National Bank of Poland interest rates in January 2025
On January 15-16, 2025, 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 the Council’s assessment, in the coming quarters, inflation will remain markedly above the NBP inflation target, driven by the effects of the already introduced increases in energy prices, as well as rises in excise duties and administered services prices. At the same time, core inflation will probably also continue to be elevated. Unfreezing of energy prices in the second half of 2025 may contribute to extending the period of inflation staying above the target. In the medium term – under the current NBP interest rates level and amid the expected gradual decline in wage growth – inflation should return to the NBP target. The impact of elevated inflation on inflation expectations and wage pressure – especially against the anticipated economic recovery and low unemployment – remains an uncertainty factor. Inflation developments over the medium term will be also affected by the further fiscal and regulatory policy measures.”
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