WARSAW, Nov. 5 (Xinhua) -- The National Bank of Poland on Wednesday lowered the benchmark interest rate by 0.25 percentage points to 4.25 percent, the bank said in a statement.
The move marks the lowest level in three and a half years and the fifth reduction this year, bringing the total reduction to 1.5 percentage points since January. The new rate will take effect on Thursday.
The bank's Monetary Policy Council said the decision was based on the continued decline in inflation and an improving inflation outlook, adding that further steps will depend on upcoming economic data.
According to official figures, Poland's inflation has eased steadily in recent months, moving closer to the central bank's target range. In October, Poland's consumer price index rose by 2.8 percent year on year, down from 2.9 percent in September and below market expectations. ■