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, was in line with market expectations and leaves the full corridor of policy rates unchanged, giving borrowers and depositors continuity of financing conditions through the summer.
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, extending a period of policy steadiness that has become the defining feature of the Council's stance in the second quarter and into the third.
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. The steady-hand approach reflects the Council's preference for observing the transmission of the March cut through credit conditions and price data before committing to further steps, and it is consistent with the Council's stated preference for caution in the face of persistent uncertainty.
Holding the lombard and deposit rates at 4.25% and 3.25% respectively keeps the standing facilities in a familiar configuration for banks managing overnight liquidity. That predictability supports orderly functioning of the interbank market and reduces the risk of technical squeezes at month-end reporting dates, an operational consideration that matters for banks running large domestic deposit books.
Market expectations going into the meeting had centred on no change, meaning the decision produced no immediate surprise for zloty rates or foreign exchange. Consistency between the outcome and consensus reinforces the MPC's message of a data-dependent, patient stance, and reduces the scope for volatile market reactions to the immediate decision itself.
PARAMETERS UNCHANGED AS COUNCIL WATCHES DATA
With all key policy parameters unchanged, attention turns to the accompanying communication and to Governor Adam Glapiński's press conference, at which the Council typically elaborates on its reasoning. The MPC's willingness to sit on its hands through four successive meetings suggests it wants a longer run of data before contemplating further easing, particularly given persistent debate over the trajectory of inflation and the strength of domestic demand.
For borrowers, the hold means that the reference rate influencing mortgage pricing and corporate loan benchmarks remains at 3.75%, providing continuity for household and business financing costs. For depositors, the 3.25% deposit rate continues to set the floor for short-term money-market yields, anchoring the returns available on liquid savings products.
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. The next scheduled decision will be taken at the Council's forthcoming meeting, with the market now watching incoming inflation, labour and credit data for signals on whether the Council might shift its stance later in the year or extend the current run of steady rate settings even further into the second half of 2026.