Poland's central bank held its policy rate
steady at 3.25 percent, as expected by most economists, and said it would
explain its decision at a press conference later today.
The National Bank of Poland
(NBP), which has cut rates by 100 basis points this year following a reduction
of 50 basis points in 2012, signaled last month that it was getting close to
ending its rate easing cycle as moderate economic growth would help contain
inflation.
In February, Poland's inflation
rate tumbled to 1.3 percent in February from 1.7 percent in January, the
lowest rate since early 2006. The NBP targets inflation of 2.5 percent
target, plus/minus one percentage point.
Financial markets are expecting the
NBP to cut rates further in the next few months as economic data continue to
weaken.
Retail sales rose in February from
January but on an annual basis they were down 0.8 percent while the February
unemployment rate rose to six-year high of 14.4 percent.
Poland's Gross Domestic Product
grew by 0.2 percent in the fourth quarter from the third quarter for annual
growth of 1.1 percent
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