National Bank of Poland interest rates in December 2025
On December 2-3, 2025, the Monetary Policy Council held a meeting during which it decided to decrease the National Bank of Poland (NBP) interest rates by 0.25 percentage points.
Current National Bank of Poland interest rates:
- reference rate at 4.00% on an annual basis;
- lombard rate at 4.50% on an annual basis;
- deposit rate at 3.50% on an annual basis;
- rediscount rate at 4.05% on an annual basis;
- discount rate on bills of exchange at 4.10% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“In Poland, the annual GDP growth in 2025 Q3 – according to the Statistics Poland preliminary estimate – amounted to 3.8% (against 3.3% in 2025 Q2). The annual GDP growth was positively affected mainly by an increase in domestic demand, including consumption and investment. October 2025 saw a rise in retail sales, industrial output and construction and assembly production in annual terms. At the same time, data from the economy indicate a slowdown in the wage growth, amidst a further fall in employment in the enterprise sector. According to the Statistics Poland flash estimate, annual CPI inflation in November 2025 declined to 2.4% (compared to 2.8% in October 2025).
Considering the Statistics Poland data, it can be estimated that also inflation net of food and energy prices decreased again. Taking into account inflation developments and its outlook for the subsequent quarters, in the Council’s assessment, it became justified to adjust the level of the NBP interest rates.”
Source:
Press release from the meeting of the Monetary Policy Council
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