March 17, 2020 / 3:47 PM / 2 months ago

Poland's c.bank cuts rates as CPI set to drop below target

WARSAW, March 17 (Reuters) - Poland’s central bank cut rates on Tuesday by 50 basis points to 1.0% to counteract the negative effects of the coronavirus epidemic as it expects inflation to fall below the target in the monetary policy horizon.

The central bank also said in a statement it cut the reserve requirement rate on zloty and foreign currency funds held in bank accounts to 0.5% from 3.50% and raised the remuneration of holdings of required reserves to 1.5% from 0.50%. (Reporting by Pawel Florkiewicz and Anna Koper; Writing by Marcin Goclowski; Editing by Joanna Plucinska)

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