On July 1-2, 2025, the Monetary Policy Council held a meeting during which it decided to decrease the National Bank of Poland (NBP) interest rates by 0.25 percentage points.
Current National Bank of Poland interest rates:
- reference rate at 5.00% on an annual basis;
- lombard rate at 5.50% on an annual basis;
- deposit rate at 4.50% on an annual basis;
- rediscount rate at 5.05% on an annual basis;
- discount rate on bills of exchange at 5.10% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“According to the available forecasts the CPI inflation in the coming months will fall below the upper bound for deviations of the NBP inflation target. Taking this into account, in the Council’s assessment, it became justified to adjust the level of the NBP interest rates.
Further decisions of the Council will depend on incoming information regarding prospects for inflation and economic activity. Fiscal policy stance, developments in demand pressure and situation in the labour market in subsequent quarters, as well as the level of administered energy prices, remain an uncertainty factor. Uncertainty stems also from inflation developments abroad, following, among others, from changes in trade policies of major economies.
NBP will continue to take all necessary actions in order to ensure macroeconomic and financial stability, including above all to bring inflation down sustainably to the NBP inflation target in the medium term. NBP may intervene in the foreign exchange market.”
