Poland's Monetary Policy council held rates flat at 4.75% reference rate at their September policy sitting after a month's vacation, the third such decision after having surprised markets in May with a 25 bps hike against the consensus.

The monthly policy statement showed that the council shifted their concern from upside risks to inflation to concern over further deceleration in growth.

After the MPC sitting central bank NBP head Marek Belka told a conference that the council had opened the door for rate cut, while the question of timing remained open.

Poland's rate setters will be fully armed to make a decision on the rate move, when central bank NBP's November projection arrives, but may have all that they need already in October, Belka said.