The Central Bank of Poland’s Monetary Policy Council held its reference rate at 3.75% in November 2026 amid easing inflation and signs of slower economic growth, following 25-basis-point cuts to 4.25% in November 2025, 4.00% in December and the current level in March 2026. The lombard and deposit rates remained at 4.25% and 3.25%, respectively. According to Statistics Poland’s flash estimate, consumer price inflation declined to 3.5% year-on-year in October, mainly reflecting lower fuel prices compared with September. Inflation excluding food and energy was also estimated to have decreased. Available data suggested annual gross domestic product growth slowed in the third quarter. However, the November projection, prepared under an unchanged-interest-rate assumption, shifted the inflation ranges for 2027 and 2028 higher compared with July. High energy commodity prices kept global inflation elevated, while the conflict in the Middle East remained a source of uncertainty for global activity and inflation. The Council said further decisions would depend on incoming information about inflation and economic activity, highlighting fiscal policy, energy-price regulation, wage growth and external developments as risks to the inflation outlook. The central bank reiterated its commitment to ensuring inflation consistent with its medium-term target and retained the option of foreign-exchange intervention.
Central Bank of Poland Holds Reference Rate at 3.75% in November 2026
The Central Bank of Poland’s Monetary Policy Council held its reference rate at 3.75% in November 2026 amid easing inflation and signs of slower economic growth. Its unchanged-rate projection raised inflation ranges for 2027 and 2028 compared with July, while further policy decisions will depend on incoming inflation and economic activity data.