Monetary council keeps interest rates unchanged

2022-12-07 18:18 update: 2022-12-08, 16:13
Photo PAP/Rafał Guz
Photo PAP/Rafał Guz
The Monetary Policy Council (RPP), the Polish central bank's rate-setting body, has kept the reference interest rate at 6.75 percent.

The National Bank of Poland's Lombard rate remained at 7.25 percent, the rediscount rate at 6.80 percent, and the discount rate at 6.85 percent, the RPP announced after its sitting on Wednesday.

The RPP also left the deposit rate unchanged at 6.25 percent.

The rate-setting body's decision was in line with the market consensus. Most analysts expect the RPP to keep the rate at the current level throughout 2023.

The prices of consumer goods and services (Consumer Price Index, CPI) went up by 17.4 percent year on year, and by 0.7 percent month on month in November 2022, with the inflation rate edging down by 0.5 percentage points from the previous month, the Central Statistical Office (GUS) reported. 

The RPP left rates unchanged for the third time running following 11 consecutive increases aimed at curbing inflation. (PAP)