On March 11-12, 2025, the Monetary Policy Council held a meeting during which it decided to keep the interest rates unchanged.
Current National Bank of Poland interest rates:
- reference rate at 5.75% on an annual basis
- lombard rate at 6.25% on an annual basis
- deposit rate at 5.25% on an annual basis
- rediscount rate at 5.80% on an annual basis
- discount rate at 5.85% on an annual basis
In the post-meeting release, the Monetary Policy Council notes:
“According to the Statistics Poland preliminary data, annual CPI inflation in January 2025 rose to 5.3%. The rise in inflation significantly above the NBP target from mid-2024 was mainly due to the implemented increases in the administered energy prices – in particular partial unfreezing of energy carriers prices from July 2024 and the increase in natural gas distribution tariffs from January 2025 – as well as, albeit to a lesser extent, the higher annual growth in prices of food and non-alcoholic beverages. At the same time, core inflation is also elevated, mainly due to rapidly rising services prices, amid high wage growth.”
