The Monetary Policy Council (MPC) has decided to keep interest rates unchanged, which is a decision in line with the expectations of all bank economists. Thus, the key reference rate is still 2.50% (after the July 25bps cut).

It also retained the wording of the key sentence of its press release virtually unchanged as compared to the December version - it now reads: "The Council maintains its assessment that NBP interest rates should be kept unchanged at least until the end of the first half of 2014."

Governor of the National Bank of Poland (NBP) and MPC chairman Marek Belka admitted that hardly anything changed in Poland's economic situation since MPC's previous sitting. In fact, the Council now expects slightly faster economic growth and slightly lower inflation, he added. All in all, there are no risks on the horizon that would necessitate a change of monetary policy, the central banker concluded.

Bank economists now expect interest rates to remain flat for at least till September of 2014, but some of them point to the turn of the year as the beginning of the policy tightening cycle.