On June 1-2, 2026, the Monetary Policy Council held a meeting during which it decided to keep the National Bank of Poland (NBP) interest rates unchanged.
Monetary Policy Council
NBP Interest Rates — June 2026
Reference Rate
Benchmark3.75% p.a.
Lombard Rate
4.25% p.a.
Deposit Rate
3.25% p.a.
Rediscount Rate
3.80% p.a.
Discount Rate on Bills of Exchange
3.85% p.a.
Key Indicators Behind the Decision
GDP Growth in Poland
3.5% y/y
Q1 2026 — down from 4.1% in Q4 2025
Main Global Risk
Fuel prices ↑
Supply constraints linked to the Middle East conflict pushed fuel prices higher globally
Domestic Demand
Investment and consumption slowed
Weaker GDP growth was mainly driven by lower growth in gross fixed capital formation
Labour Market
Wage growth eased
Wage growth slowed, while LFS data still indicated annual growth in total employment
Source: Narodowy Bank Polski (NBP) · Monetary Policy Council press release · June 2026
In the post-meeting release, the Monetary Policy Council notes:
“In 2026 Q1, annual GDP growth rate slowed down in the euro area and increased in the United States. Due to supply constraints related to the conflict in the Middle East, prices of fuels surged globally, which translated into higher inflation in many economies. At the same time, prices of some agricultural commodities are rising gradually. Amidst tense geopolitical situation the outlook for global activity and inflation worsened and continues to be subject to uncertainty.
In Poland, in 2026 Q1 annual GDP growth amounted to 3.5%, against 4.1% in 2025 Q4. The weaker growth was caused mainly by lower growth in gross fixed capital formation. Also the consumption growth slowed down. In April 2026 retail sales, industrial output as well as construction and assembly production increased in annual terms. Annual wage growth in the national economy in 2026 Q1 was lower than in the previous quarter and in April 2026 wage growth in the enterprise sector decreased. Although employment in the enterprise sector is declining, LFS data indicate growing number of people employed in the economy in annual terms.”
Source:
Press release from the meeting of the Monetary Policy Council
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