MPC lowers interest rates

APA - Austria Presse Agentur
29-06-2005, 20:11

Warsaw (Puls Biznesu) - During the meeting held on June 28-29 the Monetary Policy Council decided to lower the NBP (National Bank of Poland) interest rates by 0.5 percentage point and to change the monetary policy bias to easing. From Thursday reference rate is 5.0%, lombard rate – 6.5%, deposit rate – 3.5%, rediscount rate – 5.5%.

Warsaw (Puls Biznesu) - During the meeting held on June 28-29 the Monetary Policy Council decided to lower the NBP (National Bank of Poland) interest rates by 0.5 percentage point and to change the monetary policy bias to easing. From Thursday reference rate is 5.0%, lombard rate – 6.5%, deposit rate – 3.5%, rediscount rate – 5.5%.

The MPC decision to lower the interest rates was based on the  assessment that the balance of risks for future inflation has changed in the direction of lower inflation. In May 2005, the annual growth of consumer prices decreased to 2.5% y/y against 3.0% recorded in the previous month. This decline was in line with expectations and it may be expected that inflation in the coming months will fall below the inflation target of 2.5%.

According to GUS estimates, the annual GDP growth in Poland in 2005 was 2.1%, less than projected in May /Inflation Report. /At the same time, May saw slower than expected growth of industrial output (0.9 y/y). As far as labour market data is concerned, in May 2005 employment in the corporate sector reported a year-on-year growth of 1.6%, while the unemployment rate decreased to 18.3%., i.e. by 2.2 percentage point y/y.

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Podpis: APA - Austria Presse Agentur

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