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Poland's central bank holds key rate

The Polish central bank kept its reference rate at 1.50%, in line with expectations.

Narodowy Bank Polski also maintained the Lombard rate at 2.50%, the deposit rate at 0.50% and the rediscount rate at 1.75%.

"As expected, rates remained unchanged, but the recent problems in emerging markets should have a limited impact on the central bank's monetary policy," said Jakub Rybacki, an economist at ING, in a note.

The current policy stance is supported by a moderation of annual GDP growth, which is expected to ease to 4.4% in the second half from 5.1% in the prior six-month period, Rybacki said.

Policymakers should also consider the risk of undershooting the inflation target in the fourth quarter, though any possible deceleration is likely to be temporary, Rybacki added.

Given these factors, the central bank is expected to maintain flat rates through 2020, the economist said.