The Monetary Policy Council of the National Bank of Poland left the reference rate at 3.75% on 6 May 2026, maintaining the deposit and lombard rates at 3.25% and 4.25% respectively, arguing that a fuel-driven rise in April CPI to 3.2% y/y from 3.0% in March and signs of slowing first-quarter GDP growth amid weaker wage gains and continued job losses did not justify a change while geopolitical uncertainty clouds the outlook. Following cumulative rate cuts of 200 bp between July 2025 and March 2026, the Council has now held policy steady for two meetings. The unchanged corridor is complemented by the central bank’s declared readiness to intervene in the foreign-exchange market to preserve stability. Domestically, retail sales, industrial output and construction all grew in March, yet the Council expects Q1 GDP growth to have eased, and it notes a pickup in core inflation alongside softer enterprise-sector wages and falling employment. Externally, surging global fuel prices linked to the Middle East conflict are pushing up inflation, while lower agricultural prices and weaker euro-area activity contrast with stronger US growth. Future decisions will be data-dependent, with particular attention to global commodity prices, fiscal policy, fuel regulations, domestic demand and wage trends.
Central Bank of Poland 2026-05-06
National Bank of Poland keeps reference rate unchanged at 3.75%
Poland’s Monetary Policy Council on 6 May left the reference rate at 3.75 %, with the deposit and lombard rates at 3.25 % and 4.25 %, marking a second straight hold after 200 bp of cuts completed in March; the Council cited a fuel-driven uptick in April CPI to 3.2 % y/y, slowing Q1 growth, labour-market softness and geopolitical uncertainty, and said it remains ready to intervene in FX markets and will keep policy data-dependent.