On March 3-4, 2026, 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 3.75% on an annual basis;
- lombard rate at 4.25% on an annual basis;
- deposit rate at 3.25% on an annual basis;
- rediscount rate at 3.80% on an annual basis;
- discount rate on bills of exchange at 3.85% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“CPI inflation, following a decline over the course of 2025, fell again in January 2026, according to the Statistics Poland preliminary data (to 2.2% from 2.4% in December 2025). Inflation net of food and energy prices also declined over the course of the previous year.
The Council became acquainted with the results of the March projection of inflation and GDP based on the NECMOD model. In line with the projection, prepared under the assumption of unchanged NBP interest rates and taking into account data available until 1/2 19 February 2026, there is a 50-percent probability that the annual price growth will be in the range of 1.6 – 2.9% in 2026 (against 1.9 – 4.0% in the November 2025 projection), 1.1 – 3.7% in 2027 (compared to 1.1 – 4.1%) and 0.9 – 4.0% in 2028. At the same time, the annual GDP growth – according to the projection – will be with a 50-percent probability in the range of 3.1 – 4.7% in 2026 (against 2.7 – 4.6% in the November 2025 projection), 2.0 – 3.8% in 2027 (compared to 1.5 – 3.7%) and 1.8 – 4.1% in 2028.
Taking into account inflation developments and its outlook for the subsequent quarters, in the Council’s assessment, it became justified to adjust the level of the NBP interest rates. ”
Source:
Press release from the meeting of the Monetary Policy Council
