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The National Bank of Poland held its benchmark reference rate at a record low of 1.5% on Wednesday. The decision was in line with economists’ expectations, said media including Polish Radio and Reuters.

Photo by MOZCO Mateusz Szymanski/

Policymakers said the current level of interest rates is conducive to keeping the Polish economy on a sustainable growth path and maintaining macroeconomic stability, while at the same time enabling the NBP to meet the inflation target in the medium-term.

In December, annual inflation jumped to 3.4%, its highest level since October 2012 and well above the central bank’s medium-term target of 2.5%.

The central bank forecasts that inflation will continue to exceed the upper limit of the band in the coming months and then gradually fall back to nearer the target.

The Lombard rate and the deposit rate were also kept steady at 2.5% and 0.5%, respectively, and the rediscount rate was left unchanged by the NBP at 1.75%.