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Polish central bank maintains key rate, warns of weaker growth in Q3

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Polish central bank maintains key rate, warns of weaker growth in Q3

Poland's central bank left its reference rate unchanged at 1.50% as it warned of potential decline in the country's growth rate in the third quarter, driven by the global economic slowdown.

Narodowy Bank Polski also kept the Lombard rate at 2.50%, the deposit rate at 0.50%, and the rediscount rate at 1.75%.

The central bank said domestic economic conditions remain "favorable," including rising consumption. "However, uncertainty about the scale and persistence of the slowdown abroad and its impact on domestic economic activity has increased," the bank said in a statement.

Inflation came in at an annual rate of 2.6% in September, according to the central bank. Inflation is projected to accelerate in the first quarter of 2020 before staying close to the bank's target of 2.5%.