NEWS

22^nd December 2009 - Stronger than expected GDP growth in Poland continues

According to the president of the National Bank of Poland, Slawomir Skrzypek, GDP growth in Poland for the fourth quarter of 2009 will measure approximately 2.9% or even slightly higher, which will push the full year figure for 2009 to 1.6-1.7%.
"Very good November output data will translate into economic growth in Q4 exceeding everybody's expectations, it seems it may reach 2.9% or even slightly more," Skrzypek told reporters. more »

10^th October 2009 - Polish interest rates to remain unchanged until end first quarter 2010

According to a government advisor, Adam Glapinski, Poland’s interest rates are set to remain steady until the end of the first quarter of 2010.
“Rates should stay on hold until a strong economic recovery is in place and inflation is flying high, that is above 2.5 percent,” Mr Glapi?ski told Polish newspaper Dziennik Gazeta Prawna.
A survey conducted by Reuters showed that analysts expect an interest rate increase of 25 basis points to 3.75 percent by the end of September 2010 and predicted inflation to ease to 2.4% in August 2010 from 3.7% in August this year.
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26^th February 2009 - Central bank cuts interest rates by 0.25%

At the monthly sitting of the Polish central bank (NBP) yesterday, interest rates were cut by 0.25%. The reference rate now stands at 4%.
This move had a negative effect on the Polish zloty, which had been gaining a little since its lowest point a week ago, when the government announced its intention to take steps to support the weakening currency. The monetary policy committee of the NBP reiterated its support for the earliest possible entry of Poland to the ERM2 currency mechanism, leading to the adoption of hte EURO in Poland. more »

29^th January 2009 - Suspension of brokerage service

Due to the poor conditions on the lending market in Poland at present, particularly for non-resident mortgages, Poland Mortgage Direct has decided to suspend for the time being the availability of our brokerage service for new clients.

We hope that in the coming months our partner banks will again open up their offer, and we will then be in a position to again offer this service. In the meantime, Poland Mortgage Direct will continue to offer our referral service for new clients.

For more information on your specific options for a new mortgage or the refinancing of an existing mortgage, please fill in our submission form. more »

9^th January 2009 - New article added to site

Mortgage, Economic and Real Estate Outlook for Poland, January 2009. Click on the ARTICLES tab to read the full text more »

24^th December 2008 - Big Christmas rate cut from the Polish central bank

The central bank of Poland (NBP) has lowered official interest rates by 0.75% at its December sitting, the second cut in the current cycle of easing, and a sign that the Polish regulators are keener to react swiftly and decisively to the economic slowdown now beginning to affect the country. more »

27^th November 2008 - Polish interest rates cut by 25 basis points

In a move which took markets by surprise, the central bank of Poland (NBP) has cut official interest rates by 0.25% at it's November sitting. In addition, the bias from the bank is now towards further cuts throughout 2009. more »

23^rd October 2008 - Zloty sold off hugely in recent days

During the last few weeks, and accelerating this week, the Polish zloty (PLN) has fallen sharply against all major currencies. Currently, the zloty is trading at 3.92 / 1 EUR, 3.05 / 1 USD and 4.94 / 1 GBP. more »

8^th October 2008 - Poland Mortgage Direct in the press

Please see the following link for the latest issue of Discover Poland magazine It features a large article on investing in Poland on pages 24-31, and one of the founders of Poland Mortgage Direct, Andrew Balfour-Ogilvy, provides his thoughts on the current state and future direction of the property market in Poland. more »

30^th September 2008 - Polish interest rates left unchanged

Consistent with the expectations of market analysts, the monetary council left interest rates unchanged at 6% after its September meeting more »

30^th July 2008 - New articles added to site!

Last week, we added two interesting articles to the site, written by Andrew Balfour, one of the founders of Poland Mortgage Direct. The first article concerns the still extremely low ratio of mortgage debt to GDP in Poland compared to the high ratio in the UK and the USA. It sounds a positive note for the future direction of the property market in Poland.

The second article concern the choice of loan currency in Poland, an update on an article from 2006. The article contains two useful tables, the first showing the recent course of interest rates in the different mortgage currencies available in Poland, and the second showing the strengthening of the Polish zloty against the same currencies in the past few years. It's our attempt to explain your choices when it comes to the currency of your mortgage in Poland, and how each choice can affect you in the future.

Click the "Articles" tab to read more. more »

16^th July 2008 - Polish corporate wages increase 12% in last 12 months

As at June 2008, the average gross corporate wage in Poland stood at 3215 PLN (1000 EUR / 800 GBP) per month, an increase of 12% year on year.

