Poland is likely near the bottom of slowdown in economy and there is no threat of recession, according to the central bank NBP’s head Marek Belka.

"Today we are likely close to the bottom of the slowdown (..) you shouldn't expect a recession or a further dive of the economy," Belka said.

NBP’s Monetary Policy Council may cut rates yet again in February, but it is not a foregone conclusion, he added.

The bank's Monetary Policy Council may cut rates yet again in February, but such a cut would likely be followed by a pause used for analysing the macroeconomic situation in-depth, he said.

Comments come as the rate council enacted its third straight 25 bps rate cut at the January sitting which closed Wednesday. The decision had been universally expected by market analysts.

The cut puts the reference rate down to 4.00%, still 50 bps above the post-crisis low of 3.5%, in place from mid-2009 to early 2011.