National Bank of Poland Holds Reference Rate at 3.75 Per Cent Amid Geopolitical Uncertainty

The National Bank of Poland kept its reference rate at 3.75 per cent on Wednesday, its second consecutive meeting on hold, with the Monetary Policy Council pointing to uncertainty around the geopolitical outlook as a reason for caution.

The Council also left the lombard rate at 4.25 per cent and the deposit rate at 3.25 per cent, maintaining the current corridor around the central reference rate. The two-day meeting was held on 5-6 May 2026.

MPC HOLDS FOR A SECOND MEETING

The decision marks the second consecutive meeting at which the MPC has left the reference rate unchanged, following a 25 basis point cut to 3.75 per cent that took effect on 5 March.

In its communication accompanying the decision, the Council cited uncertainty around the geopolitical outlook as a factor supporting caution on any further changes to policy. Polish CPI inflation rose to 3.2% in April from 3.0% in March, according to the statistics office's flash estimate, with prices of fuels for private transport up 8.4% year on year amid the conflict in the Middle East.

NEXT DECISION

The Council's next decision is due in early June.