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Poland's Central Bank Cuts Key Interest Rate

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03/17/2020 | 12:32pm EDT

By Paul Hannon

 

Poland's central bank Tuesday joined a growing number of its counterparts in lowering its key interest rate and taking other measures to support bank lending.

The central bank lowered its key interest rate to 1% from 1.5%, and also cut its reserve requirements. In a statement, it said that while the Polish economy had started the year in a "favourable" way, international measures taken to contain the spread of the novel coronavirus would likely weaken activity.

"Due to the spread of coronavirus the global economic outlook has recently substantially deteriorated," the central bank said.

The National Bank of Poland joined a number of other central banks in easing policy over recent days, following the lead set by the U.S. Federal Reserve on Sunday. The Czech central bank cut its key interest rate Monday, while Turkey's central bank made its move earlier Tuesday.

Poland has been one of Europe's fastest-growing economies over recent years, and prior to Tuesday's move, the central bank had kept its key rate unchanged since March 2015.

 

Write to Paul Hannon at paul.hannon@wsj.com

 

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