Monetary Policy Council keeps interest rates unchanged

Rafał Guz/PAP

The Monetary Policy Council (RPP), the Polish central bank's rate-setting body, has kept the reference interest rate at 6.75 percent.

The National Bank of Poland (NBP)'s Lombard rate remained at 7.25 percent, the rediscount rate at 6.80 percent, and the discount rate at 6.85 percent, the RPP announced after its sitting on Thursday.

The RPP also left the deposit rate unchanged at 6.25 percent.

July's decision was the tenth time running the RPP had left interest rates unchanged, following 11 consecutive increases aimed at curbing inflation.

Prices of consumer goods and services (Consumer Price Index, CPI) rose by 11.5 percent year on year and were unchanged month on month in June 2023, the Central Statistical Office (GUS) reported in a flash estimate on June 30.

The NBP inflation target is 2.5 percent plus/minus one percentage point.

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