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(RTTNews) - Poland's central bank left its key interest rate unchanged at a record low on Wednesday amid stable and low inflation as well as wage growth, in line with economists' expectations.
The National Bank of Poland maintained the benchmark reference rate at a record low of 3.5% for an 18th consecutive rate-setting session. The lombard rate was kept unchanged at 5% on an annual basis, while the deposit rate was maintained at 2%. The rediscount rate and discount rate were left unchanged at 3.75% and 4%, respectively.
"The MPC is likely to still fear excessive capital inflows, and be satisfied with headline CPI close to the 2.5% target," ING Bank economist Mateusz Szczurek said in a note earlier today.
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Polish Interest Rates Remain At Record Low
(RTTNews) - Poland's central bank left its key interest rate unchanged at a record low on Wednesday amid stable and low inflation as well as wage growth, in line with economists' expectations.
The National Bank of Poland maintained the benchmark reference rate at a record low of 3.5% for an 18th consecutive rate-setting session. The lombard rate was kept unchanged at 5% on an annual basis, while the deposit rate was maintained at 2%. The rediscount rate and discount rate were left unchanged at 3.75% and 4%, respectively.
"The MPC is likely to still fear excessive capital inflows, and be satisfied with headline CPI close to the 2.5% target," ING Bank economist Mateusz Szczurek said in a note earlier today.
In November, headline inflation came slightly higher at 2.7%, slower than a 2.8% rise in the previous month. The core inflation rate, which excludes food and energy prices, remained unchanged at 1.2% for a fourth consecutive month in November.
"The arguments for a hike would include stronger mortgage credit growth, potential PLN appreciation likely checked by the weaker euro, and strong industrial output," Szczurek wrote. The economist sees a hike in the first quarter of next year, given an acceleration in headline inflation.
Annual inflation is projected to ease to 2.5% this year from 3.5% in 2009. In 2011, inflation is seen accelerating to 2.7% and then to 2.9% in 2012.
The Polish economy grew at the fastest pace in two years in the third quarter on the back of strong domestic demand and investment. Gross domestic product grew 4.2% year-on-year in the third quarter, faster than the 3.5% expansion in the second quarter.
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