National Bank of Poland interest rates in July 2026
On July 7-8, 2026, the Monetary Policy Council held a meeting during which it decided to keep the National Bank of Poland (NBP) interest rates unchanged.
Monetary Policy Council
NBP Interest Rates — July 2026
Reference Rate
Benchmark3.75% p.a.
Lombard Rate
4.25% p.a.
Deposit Rate
3.25% p.a.
Rediscount Rate
3.80% p.a.
Discount Rate on Bills of Exchange
3.85% p.a.
Key Indicators Behind the Decision
CPI Inflation in Poland
2.5% y/y
June 2026 — down from 3.1% y/y in May, mainly due to lower fuel and food price growth
Energy Commodities
Oil prices ↓
Global energy commodity prices declined over the last month, with a marked fall in crude oil prices
Domestic Activity
May data improved y/y
Retail sales, industrial output and construction-assembly production rose year on year in May 2026
Inflation Projection
2.4–3.3% in 2026
NBP’s July NECMOD projection shows this range with 50% probability, assuming unchanged interest rates
Source: Narodowy Bank Polski (NBP) · Monetary Policy Council press release · 7–8 July 2026
In the post-meeting release, the Monetary Policy Council notes:
“The Council became acquainted with the results of the July projection of inflation and GDP based on the NECMOD model. In line with the projection, prepared under the assumption of unchanged NBP interest rates and taking into account data available until 17 June 2026, there is a 50-percent probability that the annual price growth will be in the range of 2.4 – 3.3% in 2026 (against 1.6 – 2.9% in the March 2026 projection), 1.5 – 4.0% in 2027 (compared to 1.1 – 3.7%) and 0.8 – 3.9% in 2028 (compared to 0.9 – 4.0%). At the same time, the annual GDP growth – according to the projection – will be with a 50-percent probability in the 1/2 range of 3.0 – 4.4% in 2026 (against 3.1 – 4.7% in the March 2026 projection), 1.8 – 3.7% in 2027 (compared to 2.0 – 3.8%) and 1.9 – 4.1% in 2028 (compared to 1.8 – 4.1%).
Against this background the Council decided to keep the NBP interest rates unchanged.”
Source:
Press release from the meeting of the Monetary Policy Council
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