National Bank of Poland interest rates in April 2025

On April 1-2, 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:   
“In Poland, available data indicate that economic activity growth in 2025 Q1 was probably lower than expected and close to the 2024 Q4 figure. In February annual growth rates of retail sales and of industrial output were negative, while growth of construction and assembly production declined. In the labour market unemployment remains low and the number of working persons continues to be high, although employment in the enterprise sector in February 2025 was lower than a year earlier. Wage growth is still running at the high level, but data from the enterprise sector point to lowering of wage growth.”