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Poland cuts key interest rate to record low

July 3, 2013

WARSAW, Poland (AP) — The National Bank of Poland has cut its main interest rate to a record low of 2.5 percent in a continuing effort to boost the economy.

The decision Wednesday by the bank’s Monetary Policy was widely expected in the markets given a still high unemployment rate of 13.5 percent and no clear signs of the economy’s improvement.

The bank has cut interest rates by 2 percentage points since November as Poland’s economy has slowed down.

The European Commission has cut its forecast for Poland’s economic growth to 1.2 percent this year from 1.9 percent in 2012, which had been the country’s lowest since 2001.