/ Economy and Politics in Poland

National Bank of Poland interest rates in June 2024

National Bank of Poland interest rates in June 2024

Date06 Jun 2024

On June 4-5, 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:
“According to the Statistics Poland flash estimate, annual CPI inflation in May 2024 was 2.5% (against 2.4% in April 2024). In May 2024, annual energy price growth, including 1/2 fuels, increased. In turn, annual growth in prices of food and non-alcoholic beverages declined slightly. Considering the Statistics Poland data, it can be estimated that inflation net of food and energy prices decreased again in May 2024. In April 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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