According to the minutes of the of the Monetary Policy Council (RPP) November’s decision-making meeting, most members assumed that the interest rates should remain stable in the coming quarters as the inflation target should likely be met. On top of that, stabilization of interest rates would support the maintenance of balanced economic growth, including expected recovery in investment.
Should data and forecasts incoming in the following quarters suggest a more marked intensification of inflationary pressure, it might be justified to consider an increase in the NBP interest rates in the quarters to come.
It was indicated that, in accordance with the November projection, in 2018 the favorable economic conditions were expected to continue, although GDP growth would probably slow down.
In March 2015, the RPP lowered interest rates by 0.5 basis points to a record-low 1.5 percent. Since then, they have remained unchanged.