The National Bank of Poland’s Monetary Policy Council (RPP) voted unanimously at its January meeting to cut interest rates by 25 basis points, according to the council’s official minutes, released last week. The council rejected motions to cut rates by 150 points and by 50 points.

It was the third straight meeting at which the RPP has cut interest rates by 25 points. The next meeting of the RPP is scheduled for February 5-6. Analysts expect the council to continue to cut Poland’s benchmark interest rate, which now stands at 4 percent.

There is some uncertainty, however, since after the last meeting NBP president and RPP chairman Marek Belka said that “this round of cuts is drawing to an end.”

Nevertheless, analysts say recently released macroeconomic data (especially Poland’s GDP growth rate for 2012 at 2 percent) should convince the RPP to cut rates at least one more time before pausing.

KW, JC