RPP lowers interest rates

Monetary Policy Council (RPP) reduced interest rates by 50 bp, in case of reference rate to 1 percent, the central bank said.

The lombard rate was reduced by 1 percentage point to 1.5 percent, rediscount rate for bills of exchange by 0.7 percentage point to 1.05 percent, while the deposit rate remained at 0.5 percent.

The previous change in the level of NBP interest rates took place in March 2015.

Last Friday, the president of the National Bank of Poland (NBP) and chairman of the MPC Adam Glapiński announced that he would propose a reduction in interest rates to the Council. The NBP Management Board said on Monday that it supported such a decision.

(ISBnews)