|Unit||% p.a., NSA|
|Adjustments||Not Seasonally Adjusted|
|Data||01 Apr 2020||1.5|
|31 Mar 2020||1.5|
|Lending Rate||01 Apr 2020||1.5||1.5||% p.a., NSA||Daily|
|Stock Market Index||31 Mar 2020||41,624||40,827||Index, NSA||Business Daily|
|Average Long-term Government Bond||Feb 2020||2.07||2.23||% p.a., NSA||Monthly|
|Business Lending Rate||Jan 2020||3.64||3.64||% p.a., NSA||Monthly|
|Household Lending Rate||Jan 2020||6.54||6.22||% p.a., NSA||Monthly|
|Money Market Rate||Dec 2019||1.45||1.58||% p.a., NSA||Monthly|
For Poland, central bank monetary policy rates and reserve requirement rates. Daily from 1989.
The basic objective of monetary policy is to maintain price stability. Stable prices are an indispensable element of constructing solid foundations for long-term economic growth.
Open market operations are transactions in which the central bank engages with commercial banks on its own initiative. Such transactions include the conditional and outright sale or purchase of securities or foreign currency, as well as the issue of own-debt securities by the central bank.
Open market operations balance the demand and supply of funds held by commercial banks at the central bank. This allows the central bank to influence the level of short-term interest rates on the interbank market.
The open market operations currently conducted by the National Bank of Poland consist in the issue of own-debt securities (7-day NBP money market bills), whose minimum yield equals the reference rate adopted by the Monetary Policy Council.
Deposit rate – determines interest rate on deposits.
Lombard rate – determines costs of funding obtainable from the NBP
Reference rate – determines yield obtainable on the main open market operations, affecting at the same time, the level of short-term market interest rates.
Reserve requirement – a monetary policy instrument that can be used to regulate the banking sector liquidity and to mitigate volatility of short-term interest rates. The obligation to maintain the reserve is also an element of liquidity management at banks.