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Poland Cuts Key Rate For Third Time

Poland's central bank cut its key interest rate for a third policy session in a row as the coronavirus, or Covid-19, pandemic and the lockdown imposed to slow its spread, have had a severe impact on the economy.

The Monetary Policy Council decided to cut the key reference rate by 40 basis points to a fresh record low 0.10 percent, the National Bank of Poland said in a statement on Thursday.

In April, the bank had slashed the rate by 50 basis points, after a similar reduction in an emergency meeting on March 17.

The lombard rate was lowered to 0.50 percent from 1 percent, while the deposit rate was retained at zero. The rediscount rate was reduced to 0.11 percent from 0.55 percent.

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