On February 3-4, 2026, the Monetary Policy Council held a meeting during which it decided to to keep the National Bank of Poland (NBP) interest rates unchanged.
Current National Bank of Poland interest rates:
- reference rate at 4.00% on an annual basis;
- lombard rate at 4.50% on an annual basis;
- deposit rate at 3.50% on an annual basis;
- rediscount rate at 4.05% on an annual basis;
- discount rate on bills of exchange at 4.10% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“In Poland, according to the Statistics Poland preliminary estimate, GDP growth in 2025 amounted to 3.6%, which signals that economic growth in 2025 Q4 was probably close to that observed in 2025 Q3. Data from the labour market indicate that, despite an increase in December, wage growth in the enterprise sector slowed down over the course of the previous year. This was accompanied by a fall in employment in this sector.
CPI inflation declined to 2.4% y/y in December 2025 (compared to 2.5% y/y in November 2025). Inflation net of food and energy prices declined over the course of the previous year and stood at 2.7% y/y in December 2025. Incoming information suggests that CPI inflation may decrease in 2026 Q1 and remain at a level consistent with the NBP inflation target in the coming quarters.”
Source:
Press release from the meeting of the Monetary Policy Council
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