While further rates cuts are on the cards, experts say the worst is behind us

"There is still much room to cut interest rates, but further reductions will depend on investments, GDP growth, and inflation," said Mirosław Pietrewicz, a member of the RPP. In his opinion the relaxed approach to monetary policy announced by the Council in June should be kept at least until the end of the year. "Monetary policy has a good climate for taking care of economic growth. It is not the point that the RPP is only aiming at maintaining inflationary target," said Stanisław Owsiak, another RPP member. So far this year the Council lowered interest rates three times from 6.5% to 5%. JP Morgan Chase believes that "after a series of negative surprises Polish economy has the worst behind it." (Parkiet, p. 7) M.M.