Rate-setters in favor of cuts – minutes

Most of the members of the Monetary Policy Council (RPP) were in favor of rate cuts in the near future, according to the minutes of the meeting, published by the National Bank of Poland on Thursday. “In their opinion, signs of economic slowdown in Poland and abroad, an absence of price pressure and increased risk of inflation remaining below the target in the medium term, as well as monetary  policy easing in the euro area, are factors in favor of lowering interest rates,” the statement said. The RPP rejected two rate-cutting motions in September, one about a 50 basis point cut and the other about a 25 bp cut. The council has kept the NBP’s reference rate at 2.50 percent since July 2013.