Polish monetary policy to remain extremely supportive

The National Bank of Poland’s MPC struck a dovish note at this afternoon’s post-meeting pressconference, with Governor Belka flagging the possibility of an interest rate cut in the coming months. Thedecision looks finely balanced although, as things stand, it seems a little more likely that the MPC will optto leave rates unchanged than to cut rates. The bigger picture, however, is that monetary policy willremain extremely accommodative throughout the next year.