Polish central bank leaves rates alone

Poland’s economy may have grown last year, unlike all of its European brethren, but its central bank continues to see no danger of inflation. In its first meeting since the death of its governor in the tragic plane crash at Smolensk, the Monetary Policy Council  left the seven-day reference rate at 3.5%, a level it’s been at for ten months now.

“Given that economic growth is driven mainly by exports and demand is unlikely to grow rapidly, the inflation rebound should be rather moderate in the second half of the year, also thanks to stronger zloty and falling producer prices,” said Rafal Benecki, senior economist at ING Bank Slaski in Warsaw.

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