National Bank of Poland cuts interest rate by 75 bps to 4¼%

By Richard Connell

New York, Jan. 27 - The Monetary Council of the National Bank of Poland lowered its reference rate by 75 basis points to 4¼% at its meeting on Tuesday, according to a news release issued by the bank.

The council focused on the ongoing domestic economic slowdown, caused by a strong decline in economic growth globally, particularly among Poland's trading partners.

The council noted that inflation in December decreased to 3.3%, above the inflation target of 2.5%, but below the upper limit for deviations from the target.

Forecasting that the decline in domestic economic growth would continue and further reduce inflationary pressures, the council voted to cut the reference rate to 4¼% in order to stabilize economic growth and meet the inflation target.

The reference rate now stands at 4¼%, the Lombard rate at 5¾%, the deposit rate at 2¾% and the rediscount rate at 4½%.

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