Poland’s central bank leaves interest rates unchanged

Poland’s central bank leaves interest rates unchanged
# 05 October 2011 21:48 (UTC +04:00)
Baku-APA. Poland’s central bank, the Monetary Policy Council (RPP) left all interest rates unchanged on Wednesday, APA reports quoting Xinhua.

Earlier this year, RPP raised interest rates by 25 base points in January, April, May and June.

RPP’s Wednesday decision means that the NBP reference rate will remain at 4.50 percent, the lombard rate, 6.0 percent, the deposit rate, 3.0 percent and the rediscount rate, 4.75 percent.

The central bank decided to keep the rates unchanged as it held that the monetary policy implemented since the beginning of 2011 should enable inflation to return to the target in the medium term.

It did not rule out the possibility of further monetary policy adjustments, the RPP reported.

In the coming months, annual CPI inflation will continue to run at an elevated level, primarily due to the previously observed sharp rise in global raw materials prices, said the central bank.

On the other hand, the impact of the situation in the global financial markets on the Polish zloty exchange rate constitutes an upside risk factor to domestic price developments, the RPP added.
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