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Central bank of Poland maintains interest rates

The central bank of Poland kept its key rates unchanged, saying that their current level could sustain the Polish economic growth and maintain macroeconomic stability.

Narodowy Bank Polski's monetary policy council maintained the reference rate at 1.50%, the Lombard rate at 2.50%, the deposit rate at 0.50% and the rediscount rate at 1.75%.

The central bank said Poland's annual GDP growth stood at 5.1% in the fourth quarter last year, driven mainly by domestic demand. The expansion also marked a recovery in investment, the bank added, with the pickup mainly attributable to the public sector.

"Despite the acceleration in economic growth, annual consumer price growth continues to run at a moderate level," the bank said. "At the same time – although wage growth increased – inflation net of food and energy prices remains low.

The central bank said that there is 50% probability that annual price growth will range from 1.6% to 2.5% in 2018, 1.7% to 3.6% in 2019 and 1.9% to 4.1% in 2020, and GDP growth will range from 3.5% to 5.0% in 2018, 2.8% to 4.8% in 2019 and 2.6% to 4.6% in 2020.