Minutes of the National Bank of Poland Monetary Policy Council's latest meeting, published on October 18, reveal a split over the decision to hold the benchmark interest rate at 4.75%.

Some members attending the October 3 meeting believed inflation could fall below its target in the longer term as a result of poor growth, so interest rates should be cut, but the majority said a cut in rates could add to the existing issue of low household savings in Poland.

Motions to lower the interest rate by