Interest rates unchanged, as expected

As had been widely expected by economists, the National Bank of Poland’s Monetary Policy Council (RPP) left interest rates unchanged during its sitting on Feb 4-5. The NBP’s benchmark interest rate remains at 2.50 percent. In a statement issued on Wednesday, the RPP said that gradual economic recovery in Poland should continue this year. At the same time there will be little inflationary pressure. “The Council maintains its assessment that NBP interest rates should be kept unchanged at least until the end of the first half of 2014,” the statement read. The RPP reduced the reference rate to its historically lowest level of 2.50 percent in a series of cuts that ended in July 2013. The council has since then maintained a neutral stance in monetary policy. /kw/jb