The National Bank of Poland reduced its reference rate by 25 basis points to 5.00% at its July 2025 monetary policy meeting, the central bank announced.
The NBP's Monetary Policy Council, which sets the benchmark rate, cited lower inflation as the principal justification for the reduction. The Council had previously cut rates in September and October 2023 and, after a long pause, in May 2025.
TIGHTENING AND EASING CYCLE
The NBP began raising rates in October 2021 and continued a series of increases until September 2022.
The cut took the reference rate down from 5.25%.
The NBP has said that future decisions will remain data-dependent.
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