Polish Central Bank Holds Rates, As Expected

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The FINANCIAL — The National Bank of Poland left its interest rates unchanged on October 6, in line with expectations and its earlier guidance, according to Nasdaq.

The central bank cut its main rate in March to 1.5%, the lowest on record, and said it was unlikely to return to a policy of further monetary easing any time soon.

Despite continuing price declines, the central bank said in April that the easing cycle had been completed. Last month, central bank chief Marek Belka said interest rates would most likely remain unchanged for the rest of this year.

Since last month’s meeting, Poland’s statistics office said consumer prices declined 0.8% in annual terms in September, compared with a decline of 0.6% in August. The central bank’s target is price growth of 2.5%.

The central bank will hold a news conference at 1400 GMT to discuss its decision.

 

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