The National Bank of Poland (NBP), which cut rates by 50 basis points in 2012, also cut its other rates by 25 basis points, pushing the lombard rate to 5.25 percent, the deposit rate to 2.25 percent and the rediscount rate to 4.0 percent.
The central bank will release further details about its decision later today.
Earlier today, the leader of Poland's junior coalition partner, the Polish Peasant's Party, told broadcaster TVN CNBC that the central bank had been too cautious in cutting interest rates, a criticism that has often been leveled against the bank.
Last year the NBP surprised financial markets when it raised rates in May despite the deepening economic slowdown in Europe from the sovereign debt crises. It finally reversed the rate rise in November when it started its current easing cycle.
In the third quarter of last year, Poland's Gross Domestic Product expanded by only 0.4 percent from the second quarter's 0.2 percent quarterly rise, for annual growth of 1.4 percent, down from the second quarter's 2.3 percent and the first quarter's 3.6 percent.
Economists are predicting that growth decelerated to just over 2 percent in 2012 and will slow further to some 1.5 percent in 2013, below the government's 2.2 percent forecast.
This is sharply below 2011's 4.3 percent and the International Monetary Fund's forecast of 2.4 percent growth for 2012 and 2.1 percent this year.
Poland's inflation rate eased further to 2.4 percent in December, the lowest rate of the year, and down from November's 2.8 percent.
The central bank targets inflation of 2.5 percent, plus/minus one percentage point, and expects the target to be reached this year. In 2014 inflation is forecast to drop further to 1.5 percent.
Last month the central bank said it did not rule out further rate cuts if the economic slowdown is protracted and there are limited risks of higher inflationary pressures.