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NBP Release Minutes Of February Rate Meeting

POLAND
  • As expected, little new information from the release of the NBP’s February meeting minutes, where Council members continued to point out that further decisions would depend on incoming information regarding prospects for inflation and economic activity.
  • “The majority of the Council members assessed that despite the observed economic recovery, demand and cost pressures in the Polish economy remained low, which amidst the weakened economic conditions and fading inflationary pressure abroad would support lower price growth in Poland.
  • “The Council judged that the current level of the NBP interest rates was conducive to meeting the NBP inflation target in the medium term.”
  • “Certain Council members expressed the opinion that given the persistently high annual price growth and elevated inflation expectations, as well as amid the expected further recovery in demand and the fiscal measures launched, the level of the NBP interest rates was too low to ensure the return of inflation to the target in the medium term and to lower inflation expectations to levels consistent with the medium-term inflation target.”
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