National Bank of Poland interest rates in October 2026
On October 6-7, 2026, the Monetary Policy Council held a meeting during which it decided to keep the National Bank of Poland (NBP) interest rates unchanged.
Monetary Policy Council
NBP Interest Rates — October 2026
Reference Rate
Benchmark3.75% p.a.
Lombard Rate
4.25% p.a.
Deposit Rate
3.25% p.a.
Rediscount Rate
3.80% p.a.
Discount Rate on Bills of Exchange
3.85% p.a.
Key Indicators Behind the Decision
CPI Inflation in Poland
4.0% y/y
September 2026 — up from 3.4% y/y in August, mainly due to higher annual growth in fuel prices for personal transport.
Global Inflation
Above early-2026 levels
Higher energy commodity prices are driving global inflation, while the Middle East conflict adds uncertainty to the outlook.
Domestic Activity
August output up y/y
Retail sales, industrial output and construction production increased year on year, while enterprise employment continued to fall.
Inflation Outlook
Data-dependent policy
Future rate decisions will depend on inflation and economic activity, with energy prices, fiscal policy and wage growth among key risk factors.
Source: Narodowy Bank Polski (NBP) · Monetary Policy Council press release · 6–7 October 2026
In the post-meeting release, the Monetary Policy Council notes:
“According to the Statistics Poland flash estimate, in September 2026 CPI inflation increased to 4.0% y/y (from 3.4% y/y in August). This was mainly due to the rise in the annual growth in prices of fuels for personal transport equipment. At the same time, it can be estimated that in September inflation net of food and energy prices declined somewhat.
Against this background the Council decided to keep the NBP interest rates unchanged.
Further decisions of the Council will depend on incoming information regarding prospects for inflation and economic activity in Poland. Particularly important is macroeconomic situation abroad, including developments in global commodity prices and inflation, amid changing geopolitical context. The shape of fiscal policy, regulatory decisions regarding energy prices, changes in activity growth of the Polish economy and further developments in wage growth also remain risk factors for inflation outlook.“
Source:
Press release from the meeting of the Monetary Policy Council
This article was written by the getsix® Editorial Teamgetsix® provides accounting, tax advisory, HR and payroll, and business consulting services, supporting companies operating in Poland. The getsix® Editorial Team prepares practical information that makes Polish accounting, tax, and HR and payroll matters easier to understand.
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