NBP MPC Press Release - 2011-07-06
Central bank: nbp | Type: decision | Date: 2011-07-06

Na
 
ul. Świ ę
INFOR
The Counc
 refe
 lom
 dep
 red
 
The incom
time, GDP
surge in Q
commodity
markets ha
have contin
markets. 
In the first 
the previou
constructio
following a
in corpor a
mortgage l
observed. 
In May ann
of 2.5%. T
and clothin
goods imp
expectation
In the com
the strong 
The Coun c
Institute of
In line wi t
50-percent
3.7% in th
(as compar
GDP grow
1.9-4.5% in
In the opi n
beginning 
assessment
tio
tokrzyska 1 1
RMATIO
cil decided to
erence rate 
mbard rate a
posit rate at 
discount rate
ming data ind
P growth in 
Q1. Inflation
y prices. I n
as been halt
nued, which
months of 
us quarters.
on and in r
a temporary
ate lending ,
loans to h o
nual CPI in
The accelera
ng and footw
lemented at
ns of househ
ming months
growth in g
cil got acq u
f the NBP, w
th the July p
t probability
he March pr
red to 2.1- 3
wth in the r a
n 2012 (as c
nion of th e
of 2011 s h
t i s a l s o su
na
1 /21, 00-919
ON FROM
o keep the N
at 4.50% on
at 6.00% on 
3.00% on a
e at 4.75% o
dicate conti
the euro are
n in most c o
n the past t
ed. Moreov
h has cont r
2011 Q2 ec
. Some slo w
retail sales .
y acceleratio
, including 
ouseholds al
nflation rose
ation in pri
wear, which
t the begin n
holds remai
s, the annual
global comm
uainted wit h
which is on
projection –
y of inflati o
rojection), 2
3.7%). In t u
ange of 3.0-
compared to
e Council, t
hould enab l
upported b y
 
l B
Moneta r
 Warszawa, 
M THE M
C
held o
NBP interest
n an annual 
an annual b
an annual ba
on an annua
inued mode
ea most pro
ountries con
two month s
ver, concern
ributed to a n
conomic act
wdown in i n
. Employ m
on in April,
in invest m
lso continue
e to 5.0%, r
ce growth w
h was also d
ning of 201
ined at a he
l CPI inflati
modity price
h the proje
e of the inp
– under th e
on running 
2.1-3.4% in 
urn, with a 
-4.9% in 2 0
o 2.3-4.8%)
the substan t
le inflation 
y the July p
an k
 
r y Policy 
Poland, pho n
MEETING
COUNCIL
on 5-6 Jul
t rates unch
basis; 
basis; 
asis; 
al basis. 
erate econom
obably decli
ntinues to r
s, however,
ns about the 
n increase i
tivity growt
ndustrial ou
ment in ent e
, fell to a m
ment loans, 
ed and fur t
remaining s
was mainly
driven by c
1. May sa w
ightened lev
ion rate wil
es observed
ction of in f
puts to the C
e assumption
in the rang
2012 (as c
50-percent
011 (as co m
) and 1.5-4.
tial monet a
n to return t
projection o
 
k o
Council
n e (48 22) 8 2
G OF THE
L 
y 2011 
anged, i.e.:
mic growth 
ned in 2011
run at an e l
 growth i n
stability of
in risk ave r
th in Poland
utput was a
erprises re m
moderate lev
was susta i
ther negativ
ignificantly
y connected
hanges in th
w an increa s
vel. At the s
ll continue a
prior to the
flation and 
Council’s de
n of const a
ge of 3.7-4. 4
ompared to
probability
mpared to 3 .
3% in 2013
ary policy t
to the targ e
of inflation 
f P
2 6 99 55, f a
E MONET
in the Unit
1 Q2 after a
levated leve
commodity
f the econom
sion in the 
d was close 
accompanied
mained sta b
vel. At the s
ined. Relat i
ve growth i n
y above the 
d with a ris e
he treatmen
se also in c
same time, P
at an elevate
e inflation in
GDP prep a
ecisions on t
nt NBP int
4% in 201 1
o 2.2-3.4%) 
y, the July p
.3-5.1% in t
 (as compar
tightening i
et in the m
and GDP. 
P ol
a x (48 22) 8 2
TARY PO
ted States. A
an exception
el, largely d
ty prices i n
mic situation
internation
to the one o
d by highe r
ble and w a
same time, t
ively rapi d
n consumer
NBP’s infl
e in the pri c
nt of prices 
core inflatio
PPI inflatio
ed level, ma
ncrease. 
ared by th e
the NBP in
terest rates –
1 (as comp a
and 1.8-3.4
projection s
the March p
red to 1.7-4
implemente
medium ter m
In the m e
and
2 6 37 51, 
OLICY 
At the same
nally strong
due to hig h
n the globa l
n in Greece
nal financial
observed in
r growth i n
age growth ,
the rebound
d growth i n
r loans wa s
ation target
ces of foo d
of seasonal
on. Inflation
on declined.
ainly due to
e Economi c
terest rates.
– there is a
ared to 2.8 -
4% in 2013
sees annual
projection),
4.4%). 
d since th e
m. Such a n
dium term ,
 
 
e 
g 
h 
l 
e 
l 
n 
n 
, 
d 
n 
s 
t 
d 
l 
n 
 
o 
c 
. 
a 
-
3 
l 
, 
e 
n 
, 
 
inflation w
including a
The Coun c
inflation’s 
An impor t
maintain m
need to be 
and at curb
 
Although 
t
undertakin
in the opin
to increas i
Council e x
households
 
The Coun
c
date possib
 
The Coun
c
will be curb e
a decline in 
cil does n o
return to th
tant factor a
macroecono
implement
bing the incr
the share o
ng measures
nion of the C
ing the ef fe
xpects that 
s will be int
cil maintain
ble, after me
cil has adop
ed by a lik e
public inve
ot rule out 
he target det
affecting t h
omic stabilit
ed, aimed a
rease of pub
f foreign c u
s aimed at p
Council, im
fectiveness 
measures 
troduced. 
ns its view t
eeting the n
pted the Infla
 
ely slowdow
estment, and
a further a
teriorate. 
he monetar y
ty, and co m
at a lasting r
blic debt. 
urrency loa
preventing fa
mportant for 
of the mo n
aimed at c
that Poland 
necessary leg
ation Repor
- 2 - 
wn of econ o
d the implem
adjustment o
y policy is 
mply with t h
reduction of
ans in new 
fast growth 
macroecon
netary poli c
curbing th e
should join
gal, econom
rt – July 201
 
omic growt
mented inte
of moneta r
the situati o
he euro ad o
f the deficit
mortgage l
in foreign c
nomic stabili
cy transmi s
e supply o f
n the ERM I
mic and orga
11. 
th amidst fi
rest rate inc
y policy, s
on of publi c
option criter
t of the gene
oans to ho u
currency len
ity. Such m
ssion mech
f new fore i
II and the e
anizational c
iscal policy 
creases. 
should the o
c finances. 
eria, decisiv
eral governm
useholds ha
nding to hou
measures can
hanism. Th e
ign curren c
euro area at 
conditions. 
tightening,
outlook fo r
In order t o
ve measures
ment sector
as declined,
useholds is,
n contribute
erefore, th e
cy loans t o
the earliest
, 
r 
o 
s 
r 
, 
, 
e 
e 
o 
t