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Article: Monetary Policy Council cuts rates in surprise move - full council statement (1).
- Article from:
- Poland Business News
- Article date:
- October 23, 2002
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Monetary Policy Council cuts rates in surprise move - full council statement (1)
Warsaw. October 23. INTERFAX-EUROPE - The Monetary Policy Council of the National Bank of Poland cut all official rates Wednesday, citing a safe price environment, low inflationary expectations and declining prognoses of economic growth abroad.
As a result of the Wednesday cuts, which go into effect on October 24, the 28-day rate goes from 7.5% to 7%, the rediscount rate goes from 8.5% to 7.75%, the Lombard fund rate falls from 10.0% to 9% and the commercial deposit rate stays at 5.0%.
Following is part one of the statement published by the council Wednesday, as ...