The National Bank of Poland's benchmark interest rate was cut by 25 basis points to 4% by the monetary policy council in its January meeting, the third successive cut passed by the council, but minutes published yesterday revealed some members pushed for even greater easing.

Motions to cut the rate by first 150 and then 50 basis points were submitted and rejected, the minutes said, before an eventual reduction of 25bp was passed.

Some council members argued for a deeper cut in response to the