National Bank of Poland interest rates in May 2025
On May 6-7, 2025, the Monetary Policy Council held a meeting during which it decided to cut the NBP interest rates by 0.50 percentage points.
Current National Bank of Poland interest rates:
- reference rate at 5.25% on an annual basis;
- lombard rate at 5.75% on an annual basis;
- deposit rate at 4.75% on an annual basis;
- rediscount rate at 5.30% on an annual basis;
- discount rate on bills of exchange at 5.35% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“Taking into account incoming information, including lower current and forecasted inflation, decreasing wage growth and weaker data on economic activity, in the Council’s assessment, the adjustment of the level of the NBP interest rates became justified. Further decisions of the Council will depend on incoming information regarding prospects for inflation and economic activity.
Developments in demand pressure and situation in the labour market in subsequent quarters, as well as the level of administered energy prices and further fiscal policy measures remain an uncertainty factor. Uncertainty stems also from inflation developments abroad, following, among others, from changes in trade policies of major economies.
NBP will continue to take all necessary actions in order to ensure macroeconomic and financial stability, including above all to bring inflation down sustainably to the NBP inflation target in the medium term. NBP may intervene in the foreign exchange market.”
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