Most analysts expected the National Bank of Poland to leave rates unchanged. This was the central bank’s first move since it raised interest rates by 0.25% in June. Following the rate cut, the Polish zloty edged up +0.4% against the euro.
Win Thin, senior currency strategist at Brown Brothers, said: “Retail sales and industrial production have slowed sharply in recent months, so the need to ease is clearly there. Indeed, the entire region will continue to cut rates as we move into 2009, especially after the surprise cuts by Hungary and Turkey earlier this month.”
Several emerging markets have cut rates in recent days, as the global financial crisis continues to take a significant toll on their economies.
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