Poland's central bank on Wednesday lowered its policy interest rate for the fifth time in a row after growth slowed significantly in the fourth quarter and inflation plunged amid the economic crisis in the Eurozone.
The National Bank of Poland lowered its benchmark interest rate by 50 basis points to 3.25 percent, after slashing it by 25 basis points each in the previous four meetings. Economists had forecast a smaller reduction of 25 basis points.
The bank also lowered the rediscount rate by 50 basis points to 3.5 percent, and the deposit rate to 1.75 percent. The lombard rate was also slashed by half a percent to 4.75 percent.
Poland's annual growth weakened notably to 1.1 percent in the fourth quarter from 1.4 percent in the preceding quarter. Sequential growth eased modestly to 0.2 percent from 0.3 percent. In the whole of 2012, growth slowed sharply to 2 percent 4.3 percent a year earlier.
Poland's headline consumer price inflation dropped further to a lower-than expected 1.7 percent in January from 2.4 percent in December, and stayed far below the central bank's target.
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