On September 3-4, 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, incoming data indicate that despite the observed economic recovery, 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. Council judges that consumer price growth is also constrained by the appreciation of the zloty exchange rate, which is consistent with the fundamentals of the Polish economy. However, price pressure in the domestic economy is stimulated by a marked wage growth, stemming i.a. from wage increases in the public sector. Alongside that, the rise in prices of energy carriers increases inflation significantly. This factor will continue to affect the annual inflation rate in the coming quarters. When the effects of the energy price increase fade – amid the current NBP interest rates level – inflation should return to the medium-term NBP target, although the impact of higher energy prices on the 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.”