The number of participants in the corporate workforce stands at 5.4 million, 4.8% higher year on year. more »

1^st July 2008 - Quarter point rise in Polish official interest rates announced

As expected, the Monetary Policy Council of the Polish National Bank has raised interest rates by 0.25% at it's June sitting, bringing the reference rate to 6%.
Most observers believe the Council to be nearing the end of its tightening cycle, though inflation remains high and a risk in the near term.
Inflation in Poland currently stands at 4.4%, and is expected to peak in August. The inflationary pressures are largely out of the control of the council, and are mainly centred on higher food and energy prices. more »

2^nd June 2008 - GDP growth in Poland at 6.1% in Q1 2008

The growth in GDP was higher than expected by the statistics office, and was comprised of investment growth (2.2%), rising consumption, particularly private consumption (3.5%) and net exports turning positive (0.4%). more »

29^th May 2008 - Unemployment in Poland falls to 10.5%

According the the Central Statistics office of Poland, the unemployment rate for April stood at 10.5%, a fall from the 11.1% figure reported in March more »

13^rd May 2008 - Polish wages continue to grow

According to the national statistics office (GUS), the average monthly wage in Poland grew by 10.1% year on year to stand at 2983 PLN (881 EUR / 1362 USD / 700 GBP) in the first quarter of 2008. The rise of quarter on quarter wages was 2.9%. The growth in q/q terms stood at 2.9%. more »

31^st March 2008 - Interest rates likely to rise further in Poland

Following last week's further increased of 0.25%, Polish central bank interest rates now stand at 5.75%. A move to 6% or beyond in the near future is likely, as the central bankers try to bring Poland's higher inflation back into the desired range. The recent rate tightening cycle doesn't appear to have affected Polish growth, with Q1 GDP growth expected to be at 6%. more »

1^st March 2008 - Polish interest rates increased by 0.25%

Continued inflationary pressures resulted in the Polish central bank electing to raise interest rates again at it's March sitting. The current base rate is now 5.5% more »

1^st February 2008 - GDP growth of 6.5% in Poland for 2007

According to data from the national statistics office, Poland's GDP grew by 6.5% in 2007, against growth of 6.2% in 2006 and close to market expectations of 6.4%.
Investment growth hit 20.4% year on year, while domestic demand was up 7.3%. more »

31^st January 2008 - Poland\'s interest rates rise by 0.25%

As was widely expected by the market, Poland’s Monetary Policy Council raised interest official interest rates in Poland. The decision taken at the January sitting was in response to rising price (inflationary) pressures on the demand side. Poland’s reference rate now stands at 5.25%, up 1.25% from when the rate tightening cycle began in April 2007. more »

25^th January 2008 - Polish mortgage lending rises 50% in 2007

Poland's central bank (NBP) reported that mortgage lending increased by 50.4% in 2007, or by PLN 39.13 bln, to PLN 116.84 bln

The 2007 total includes PLN 64.45 bln in foreign currency loans and PLN 52.39 bln in zloty-denominated loans. more »

4^th January 2008 - More PLN interest rate rises likely in 2008

According to a member of Poland's Monetary Policy Council (RPP), an interest rate increase is required ahead of the February inflation projects, with two more rate hikes likely by the middle of the year more »

22^nd October 2007 - Early election results in new government for Poland

Poland last night unseated Jaroslaw Kaczynski, the nationalist Prime Minister who has made enemies across the European Union, in an extraordinary election that has brought a big victory for his main conservative rival, Donald Tusk. Early exit polls showed that Mr Tusk’s Civic Platform party would probably be able to rule Poland without a coalition partner – reducing some of the political acrimony and friction that has soured the country over the past year. “The result should mean a period of stable political rule,” said a relieved EU diplomat. Mr Kaczynski – the twin brother of President Lech Kaczynski – has irritated Russia, Germany and Brussels with his fierce defence of Polish national interests. more »

10^th September 2007 - Poland\'s interest rates raised by 0.25% for third time in 2007

In a move widely expected by markets, Poland's central bank moved interest rates higher by a quarter of a percent at it's end of August meeting. The reference rate now stands at 4.75%. The move was in response to Poland's strong economic growth (7.4% in first quarter 07, 6.7% in second quarter 07), and is designed to reduce inflationary pressure, particularly from rising wages. more »

1^st July 2007 - Polish central bank raises interest rates by 0.25%

One month ahead of expectations, the Polish Monetary Council raised official interest rates by a quarter of a percent to 4.5%. The move was based on pricing pressures from the labour market and concerns over the possibility of inflation increasing. more »

