Poland’s Monetary Policy Council (MPC), the Central Bank’s rate-setting body, has kept interest rates unchanged.

The reference rate remained at 5.75 percent, the lombard rate at 6.25 percent, the deposit rate remained at 5.25 percent, the rediscount rate at 5.80 percent, and the discount rate at 5.85 percent, the MPC announced after its sitting on Tuesday and Wednesday.

Analysts expected MPC to cut interest rates by 25 bps. 

Poland’s MPC paused hiking interest rates after raising its reference rate to 6.75 percent in September 2022, for months adopting a wait-and-see approach before officially ending the tightening cycle in July.