The bank lowered its benchmark interest rate by 25 basis points to 4.5 percent on Nov. 7, following up with a further quarter-point reduction to 4.25 percent last month.

Just three of the rate-setting panel's 10 members Zyta Gilowska, Adam Glapinski and Andrzej Kazmierczak opposed the November cut, while four, including the governor, wanted to reduce borrowing costs by a larger 50 basis points.

Most analysts predict another rate cut when the policymakers meet again on January 8-9 but say there is little probability a majority will vote for a move of more than 25 basis points.

Central Europe's largest economy, and the only European Union member to avoid a recession since 2008, is slowing sharply and could even flirt with a contraction early this year.

Fading demand for its exports from the struggling euro zone, lower public investment and waning private consumption are all undermining Poland's economy, which is now seen growing 1.7 percent in 2013 from 2.2 percent expected in 2012.

Center>Copyright Reuters, 2013