Poland's central bank maintains key interest rate at 4.5%.

By bne IntelliNews September 8, 2011
Poland's central bank decided to keep its key reference rate at 4.5% on concerns for a possible economic deterioration, the monetary authority said in a statement. Since the previous meeting of the bank's monetary council, further signs of weakening global economic activity have appeared. The heightened risk of a global economic slowdown along with the persisting fiscal problems in some countries contributed to mounting tensions in the financial markets worldwide, the statements reads. The economic data for Poland in particular showed that despite the relatively high and stable growth in the first half of 2011, the economic activity data in the first months of Q3 signal a possible slowdown. The country reported a decrease of CPI to 4.1%, which still remained markedly above the central bank's inflation target of 2.5%. The significant monetary policy tightening since the beginning of 2011 should facilitate inflation's return to the target in the medium term. Therefore, the Council decided to keep the interest rates at the current level. The bank also said it does not rule out the possibility of further monetary policy adjustment, should the outlook for inflation returning to the target deteriorate.
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