/ Economy and Politics in Poland

National Bank of Poland interest rates in July 2024

National Bank of Poland interest rates in July 2024

Date04 Jul 2024

On July 2-3, 2024, the Monetary Policy Council held a meeting during which it decided to keep the interest rates unchanged.

Current 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 at 5.80% on an annual basis,
  • discount rate at 5.85% on an annual basis.

In the post-meeting release, the Monetary Policy Council notes:
“In Poland, a gradual economic recovery continues, as indicated by the retail sales growth, while activity in the industry and construction sectors is still weakened. In the labour market unemployment remains low and the number of working persons continues to be high, although employment in the enterprise sector in May 2024 was lower than a year ago. At the same time, the wage growth is still running on the high level.

According to the Statistics Poland flash estimate, annual CPI inflation in June 2024 was 2.6% (against 2.5% in May 2024). In June, annual growth in prices of food and nonalcoholic beverages increased, while annual energy price growth declined.

Considering the Statistics Poland data, it can be estimated that inflation net of food and energy prices in June was lower than in the previous month. In May 2024, the annual fall in producer prices remained significant, which confirms the fading of most external supply shocks and a reduction of cost pressures. Together with the relatively low – despite some acceleration – economic activity growth, it limits the growth in consumer prices. The Council judges that inflation is also curbed by the appreciation of the zloty exchange rate, which is consistent with the fundamentals of the Polish economy.”

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