U.S. Markets closed

Poland cuts interest rates to boost economy

WARSAW, Poland (AP) -- The National Bank of Poland has cut its main interest rate to a new record as it tries to revive a slowing down economy.

The central bank's Monetary Policy Council cut the benchmark reference rate to 2.75 percent from 3 percent on Wednesday. The decision was somewhat of a surprise as many economists had been predicting no change.

The bank offered no immediate explanation for the move. With its previous cuts, it said a marked economic slowdown was behind the decisions.

The European Commission has forecast economic growth of 1.2 percent for Poland this year, down from 1.9 percent in 2012, which was the country's lowest since 2001.