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English Section

Poland lowers reference interest rate

17.03.2020 16:57
In its first change to interest rates in five years, the Polish central bank's rate-setting Monetary Policy Council on Tuesday lowered the reference rate from 1.5 percent to 1.0 percent.
Pixabay License
Pixabay LicenseImage by piviso from Pixabay

The decision comes into force on Wednesday.

The last time the Monetary Policy Council changed interest rates was in March 2015, when it trimmed them by 50 basis points.

The decision comes as Poland is fighting an outbreak of the coronavirus, which has claimed five lives in this country.

The number of confirmed coronavirus cases in Poland rose by 44 on Tuesday, bringing the total to 221.

The outbreak has triggered fears that the economy will be hit and that many who have taken out loans will have trouble making repayments.

In a move to contain the spread of the Covid-19 epidemic, the government has decided to limit the operations of shopping malls and close all pubs, clubs and casinos.


Source: PAP