On November 4-5, 2025, 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 4.25% on an annual basis;
- lombard rate at 4.75% on an annual basis;
- deposit rate at 3.75% on an annual basis;
- rediscount rate at 4.30% on an annual basis;
- discount rate on bills of exchange at 4.35% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“The Council became acquainted with the results of the November 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 15 October 2025, there is a 50-percent probability that the annual price growth will be in 1/2 the range of 3.6 – 3.7% in 2025 (against 3.5 – 4.4% in the July 2025 projection), 1.9 – 4.0% in 2026 (compared to 1.7 – 4.5%) and 1.1 – 4.1% in 2027 (compared to 0.9 – 3.8%). 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 – 3.8% in 2025 (against 2.9 – 4.3% in the July 2025 projection), 2.7 – 4.6% in 2026 (compared to 2.1 – 4.1%) and 1.5 – 3.7% in 2027 (compared to 1.3 – 3.7%).
Taking into account a decline in inflation and an improved inflation outlook for the coming quarters, in the Council’s assessment, it became justified to adjust the level of the NBP interest rates.
Further decisions of the Council will depend on incoming information regarding prospects for inflation and economic activity. Fiscal policy, recovery of demand in the economy and elevated wage growth remain risk factors for low inflation. Uncertainty stems also from the level of energy prices and inflation developments abroad.”
Source:
Press release from the meeting of the Monetary Policy Council
