Fears for zloty outweigh calls for cuts

The National Bank of Poland opted for a smaller-than-expected cut on Wednesday in a bid to maintain the value of the zloty. The move reflects the mounting concern among central and eastern European countries that marked currency depreciations could threaten stability.

The quarter-point cut leaves the benchmark reference rate at 4%, a two-year low. However, analysts had largely expected the central bank to slash rates by 50 basis points.

The zloty had lost 14.6% of its value against the euro b