By Martin M. Sobczyk

WARSAW--The National Bank of Poland left its interest rates unchanged Wednesday, in line with expectations and earlier guidance.

The central bank last cut its main rate in March 2015 when it trimmed it to 1.5%--its lowest rate on record.

Price declines have continued, but the central bank has said the easing cycle is completed.

Poland's statistics office said consumer prices fell 0.2% in annual terms in October, compared with a fall of 0.5% in September. The central bank's inflation target is 2.5%.

The central bank will later Wednesday discuss its decision and present an update to its economic and inflationary projections.

Poland's central bank governor, Adam Glapinski, has said he expects ratesto remain unchanged until early 2018, when he hopes economic growth will be solid enough to increase borrowing costs. He also said he expects Poland's consumer price index to turn positive this year or in early 2017.

Write to Martin M. Sobczyk at

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November 09, 2016 06:23 ET (11:23 GMT)

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