Poland’s Monetary Policy Council cut the Narodowy Bank Polski (NBP) reference rate by 25 bp to 3.75 % at its 3–4 March meeting, citing continued disinflation and projections that consumer price growth will stay within the 1.5–3.5 % target band over the forecast horizon even as activity holds up. The move extends a year-long easing cycle that has lowered the policy rate by a cumulative 200 bp since May 2025. The lombard, deposit, rediscount and discount rates were adjusted to 4.25 %, 3.25 %, 3.80 % and 3.85 %, respectively. Headline CPI slipped to 2.2 % y/y in January from 2.4 % in December, while the March NECMOD projection assigns a 50 % probability to inflation of 1.6–2.9 % in 2026 and GDP growth of 3.1–4.7 %. Q4 2025 GDP expanded 4.0 % y/y, supported by domestic demand, though January data show falling industrial and construction output and softer wage growth alongside declining enterprise employment. Rising global energy prices and geopolitical risks cloud the external outlook; the Council noted euro-area inflation near the ECB’s goal but persistently above-target U.S. inflation. Policymakers reiterated that future rate moves will hinge on incoming data on inflation, activity, fiscal stance, wages and global commodity prices, and affirmed readiness to act to safeguard macro-financial stability, including via FX interventions.
Central Bank of Poland 2026-03-04
Poland’s MPC cuts NBP reference rate by 25 bp to 3.75 %
Poland’s Monetary Policy Council cut the Narodowy Bank Polski reference rate by 25 bp to 3.75 % at its 3–4 March meeting—bringing cumulative easing to 200 bp since May 2025—citing January CPI of 2.2 % and forecasts keeping inflation within the 1.5–3.5 % target band through 2026. The lombard and deposit rates fell to 4.25 % and 3.25 %, respectively, and future policy will hinge on incoming data, with readiness to intervene in FX markets to preserve stability.