National Bank of Poland holds reference rate at 3.75% in July as MPC keeps parameters unchanged

The National Bank of Poland (NBP) has held its reference rate at 3.75% following the July meeting of its Monetary Policy Council (MPC), the central bank confirmed. The decision, taken at the Council's meeting on 7 to 8 July 2026, left all NBP interest rates unchanged.

The lombard rate remains at 4.25% and the deposit rate at 3.25%, preserving the standard 50 basis point width above and below the reference rate. The July hold is the fourth consecutive decision to leave rates unchanged since the MPC's rate cut in March 2026.

FOURTH CONSECUTIVE HOLD

By keeping the reference rate at 3.75%, the MPC has now maintained a plateau across April, May, June and July following the earlier easing move.

PARAMETERS UNCHANGED AS COUNCIL WATCHES DATA

The July decision was accompanied by the NBP's new inflation projection, and Governor Adam Glapiński was due to explain the decision at a press conference the following day.

The MPC's July 2026 statement, published on the NBP's website, confirms the reference, lombard and deposit rates and provides the Council's latest assessment of macroeconomic conditions.