Poland Leaves Interest Rates Unchanged

World

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The National Bank of Poland held its benchmark reference rate unchanged at 6.75% for the fifth consecutive time at its February 2023 meeting.

The annual consumer inflation in the country fell for the second consecutive month to 16.6% in December, from 17.5% in November and a 26-year high of 19.5% in October.

In the meantime, the Lombard rate and the deposit rate were also kept at 7.25% and 6.25%, respectively. The rate-setting body's decision was in line with the market consensus.

In a statement published after its decision, the Monetary Policy Council maintained its previous rhetoric, claiming that decreasing sentiment in the Polish economy and its neighborhood, coupled with increasingly restrictive monetary policies pursued by the world's major central banks would curb inflation globally and reduce commodity prices. 

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