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Poland's Central Bank Publishes Minutes From December Rate Review

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The National Bank of Poland has released he minutes from its December monetary policy meeting, which saw the Committee leave interest rates unchanged.

  • The NBP says it "noted that growth of economic activity in the major economies was slowing down," particularly in the eurozone, where "a recession could not be ruled out in 2023."
  • Inflation remained elevated in most countries, although "in the United States CPI inflation had been slowing down for several months, while in the euro area the HICP index had declined in November for the first time in many quarters."
  • Members "pointed out that in 2022 Q3 annual GDP growth had slowed down to 3.6%" amid "a sharp slowdown in domestic demand growth." Several members were of the opinion that "that the recession phase was ending and that the economy was entering the recovery phase."
  • "When discussing the outlook for inflation in Poland, it was indicated that inflation was likely to pick up at the beginning of 2023 due to the anticipated increase in energy prices, the planned withdrawal of some reduced tax rates under the so-called Anti-Inflation Shield and the base effects."
  • Members noted that further decisions "would depend on incoming information regarding the perspectives for inflation and economic activity, including the impact of the Russian military aggression against Ukraine on the Polish economy."
  • Click here to see the full document.
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The National Bank of Poland has released he minutes from its December monetary policy meeting, which saw the Committee leave interest rates unchanged.

  • The NBP says it "noted that growth of economic activity in the major economies was slowing down," particularly in the eurozone, where "a recession could not be ruled out in 2023."
  • Inflation remained elevated in most countries, although "in the United States CPI inflation had been slowing down for several months, while in the euro area the HICP index had declined in November for the first time in many quarters."
  • Members "pointed out that in 2022 Q3 annual GDP growth had slowed down to 3.6%" amid "a sharp slowdown in domestic demand growth." Several members were of the opinion that "that the recession phase was ending and that the economy was entering the recovery phase."
  • "When discussing the outlook for inflation in Poland, it was indicated that inflation was likely to pick up at the beginning of 2023 due to the anticipated increase in energy prices, the planned withdrawal of some reduced tax rates under the so-called Anti-Inflation Shield and the base effects."
  • Members noted that further decisions "would depend on incoming information regarding the perspectives for inflation and economic activity, including the impact of the Russian military aggression against Ukraine on the Polish economy."
  • Click here to see the full document.