Poland cuts interest rates by 25 bps

WARSAW: Poland cut interest rates by 25 basis points on Wednesday, after a steady flow of poor data forced it to drop its wait-and-see approach and take action to try to revive the spluttering economy.

The central bank has now reduced its key interest rate by a total of 175 basis points since November, bringing it to a new all-time low of 3.0 percent.

Fifteen of the 22 analysts surveyed by Reuters on April 29-30 expected the bank to keep its benchmark rate at 3.25 percent in May, with the remainder forecasting a 25 basis point cut.

The bank will release a statement and hold a news conference to explain its decision at 1400 GMT.