June 18, 2020 / 12:18 PM / 2 months ago

Polish c.bank: rate cut limits risk of below-target CPI - May minutes

WARSAW, June 18 (Reuters) - The majority of members of Poland’s Monetary Policy Council (MPC) thought that cutting rates at its May 28 sitting would limit the risk of inflation falling below target, minutes from the sitting showed.

At its May 28 sitting the MPC took economists by surprise, cutting the cost of credit by 40 basis points to 0.1%. Since the coronavirus reached Poland in March the central bank has cut rates three times by a total of 140 basis points.

The interest rate cut would also limit the risk of a further appreciation of the Polish zloty against the main currencies, most of the MPC members thought.

Reporting by Alan Charlish, Anna Koper and Pawel Florkiewicz; Editing by Agnieszka Barteczko

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