/ Economy and Politics in Poland

National Bank of Poland interest rates in March 2024

National Bank of Poland interest rates in March 2024

Date07 Mar 2024

On March 5-6, 2024, a meeting of the Monetary Policy Council took place, during which it was 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 emphasizes:
“In the Council’s assessment, incoming data indicate that despite the observed economic recovery, demand and cost pressures in the Polish economy remain low, which amidst weakened economic conditions and falling inflation pressure abroad supports lower domestic inflation. As a result, it is expected that in the coming months annual CPI growth will run at the level consistent with the NBP inflation target. At the same time, the decline in core inflation will be slower and core inflation will remain above CPI inflation. In subsequent quarters, inflation developments are, however, associated with substantial uncertainty, related in particular to the impact of fiscal and regulatory policies on price developments, as well as the pace of economic recovery in Poland and labour market conditions. Should higher VAT on food products be restored and energy prices raised, inflation might increase significantly in the second half of 2024. Alongside that, over the medium term demand pressure in the economy will be stimulated by wage growth, stemming i.a. from wage increases in the public sector. Against this background, the Council decided to keep the NBP interest rates unchanged. The Council judges that the current level of the NBP interest rates is conducive to meeting the NBP inflation target in the medium term.”

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