Poland - News and Tourist Information : 16 December 2004

Poland's Central Bank Keeps Rates Unchanged

Poland's central bank made no changes to key interest rates Wednesday for the fourth straight month as the zloty maintained its strong position against both the U.S. dollar and the euro, the bank said in a statement.

The decision by the monetary policy council of the National Bank of Poland leaves the bank's benchmark 14-day intervention rate at 6.5 percent and the discount rate at 7 percent.

The bank cited the continual strength of the zloty and a lack of pressure on wages as the main factors behind its decision to keep rates steady. Wages have remained low partly due to an unemployment rate stuck at nearly 19 percent.

The zloty was trading at 3.11 to the U.S. dollar on Wednesday and 4.16 to the euro.

The bank raised rates 1.25 percentage points between June and August.
Source: Forbes.com

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