Poland slashes on signs of sharp slowdown

The National Bank of Poland made its steepest cut since January 2001 on Tuesday and cautioned that the country's economy was set for a sharper-than-expected slowdown.

The cut leaves the key reference rate at 5%, its lowest level since December 2007. The majority of analysts had expected a half-point cut.

The central bank said: "A stronger-than-previously-expected slowdown in the global economy - in particular the recession in Poland's major trading partners - and consequently, the significant