The National Bank of Poland kept its reference policy rate unchanged at 3.75% at its July 2026 meeting, in line with market expectations. This marked the fourth consecutive meeting with rates held at their lowest level since 2022, as headline inflation slowed to 2.5% in June 2026, its lowest level since before the start of Middle East tensions and at the midpoint of the central bank’s target range. Meanwhile, economic growth moderated in Q1 2026, expanding 3.5% compared with 4.1% in Q4 2025, amid weaker domestic demand and gross fixed investment growth. Looking ahead, inflation projections were revised upwards, expected to be within 2.4-3.3% in 2026 and 1.5-4% in 2027. Meanwhile, GDP growth was revised downwards, expected to be within 3-4% in 2026, slowing to 1.8-3.7% in 2027 and recovering slightly in 2028. Future decisions will depend on inflation and economic activity amid changing geopolitical context, while fiscal policy will be weighed by developments in activity and wage growth. source: National Bank of Poland

The benchmark interest rate in Poland was last recorded at 3.75 percent. Interest Rate in Poland averaged 6.10 percent from 1998 until 2026, reaching an all time high of 24.00 percent in March of 1998 and a record low of 0.10 percent in May of 2020. This page provides - Poland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Poland Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2026.

The benchmark interest rate in Poland was last recorded at 3.75 percent. Interest Rate in Poland is expected to be 3.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Poland Interest Rate is projected to trend around 3.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-06 01:00 PM Interest Rate Decision May 3.75% 3.75% 3.75% 3.75%
2026-06-02 01:30 PM Interest Rate Decision Jun 3.75% 3.75% 3.75% 3.75%
2026-07-08 01:00 PM Interest Rate Decision Jul 3.75% 3.75% 3.75% 3.75%
2026-09-02 01:00 PM Interest Rate Decision Sep
2026-10-07 01:00 PM Interest Rate Decision Oct
2026-11-04 02:00 PM Interest Rate Decision Nov


Related Last Previous Unit Reference
Banks Balance Sheet 3555244.60 3478333.50 PLN Million May 2026
Cash Reserve Ratio 3.50 3.50 percent Jun 2026
Central Bank Balance Sheet 1205476.80 1207697.50 PLN Million May 2026
Deposit Interest Rate 3.25 3.25 percent Jun 2026
Foreign Exchange Reserves 293478.90 297224.70 USD Million Jun 2026
Interbank Rate 3.83 3.82 percent Jul 2026
Interest Rate 3.75 3.75 percent Jul 2026
Loans to Private Sector 465681.40 463121.67 PLN Million May 2026
Money Supply M0 600403.70 594772.50 PLN Million May 2026
Money Supply M1 2112519.00 2096971.00 PLN Million May 2026
Money Supply M2 2835852.90 2819069.70 PLN Million May 2026
M3 Money Supply YoY 2852277.40 2833618.00 PLN Million May 2026


Poland Interest Rate
In Poland interest rates decisions are taken by the National Bank of Poland (Narodowy Bank Polski, NBP). The official interest rate is the Reference Rate.
Actual Previous Highest Lowest Dates Unit Frequency
3.75 3.75 24.00 0.10 1998 - 2026 percent Monthly

News Stream
Poland Holds Key Rate as Expected
The National Bank of Poland kept its reference policy rate unchanged at 3.75% at its July 2026 meeting, in line with market expectations. This marked the fourth consecutive meeting with rates held at their lowest level since 2022, as headline inflation slowed to 2.5% in June 2026, its lowest level since before the start of Middle East tensions and at the midpoint of the central bank’s target range. Meanwhile, economic growth moderated in Q1 2026, expanding 3.5% compared with 4.1% in Q4 2025, amid weaker domestic demand and gross fixed investment growth. Looking ahead, inflation projections were revised upwards, expected to be within 2.4-3.3% in 2026 and 1.5-4% in 2027. Meanwhile, GDP growth was revised downwards, expected to be within 3-4% in 2026, slowing to 1.8-3.7% in 2027 and recovering slightly in 2028. Future decisions will depend on inflation and economic activity amid changing geopolitical context, while fiscal policy will be weighed by developments in activity and wage growth.
2026-07-08
National Bank of Poland Holds Rate as Expected
The National Bank of Poland held its reference policy rate at 3.75% in its June 2026 meeting, maintaining the rate at its lowest level in four years, as widely expected by markets. The hold contrasted with what is likely to be a rate hike by neighboring Eurozone countries next week, consistent with a relatively stable zloty and recent evidence of price stability in the Polish economy. The latest data showed that headline inflation eased to 3.1% in May from 3.2% in the earlier month, well below market expectations of 3.6% to push back against concerns that the surge in energy prices since the war in Iran would trigger an entrenched increase in consumer prices.
2026-06-02
National Bank of Poland Keeps Rates Steady as Expected
The National Bank of Poland left its key reference rate unchanged at 3.75% for a second consecutive meeting on May 6, 2026, in line with expectations, citing uncertainty surrounding the geopolitical outlook and its potential impact on the economy. The lombard and deposit rates were also held steady at 4.25% and 3.25%, respectively. The decision comes as inflation in Poland rose for a second consecutive month to 3.2% in April, near the 3.5% upper limit of the central bank’s target range, driven by higher energy prices amid the conflict with Iran. In March, the central bank cut borrowing costs by 25bps, just days after the war in the Middle East began, but has since shifted to a more cautious, wait-and-see stance.
2026-05-06