On November 5-6, 2024, 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 the Council’s assessment, inflation is currently significantly boosted by rising energy carriers’ prices and by other regulatory factors. The price pressure in the domestic economy is also stimulated by the marked wage growth, stemming i.a. from wage increases in the public sector. At the same time, demand and cost pressures in the Polish economy remain relatively low, which amidst weakened economic conditions and lower inflation pressure abroad curbs domestic inflation pressure. The earlier appreciation of the zloty exchange rate acts in the same direction.
In the coming quarters inflation will remain elevated, and in the case of a further increase in energy prices at the beginning of 2025, it will rise. When the effects of the energy price increase fade and amidst the expected slower wage growth – under the current NBP interest rates level – inflation should return to the medium-term NBP target, although the impact of higher energy prices on inflation expectations is an uncertainty factor. The inflation developments over the medium term will be also affected by the further fiscal and regulatory policy measures, the pace of economic recovery in Poland and the labour market conditions. ”
