NBP MPC Press Release - 2015-06-03
Central bank: nbp | Type: decision | Date: 2015-06-03

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Warsaw, 3 June 2015 
 
 
Information from the meeting of the Monetary Policy 
Council held on 2-3 June 2015 
 
The Council decided to keep the NBP interest rates unchanged: 
 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, although a slight 
acceleration is expected in 2015. In the euro area a gradual recovery is underway , 
although economic growth remains low. In the United States, despite the weakening of 
economic data in the first months of 2015 , the recovery is expected to continue in the 
coming quarters. At the same time, in most major emerging economies activity is 
weakening, and the economic outlook for Poland’s eastern trading partners, i.e. Russia 
and Ukraine, remains unfavourable. 
After a sharp and long -lasting fall, oil prices have risen slightly in recent months. 
This has weakened disinflationary forces in many countries , fuelling increase in price 
growth in the euro area. However, price growth in the global economy remains very 
low, and in many European economies it is negative. In these conditions, major central 
banks are keeping interest rates close to zero and the ECB is continuing its asset 
purchase programme. 
In Poland, real GDP growth accelerated in 2015 Q1 (to 3.6% from 3.3% in 2014 Q4). 
Increase in domestic demand , including consumption and investment, fuelled by an 
improving labour market situation, good financial condition of enterprises and stable 
expansion in lending has remained t he main driver of economic growth . Economic 
recovery has been also spurred by accelerating exports, supported by improvement in 
economic activity in the euro area. April saw, however, a decline in industrial output 
growth and retail sales growth, although this was most likely temporary. 
Due to the moderate growth in demand and the continuing negative output gap, 
there is no demand pressure in the economy. At the same time, low commodity prices 
and moderate nominal wage growth are contributing to the continued lack of cost 
pressure. As a result, the annual growth of consumer prices remains negative, although 
the slight increas e in fuel and food prices in the recent period has limited the scale of 
deflation. However, producer prices growth remains markedly negative, and inflation 
expectations continue to be very low. 
 
 
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In the opinion of the Council, the annual price growth will remain negative in the 
coming months, mainly due to the earlier sharp fall in commodity prices. At the same 
time, the expected gradual acceleration of economic growth, amidst recovery in the euro 
area and good situation in the domestic labour market, reduc e the risk of inflation 
remaining below the target in the medium term. Therefore, the Council decided to kee p 
NBP interest rates unchanged.