Poland's Monetary Policy Council kept interest rates unchanged at the September sitting, rejecting motions for 50 bps and 25 bps rates cuts, but admitted that the latest signals of slowdown are a game changer, minutes from the September sitting show.

Rate setters justified their decision by “the uncertainty about the scale and duration of the economic slowdown, which would determine inflation developments over the monetary policy horizon."

Poland's economic growth will be dampened by further weakening in domestic demand, driven by reduction in investments as well as weakening in private consumption growth, minutes from the council’s sitting also show.