/ Economy and Politics in Poland

National Bank of Poland interest rates in February 2024

National Bank of Poland interest rates in February 2024

Date09 Feb 2024

During the meeting on February 6th – 7th the Monetary Policy Council decided to keep the interest rates unchanged. The decision is in line with the economists’ and the market’s expectations.

Current NBP (National Bank of Poland) interest rates:

  • reference rate at 5.75% on an annual basis
  • Lombard rate at 6.25% on an annual basis
  • deposit rate at 5.25% on an annual basis
  • rediscount rate for bills of exchange at 5.80% on an annual basis
  • discount rate on bills of exchange at 5.85% on an annual basis.

The Monetary Policy Council summarizes in the post-meeting release:
“In Poland, according to the Polish Main Statistics authority (GUS) preliminary estimates, in 2023, GDP grew by 0.2%, which implies that annual economic activity growth increased in 2023 Q4, yet it remained relatively low. At the same time, the labour market situation remains good and unemployment stays low. Although the number of working persons continues to be high, employment in the enterprise sector was lower in December 2023 than at the beginning of the year. Annual CPI inflation in December 2023 declined to 6.2% (from 6.6% in November 2023). The decrease in inflation in annual terms was driven primarily by a fall in annual price growth of food and non-alcoholic beverages, as well as core inflation. However, an increase in annual price growth of energy had the opposite effect on annual inflation. In December 2023, producer prices were again considerably lower than a year ago, which confirms the fading of most external supply shocks and a limitation of cost pressures. Together with the relatively low economic activity it fosters a decline in inflation. The Council judges that the decrease in inflation is supported by the appreciation of the zloty exchange rate, which is consistent with the fundamental data of the Polish economy.”

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