In an interview with Bloomberg, he admitted that the Polish zloty's recent appreciation gives the monetary authority more time to observe developments, but this state of affairs cannot continue for too long.

"After the latest economic data, which diminish fears about an economic slowdown, I'd assess the probability of MPC's next decisions as follows: 50% that interest rates remain unchanged; 40% that they are raised and 10% that they are cut," Bratkowski said. According to him, it is getting more likely that a rate hike will be necessary in H1 of 2012.

Following the February sitting of the Monetary Policy Council (MPC), MPC's chairman and central bank governor Marek Belka said that the Council upholds its stance that interest rate cuts are less likely than rate hikes. MPC has left interest rates flat (with the key market intervention rate at 4.5%) since June of 2011.