Poland's central bank has lowered interest rates for the third time in as many months, a widely expected move meant to give a boost to a slowing economy.

The National Bank of Poland lowered its key interest rate, called the reference rate, by 0.25 percentage points on Wednesday to 4 percent.

Economists expect further cuts this year as the economy is hurt by the financial crisis afflicting large parts of Europe. The rate cuts lower borrowing costs, which in turn, should encourage business investments and consumer spending.

Poland has seen its economy boom for years, even through the global crisis of 2008-09. But the financial problems in the neighboring eurozone are now hurting that growth due to extensive trade ties that Poland has with Germany and other European countries.