Polish central bank shocks market with steep rate cut

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The National Bank of Poland's monetary policy committee (MPC) today pulled off "one of the few real market shocks in a long time", according to one observer, cutting its benchmark interest rates by 50 basis points across the board.

The move followed a series of 25bp cuts in the rate, which had widely been seen as an insufficient response to stimulate the sluggish Polish economy. Piotr Bujak, chief Poland economist at Nordea, said today's "bold action" was a positive move – and also praised the

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