The odds appear in favor of at least one more interest rate cut this year

Analysts forecast that the Monetary Policy Council (RPP) will lower again interest rates in either August or September. On Tuesday, the Council begins its two-day meeting and it is very likely that it would begin without Marek Dąbrowski who is on holiday. According to analysts, the RPP is divided, but the opinion of Balcerowicz would be more important, than of the new Council member, Jan Czekaj. "One can find strong arguments for both cutting or sustaining rates at their current level," said Janusz Jankowiak, chief economist of BRE Bank. Marcin Mróz, chief economist of Societe Generale, thinks that, "Balcerowicz will vote for lowering rates and then he would oppose it in September." According to Jankowiak, another cut could be made in October and at the end of the year the basic rate would amount to 4.75%. (Rzeczpospolita, p. B1) M.M.