... Loan and Intervention Rates, II/94 - II/010,8 750 0,8 850 0,8 950 0,9 050 0,9 150 0,9 250 0,9 350 0,9 450 0,9 550 -4 -3 -2 -1 0 1 2 3 4 3-M onth Loan Rate - Intervention Rate 6-M onth Loan Rate - Intervention ... cent. Interestingly, in thisdownward trend, there was a temporary 17 per cent increase in December 1994, probably linked tothe denomination of the Polish zloty, which started at the beginning of ... the almost simultaneity of a supply regime, of monetary stringency and of a decline in output is striking. At any rate, a coexistence of araising monetary policy rate and of a supply regime means...