The National Bank of Poland held its benchmark interest rate steady at 3.75% during its April meeting, in line with market expectations. The optimism expressed in the previous meeting regarding the conflict in the Middle East has since diminished, with inflation projections now subject to heightened uncertainty and unlikely to return to the NBP's 2.5% target before the end of next year. Headline inflation rose to 3%, its highest level in eight months, up from 2.1% in February, driven largely by a sharp increase in fuel prices, while annual wage growth in the enterprise sector remained unchanged. Economic growth is projected to slow in the first quarter of 2026, reflecting supply-side constraints, from a 4% expansion at the end of 2025. Future decisions will depend on incoming information regarding inflation and economic activity, as the NBP warns of rising global commodity prices, fiscal policy and regulation concerning fuel prices and developments in 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 6.12 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 April 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
2026-02-04 01:40 PM Interest Rate Decision Feb 4% 4% 4% 4%
2026-03-04 02:00 PM Interest Rate Decision Mar 3.75% 4% 3.75% 3.75%
2026-04-09 12:00 PM Interest Rate Decision Apr 3.75% 3.75% 3.75% 3.75%
2026-05-06 01:00 PM Interest Rate Decision May 3.75%
2026-06-10 01:00 PM Interest Rate Decision Jun
2026-07-08 01:00 PM Interest Rate Decision Jul


Related Last Previous Unit Reference
Banks Balance Sheet 3435118.90 3394330.00 PLN Million Feb 2026
Cash Reserve Ratio 3.50 3.50 percent Feb 2026
Central Bank Balance Sheet 1222749.90 1165520.10 PLN Million Feb 2026
Deposit Interest Rate 3.25 3.50 percent Mar 2026
Foreign Exchange Reserves 290716.10 305804.50 USD Million Mar 2026
Interbank Rate 3.87 3.84 percent Apr 2026
Interest Rate 3.75 3.75 percent Apr 2026
Loans to Private Sector 454441.80 449848.40 PLN Million Feb 2026
Money Supply M0 570447.50 559986.30 PLN Million Feb 2026
Money Supply M1 2036994.20 2011380.30 PLN Million Feb 2026
Money Supply M2 2747374.40 2699852.30 PLN Million Feb 2026
M3 Money Supply YoY 2761676.10 2714997.70 PLN Million Feb 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 held its benchmark interest rate steady at 3.75% during its April meeting, in line with market expectations. The optimism expressed in the previous meeting regarding the conflict in the Middle East has since diminished, with inflation projections now subject to heightened uncertainty and unlikely to return to the NBP's 2.5% target before the end of next year. Headline inflation rose to 3%, its highest level in eight months, up from 2.1% in February, driven largely by a sharp increase in fuel prices, while annual wage growth in the enterprise sector remained unchanged. Economic growth is projected to slow in the first quarter of 2026, reflecting supply-side constraints, from a 4% expansion at the end of 2025. Future decisions will depend on incoming information regarding inflation and economic activity, as the NBP warns of rising global commodity prices, fiscal policy and regulation concerning fuel prices and developments in wage growth.
2026-04-09
Poland Cuts Key Rate to 3.75%
The National Bank of Poland lowered its benchmark interest rate by 25bps to 3.75% at its March meeting, its first rate cut of the year and aligning with market expectations, while signaling that future decisions will depend on upcoming developments. The move brings the policy rate to its lowest level since March 2022. Despite growing concerns over the Middle East conflict, which has driven up global oil and natural gas prices, the central bank pointed to improved March inflation projections. Annual headline inflation fell to 2.2% in January and has remained within the bank’s target range of 1.5–3.5% since July 2025. Still, the NBP flagged upside risks to the inflation outlook, with expansionary fiscal policy, strong demand, and robust wage growth adding to the increase in energy prices. Poland’s economy continued to expand steadily throughout 2025. GDP grew by 4% year-on-year in the fourth quarter, marking the strongest pace of growth since the third quarter of 2022.
2026-03-04
Poland Holds Rate as Expected
The National Bank of Poland kept its main interest rate unchanged at 4% in February, as expected, extending a pause for a second month as policymakers wait for new macroeconomic forecasts before considering further easing. The decision matched market expectations, though views were split, with some analysts expecting a 25 basis point cut. Officials cited the lack of fresh inflation data and limited new information since the previous meeting. A new inflation projection will be published in March, allowing a clearer assessment of whether the recent disinflation trend is sustainable. Inflation slowed to 2.4% in December, near the midpoint of the central bank’s 1.5% to 3.5% target range, while final inflation figures for January and February will also be released in March following changes to the statistical basket.
2026-02-04