5^th June 2007 - Official unemployment rate falls to 13% in May

According to information released by Poland's Labour Ministry, the country's unemployment rate fell to 13-13.1% in May.
The jobless rate fell from 13.7% in April due to the creation of seasonal work in gardening, construction, road building and tourism.
The fall in unemployment can also be attributed to the strong economic growth in Poland, running at 7.4% in the first quarter of 2007, as well as emigration. more »

26^th April 2007 - Poland\'s central bank raises interest rates as expected

At it's April meeting, the National Bank of Poland (NBP) raised interest rates by 25 basis points to 4.25%. The move was widely anticipated by market analysts, and is largely in response to rising inflation and wage growth in the Polish economy. more »

12^nd April 2007 - Poland not likely to join Euro until at least 2012

In an interview with a Polish newspaper, the chief of Poland's central bank reiterated that Poland will not be rushing into the euro-zone and cannot set a date prior to 2012. According to Mr Skrzypek, a decision will be made when it is most advantageous for the Polish economy. more »

27^th March 2007 - Swiss Central Bank raises interest rates

A seventh consecutive quarter point rise in Swiss interest rates was announced last week by the Swiss central bank. This is expected to contribute to a gradual decrease in the popularity of Swiss Frank (CHF) loans in Poland. Currently about two thirds of Polish mortgages are denominated in CHF. more »

1^st February 2007 - Poland\'s interest rates left on hold but likely to rise in near future

Poland's monetary council met for the first time under the new leadership of Slawomir Skrzypek, and as anticipated, left rates on hold. Polish interest rates have now been at 4% (reference rates) since February 2006, though there is an expectation that rates will rise later in 2007 or early in 2008. more »

10^th January 2007 - Polish goverment to subsidize mortgages

In an effort to encourage Poles into home ownership, the current ruling party (PiS) has announced details of a plan to subsidize mortgages. more »

8^th January 2007 - Zloty weakens on nomination of new NBP President

The nomination of Slawomir Skrzypek as the next President of the National Bank of Poland (NBP) has been greeted unfavourably by the financial markets. The Warsaw Stock Exchange has dropped sharply after a record-breaking start to the year, and the Polish zloty has weakened against all major currencies. Today 1 PLN = 3.87 EUR / 2.97 USD / 5.75 GBP more »

5^th January 2007 - No Polish interest rate increases expected in 1H 2007

According to the Polish Monetary Coucil, there is no immediate threat to the target inflation rate of 2.5%, hence no need to raise interest rates in the short term more »

15^th December 2006 - No inflation worries in November

Consumer price inflation in Poland was better than expected at 1.4% year on year in November, according to data released by the Central Statistical Office. Consumer prices were flat month-on-month in November. more »

1^st December 2006 - Polish interest rates left on hold

As was universally expected by analysts, Poland's monetary council left interest rates unchanged at it's November meeting. The reference rate remains at 4%, with most analysts pointing to a rise not before the first quarter of 2007 and some optimists expecting no change throughout next year more »

29^th September 2006 - Polish economic forecasts released

Poland's finance ministry predicts a strong domestic economy through to 2009 more »

28^th September 2006 - Polish interest rates unchanged for September

Poland's Monetary Policy Council left interest rates unchanged in September, but said that its view on future inflation had become more pessimistic over the past month. In its latest statement, the Council said that inflation was expected to be above the forecast path for the remainder of 2006 and throughout 2007 more »

4^th September 2006 - Poland\'s mortgage boom

The first half of 2006 saw the value of mortgages granted in Poland rise by 13bn PLN compared to the same period last year. more »

31^st August 2006 - Polish interest rates held at current levels

As was widely expected, the Polish Monetary Policy Council held interest rates at current levels after meeting for their August sitting. This keeps the reference rate at a level of 4%, and most market analysts expect the rate to remain steady till at least the end of 2006, as inflation remains in check. more »

31^st July 2006 - Polish interest rates likely to remain on hold till end of 2007

Inflation is set to remain within target range, according to Monetary Policy Member Miroslaw Pietrewicz. more »

20^th July 2006 - Mortgage sales up at KBCs Kredyt Bank

Kredyt Bank expects to achieve 150 to 160 % of the previous years mortgage sales according to the bank's vice president, meaning sales in the region of 1.8 to 2 bn pln. more »

5^th July 2006 - Interest Rates Held Steady

At its monthly meeting, Poland's central bank elected to hold interest rates steady. This was in line with market expectations after it made quarter-point cuts in the previous two months. The Monetary Policy Council said it was retaining a 4% rate for the benchmark seven day intervention, which represents an all-time low.

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12^nd May 2006 - Poland an attractive investment destination, according to report

According to a new report published by consulting firm AT Kearney, Poland ranked 5th among countries in its Foreign Direct Investment Confidence Index, jumping seven places from 12th last year. more »