Monetary Policy Council keeps rates unchanged

The Monetary Policy Council of Poland, during its meeting on November 7-8, 2023, decided to keep all NBP interest rates unchanged, with the reference rate remaining at 5.75%. This decision contradicted analysts' expectations, as they anticipated a 25 basis points rate cut. The maintained rates include the reference rate at 5.75%, the lombard rate at 6.25%, the deposit rate at 5.25%, the rediscount rate for bills at 5.80%, and the discount rate for bills at 5.85%.

The press conference by NBP President Adam Glapiński is scheduled for November 9 at 3:00 PM. In October, the Monetary Policy Council reduced rates by 25 basis points following a 75 basis points cut in September.

Source: PAP Business