NBP MPC Press Release - 2015-04-15
Central bank: nbp | Type: decision | Date: 2015-04-15

Warsaw, 15 April 2015 
 
Information from the meeting of the Monetary Policy 
Council held on 14-15 April 2015 
 
The Council decided to keep the NBP interest rates unchanged at: 
 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 slow compared to other 
developed economies, although incoming information signals gradual improvement of 
economic conditions . In the United States, despite the recent deterioration of some 
indicators, recovery is ex pected to continue. In turn , economic outlook for Poland’s 
eastern trading partners, i.e. Russia and Ukraine, remains unfavourable. 
After a sharp and long -lasting fall , global commodity prices have stabilised 
recently. This has weakened disinflationary forces in many countries . However, global 
price growth remains very low, and in the majority of European economies it is negative. 
In these conditions , major central banks are keeping interest rates close to zero and the 
ECB has launched government bond purchases. This has contributed to some 
strengthening of the zloty. 
In Poland, economic activity remains stable, with GDP growth in 2015 Q1 probably 
slightly higher than in 2014 Q4 . Rising domestic demand fuelled by improving labour 
market situation, good financial condition of enterprises and stable expansion in lending, 
remains the main driver of economic growth . In turn , the relatively low , although 
accelerating, growth in demand on the part of Poland’s main trading partners and the 
continued uncertainty about the prospects for demand are factors limiting economic 
activity in Poland. 
Amid moderate growth in demand and gradual improvement in labour market 
conditions, there is no demand pressure in the economy, and nominal wage growth 
remains moderat e. Combined with low commodity prices , this is contributing to 
continuing deflation, both in terms of consumer and producer prices . Alongside that, 
inflation expectations continue to be very low. 
In the opinion of the Council, in the coming quarters price growth will remain 
negative, mainly due to the previously observed sharp fall in commodity prices. At the 
same time, the adjustment of monetary policy in March – with continuing stable 
economic growth, an expected recovery in the euro area and good situation in the 
 
 
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.