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WARSAW, Feb 6 (Reuters) - Poland's Monetary Policy Council (MPC) may discuss currency market intervention at its meeting in February and decide whether such a move is warranted by the market situation, MPC's Dariusz Filar said on Friday.
"The situation is such that the MPC must consider whether the current weakening of the zloty may be impacting inflation," Filar told Reuters.
"This does not mean that an (FX) intervention will be carried out. It is too early to formulate an opinion that a currency market intervention is needed or that it is not. We will be able to better answer this question at our February meeting."
Filar added monetary policy guidelines for 2009 allow for possible currency market intervention to help stabilise prices.
The zloty has shed 30 percent against the euro since its all-time high at the end of July and about 16 percent since the day before the first interest rate cut last November.
Many analysts have been saying recently that the sharp zloty falls, leading currency losses across the region as investors flee riskier emerging markets assets as the global financial crisis spreads, may pose a threat to inflation falls and the economy.
Some have been signalling they were scaling back their interest rate cut expectations because of the zloty depreciation.
"At a time of significant zloty weakening there is of course the question whether it will affect inflation. If we decide that the exchange rate may be impacting future inflation, then this will in a decisive way limit scope for interest rate cuts." (Reporting by Pawel Sobczak, writing by Karolina Slowikowska; editing by Chris Pizzey)