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Poland’s central bank surprises with sharp interest rate cuts despite double-digit inflation

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Published 6:56 AM

By VANESSA GERA
Associated Press

WARSAW, Poland (AP) — Poland’s central bank has lowered its interest rates by 75 basis points despite the country’s double-digit inflation rate. The move prompted concerns by economists that the central bank was providing an economic stimulus to help the governing party ahead of parliamentary elections next month. The National Bank of Poland’s monetary policy council announced that it was cutting the reference rate from 6.75% to 6%. Economists had been expecting a rate cut given an election planned for Oct. 15 in which the conservative governing party, Law and Justice, is fighting for an unprecedented third term. The central bank’s governor is an ally of the party.

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