The National Bank of Poland has held its reference rate at 3.75% for a fifth consecutive meeting, keeping monetary policy on hold at the September gathering of its Monetary Policy Council. The decision, taken at the two-day meeting held on 8 and 9 September 2026, leaves the reference rate at its lowest level since 2022.
Alongside the main policy rate, the council left the lombard rate unchanged at 4.25% and the deposit rate at 3.25%, according to information published on the central bank's monetary policy pages. Rates have been unchanged since March 2026, when the council's last cut completed 200 basis points of easing that began in May 2025.
STEADY POLICY STANCE
The decision to hold rates at 3.75% marks the fifth consecutive meeting at which the Monetary Policy Council has chosen to pause, following the moves that brought policy rates down to their current level. The council said future decisions would depend on incoming data on inflation and economic activity.
Inflation rose to 3.4% in August from 3.0% in July, driven mainly by higher fuel prices.
The lombard and deposit rates sit 50 basis points above and below the reference rate respectively.
OUTLOOK FOR POLICY
Council member Marcin Zarzecki said the baseline scenario was for rates to stay unchanged until the end of 2026, with a higher probability of increases in 2027. The current level, the lowest since 2022, still stands well above the pre-tightening lows recorded before the global inflation surge.
The council's next meeting is scheduled for 6–7 October.
Holding the reference rate at 3.75% for a fifth consecutive meeting keeps Polish borrowing costs at the lowest level since 2022, while the unchanged 4.25% lombard rate and 3.25% deposit rate ensure the corridor around the policy rate remains stable.