President of the National Bank of Poland Marek Belka said in an interview with Obserwator Finansowy that the NBP's most recent economic projection showed that a decision to cut interest rates by 50 basis points was justified. The projection shows that economic growth will be very gradual over the next years with no inflationary pressure, he said.

The NBP president said that the Monetary Policy Council has moved to a “wait-and-see” mode, which does not mean it has changed its policy. “We want to see what happens to inflation and GDP. And look at possible further steps,” Mr Belka said.

The central banker said that it is natural for the government to push for further easing of the monetary policy, as it is responsible for economic growth. The RPP must however have its own view, he stressed.

Poland A.M.