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The Warsaw Voice » Business » June 6, 2013
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Rate council cuts rates to record low 2.75 pct
June 6, 2013   
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Marek Belka
Poland's Monetary Policy Council met expectations with a 25 bps rate cut, on signs of lower growth, stronger disinflation and lingering euro-zone uncertainty, putting the reference rate to a new all-time low of 2.75%.

"Incoming data point to lower than expected economic growth in Poland and a stronger decline in inflation than expected in the March projection," the council said in its policy statement.

"At the same time, uncertainty to the scale and timing of eventual economic recovery for the eurozone is holding and that could negatively affect economic activity in Poland," the council wrote to justify the June rate cut.

Poland's rate council has signaled that the current interest rate level is close to adequate and the end of the easing cycle is nearing, and the council will make a clearer statement on its bias in July, after the latest inflation projection is known, NBP head Marek Belka told a news conference.
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