Poland’s Monetary Policy Council left the Narodowy Bank Polski (NBP) reference rate at 3.75% on 2 June, with the lombard, deposit, rediscount and discount rates unchanged at 4.25%, 3.25%, 3.80% and 3.85% respectively, judging existing settings adequate amid a moderation in domestic inflation and growing external risks. After cumulative 200 bp of cuts since May 2025—including the latest 25 bp reduction in March 2026—the policy rate has been steady for three consecutive meetings. The corridor for overnight operations therefore remains at 3.25–4.25%. Headline CPI eased to 3.1 % y/y in May from 3.2 % in April as food price growth slowed, while Q1 GDP growth decelerated to 3.5 % y/y from 4.1 % in Q4 2025 on softer investment and consumption; April data showed annual increases in retail sales, industrial output and construction activity even as enterprise wage growth and employment weakened. Externally, surging global fuel prices linked to Middle-East supply constraints and a gradual rise in agricultural commodity prices have lifted inflation abroad, while the geopolitical backdrop clouds the outlook. The Council reiterated that future moves will hinge on incoming data for inflation, activity, fiscal measures and commodity prices, and it stands ready to act, including via foreign-exchange intervention, to safeguard macro-financial stability and return inflation to the NBP target over the medium term.
Central Bank of Poland2026-06-02
Narodowy Bank Polski keeps reference rate unchanged at 3.75%
Poland’s Monetary Policy Council kept Narodowy Bank Polski’s reference rate at 3.75% (corridor steady at 3.25–4.25%), extending a three-meeting pause after 200 bp of cuts since May 2025. Citing May CPI at 3.1 % and softer Q1 growth against mounting external price pressures, the Council affirmed a data-dependent stance and readiness to intervene in foreign-exchange markets to preserve macro-financial stability.