No crisis in Poland, only slowdown - NBP head
October 26, 2012
An interest rate cut would be a "natural consequence" of the current economic slowdown, NBP President Marek Belka said during a meeting with daily Gazeta Wyborcza journalists, the daily wrote.
"Yes, a rate cut would be today a natural consequence of the slowdown and would support economic growth," Belka said.
Still, NBP President remains fairly optimistic about the condition of the Polish economy.
"There is no crisis in Poland. There is a slowdown," he said. "A real crisis could take place if the euro zone collapsed. Such a situation would require a decisive NBP reaction."
"Our economy is free of major imbalances," according to Belka. "We do not need to reduce debt, regain competitiveness, counteract capital outflow from Poland. In such a situation there are no major reasons to worry."
Poland’s rate council have consistently voted down rate cut motions since the July sitting.