OREANDA-NEWS. Poland's central bank on Wednesday cut its benchmark interest rate by 50 basis points to a new all-time low of 1.50 percent, exceeding analysts' expectations for a 25 basis point cut.

The central bank also cut its lombard rate by 50 basis points to 2.50 percent, the deposit rate to 0.50 percent and the rediscount rate to 1.75 percent.

The bank's rate-setting Monetary Policy Council will hold a news conference at 1500 GMT to explain its decision.