National Bank of Poland interest rates in October 2025
On October 7-8, 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 4.50% on an annual basis;
- lombard rate at 5.00% on an annual basis;
- deposit rate at 4.00% on an annual basis;
- rediscount rate at 4.55% on an annual basis;
- discount rate on bills of exchange at 4.60% 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 September 2025 amounted to 2.9% (compared to 2.9% in August 2025). Considering the Statistics Poland data, it can be estimated that inflation net of food and energy prices remained close to the level recorded in August, amidst still elevated services price growth.
Taking into account an improved inflation outlook for the coming period, in the Council’s assessment, it became justified to adjust the level of the NBP interest rates.
Further decisions of the Council will depend on incoming information regarding prospects for inflation and economic activity. Fiscal policy, consumption demand recovery and elevated wage growth remain risk factors for low inflation. Uncertainty stems also 1/2 from the level of administered energy prices and inflation developments abroad, following, among others, from changes in trade policies of major economies.”
Source:
Press release from the meeting of the Monetary Policy Council
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