National Bank of Poland interest rates in November 2026
On November 3-4, 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 – November 2026
Reference Rate
Unchanged3.75% 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
3.5% y/y
October 2026 (Statistics Poland flash estimate) – down from 4.1% y/y in September, mainly due to lower fuel prices. Core inflation is also estimated to have eased.
Global Economy
Elevated inflation
Q3 2026 GDP growth in the euro area and the US was close to long-term averages, while high energy commodity prices keep inflation elevated. The Middle East conflict adds uncertainty.
Domestic Activity
GDP growth slowed in Q3
In September, retail sales and industrial output rose y/y, while construction output declined. Wage growth was similar to H1 2026; enterprise employment continued to fall.
Inflation Outlook
Data-dependent policy
Future rate decisions will depend on inflation and economic activity, with global commodity prices, fiscal policy, regulatory decisions on energy prices and wage growth among key risk factors.
Source: Narodowy Bank Polski (NBP) · Monetary Policy Council press release · 3–4 November 2026
In the post-meeting release, the Monetary Policy Council notes:
“Further decisions of the Council will depend on incoming information regarding prospects for inflation and economic activity in Poland. Particularly important is macroeconomic situation abroad, including developments in global commodity prices and inflation, amid changing geopolitical context. The shape of fiscal policy, regulatory decisions regarding energy prices, changes in activity growth of the Polish economy and further developments in wage growth also remain risk factors for inflation outlook.
NBP will continue to take all necessary actions in order to ensure macroeconomic and financial stability, including above all to ensure inflation at the level consistent with the NBP inflation target in the medium term. NBP may intervene in the foreign exchange market.”
Source:
Press release from the meeting of the Monetary Policy Council
This article was written by the getsix® Editorial Teamgetsix® provides accounting, tax advisory, HR and payroll, and business consulting services, supporting companies operating in Poland. The getsix® Editorial Team prepares practical information that makes Polish accounting, tax, and HR and payroll matters easier to understand.
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