The Monetary Policy Council of the National Bank of Poland (NBP) left the reference rate unchanged at 4.00 % – with the lombard, deposit, rediscount and discount rates held at 4.50 %, 3.50 %, 4.05 % and 4.10 %, respectively – citing a further easing of headline and core inflation alongside steady, near-trend growth at home and abroad. After delivering a cumulative 175 bp of rate cuts between May and December 2025, the Council now judges the current setting compatible with its inflation target. December CPI slowed to 2.4 % y/y and core inflation to 2.7 % y/y, while 2025 GDP growth came in at 3.6 %, with labour-market data showing moderating wage gains and falling enterprise-sector employment. Externally, euro-area inflation is at the European Central Bank’s goal, U.S. inflation remains above the Federal Reserve’s target, and global commodity prices are below year-earlier levels. The Council reiterated its readiness to intervene in the foreign-exchange market and said subsequent decisions will hinge on data for inflation, activity, fiscal stance, wage dynamics and global price developments to ensure price stability over the medium term.
Central Bank of Poland 2026-02-04
National Bank of Poland keeps reference rate at 4.00%
Poland’s Monetary Policy Council left the National Bank of Poland’s reference rate at 4.00%, holding the lombard, deposit, rediscount and bill discount rates at 4.50%, 3.50%, 4.05% and 4.10% respectively. The pause follows a cumulative 175 bp of cuts between May and December 2025.