considerably below its potential. GDP growth 
was supported by substantial contribution of net exports, which was accompanied by 
further decline in domestic demand. In 2013 Q2 private consumption increased slightly, 
while decrease in investment was larger than in the previous quarter. Data on industrial 
production, construction output and retail sales in July point to the possibility of gradual 
improvement in business conditions at the beginning of 2013 Q3. 
In 2013 Q2 the number of working persons in the economy was lower than in the 
corresponding period of last year. Still, month -on-month data from the corporate sector 
point to a p ossible halt of job losses in the recent months. The seasonally -adjusted 
unemployment rate stabilized at a heightened level, which supported low wage growth. 
Growth in lending to the private sector remained limited in the recent period. Annual 
growth in corporate loans declined further. At the same time, growth in household loans 
continued at a low level, however, growth in consumer loans increased slightly. 
CPI inflation in July increased and reached 1.1% y/y, yet remaining markedly below 
the NBP inflation target (2.5%). The increase in inflation was driven by regulatory factors 
(i.e. higher waste disposal fees), which also pushed up core inflation, as well as higher 
 
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growth in the prices of vegetables and fuels. Demand and cost pressures in the economy 
remained low and inflation expectations of households continued to decline. 
In the opinion of the Council, gradual economic recovery is likely to continue in the 
coming quarters, however, inflationary pressure will remain subdued. 
The Council decided to keep the NBP interest rates unchanged. Given low inflation 
pressure and a moderate scale of the expected recovery, in the Council's assessment 
interest rates should be kept unchanged at least until the end of 2013, which will support 
return of inflation to the target in the medium term. 
The Council adopted Monetary Policy Guidelines for 2014.