Accounting Services for Business

rss iconRSS
plende

News

/ Economy and Politics

The NBP interest rates remain unchanged

The NBP interest rates remain unchanged

/
Date15 Nov 2023

During its meeting on November 7-8, 2023, the Monetary Policy Council decided to leave interest rates unchanged. This decision came as a surprise to economists who had anticipated a further cut of 25 basis points, as in October.

The President of the National Bank of Poland, Adam Glapiński, emphasized that the possibility of further potential interest rates cuts in the near future has significantly decreased.

Currently, the NBP interest rates are as follows:

  • Reference rate (minimum money market intervention rate): 5.75% annually
  • Lombard rate: 6.25% annually
  • Deposit rate: 5.25% annually
  • Rediscount rate for bills: 5.80% annually
  • Discount rate for bills: 5.85% annually

The Monetary Policy Council states in the post-meeting release:
“The global economic conditions remain weakened. At the same time, uncertainty about the activity outlook in the largest economies persists. In the euro area, the annual GDP growth in 2023 Q3 slowed down and was close to zero, while in Germany it was negative. Meanwhile, in the United States the annual GDP growth in 2023 Q3 accelerated and exceeded a long-term average. At the same time, inflation in many economies declines further, however, in most countries annual price growth remains elevated. The earlier decrease of commodity prices together with the easing of global supply chain disruptions reduce cost pressures, which is reflected in falling producer prices in many economies. Core inflation in most economies is still elevated, although it gradually declines. Amid the weakened global economic conditions, also in Poland activity growth remains low, although some data signal its gradual recovery.”

“The Council assesses that incoming data indicate low demand and cost pressures in the Polish economy, which amidst weakened economic conditions and falling inflation pressure abroad will support a gradual decline in domestic inflation. Considering the adjustment in the NBP interest rates introduced in recent months, together with uncertainty about a future course of fiscal and regulatory policies and their impact on inflation, the Council decided to keep the NBP interest rates unchanged. The Council judges that the current level of the NBP interest rates is conducive to meeting the NBP inflation target in the medium term.”

If you have any questions regarding this topic or if you are in need for any additional information – please do not hesitate to contact us:

Ask a question »

CUSTOMER RELATIONSHIPS DEPARTMENT

Elżbieta Naron

ELŻBIETA NARON
Head of Customer Relationships
Department / Senior Manager
getsix® Group
pl en de

***

This publication is non-binding information and serves for general information purposes. The information provided does not constitute legal, tax or management advice and does not replace individual advice. Despite careful processing, all information in this publication is provided without any guarantee for the accuracy, up-to-date nature or completeness of the information. The information in this publication is not suitable as the sole basis for action and cannot replace actual advice in individual cases. The liability of the authors or getsix® are excluded. We kindly ask you to contact us directly for a binding consultation if required. The content of this publication iis the intellectual property of getsix® or its partner companies and is protected by copyright. Users of this information may download, print and copy the contents of the publication exclusively for their own purposes.