Narodowy Bank Polski’s Monetary Policy Council kept all key rates unchanged, holding the reference rate at 3.75%, after fuel-price spikes tied to the Middle-East conflict pushed March CPI up to 3.0% from 2.1% while retail sales and industrial output remained resilient but construction activity and enterprise employment weakened. Following cumulative easing of 200 bp since May 2025, including a 25 bp cut in March 2026, the Council offered no additional liquidity measures and repeated that it may intervene in the foreign-exchange market to preserve stability. It highlighted surging global fuel prices against still-lower agricultural commodity costs, a rise in euro-area HICP to 2.5% and stronger US growth, all amid elevated geopolitical uncertainty. Policy will continue to be guided by forthcoming data on inflation, domestic activity, fiscal stance, wage developments and external price pressures to ensure inflation converges to the NBP target over the medium term.
Central Bank of Poland 2026-04-09
NBP leaves benchmark rate unchanged at 3.75%
Poland’s Monetary Policy Council kept all policy rates on hold, leaving the reference rate at 3.75 percent after March CPI accelerated to 3.0 percent on fuel-price spikes, while economic data showed resilient consumption and output but weaker construction and employment. Having already eased 200 bp since May 2025, it announced no new liquidity actions and reaffirmed readiness to intervene in the foreign-exchange market, stressing data-dependent policy to secure medium-term inflation convergence to target.