Belka: No room for further rate cuts

"Considering the current state of the economy and level of inflation, I do not see room for further interest rate cuts," said Marek Belka, head of the National Bank of Poland (NBP). He also added that there was a solid majority in the central bank's Monetary Policy Council that voted for the cut. "This was a difficult decision, the discussion was full of different arguments and we've worked out a solid majority," Belka said during a press conference. When asked if the central bank is going to intervene in the case of currency strengthening, he replied that the NBP has no specific currency level target. The Monetary Policy Council (RPP) decided on Wednesday to lower interest rates by 0.50 percentage points after its two-day sitting.