Poland holds rate steady at 2.5%, to explain decision later

    Poland's central bank held its reference interest rate steady at 2.50 percent, as widely expected, and its governor, Marek Belka, will explain its decision at a news conference later today.
    Member's of the National Bank of Poland's (NBP) monetary policy council have often said in recent weeks that rates are likely to remain unchanged into 2014 and last month Belka was quoted as saying that interest rates would remain steady until the end of this year with no signs of inflationary pressures in the economy.
    Last month the NBP, which has cut rates by 175 basis points this year, said it would maintain rates at least until the end of 2013, which would help inflation return to the bank's 2.5 percent target.
    Poland's inflation rate was steady at 1.1 percent in August while Gross Domestic Product rose by 0.4 percent in the second quarter from the first for annual growth of 0.8 percent, up from 0.5 percent.

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