National Bank of Poland interest rates in September 2026
On September 8-9, 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 — September 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
3.4% y/y
August 2026 — up from 3.0% y/y in July, mainly due to higher annual growth in fuel prices for personal transport
Energy Commodities
Energy prices ↑
Inflation in major advanced economies is higher than at the beginning of 2026 due to higher energy commodity prices
Domestic Activity
July data mixed y/y
Retail sales and industrial output increased year on year in July 2026, while construction and assembly production declined
GDP Growth
3.9% y/y in Q2 2026
Up from 3.5% in Q1, amid faster investment growth and slower consumption growth
Source: Narodowy Bank Polski (NBP) · Monetary Policy Council press release · 8–9 September 2026
In the post-meeting release, the Monetary Policy Council notes:
“In Poland, according to the Statistics Poland preliminary estimate, the annual GDP growth in 2026 Q2 amounted to 3.9% (against 3.5% in 2026 Q1), amid an acceleration in investment growth and a slowdown in consumption growth. In July 2026, retail sales and industrial output increased in annual terms, while construction and assembly production declined. Annual wage growth in the national economy in 2026 Q2 decreased compared to the previous quarter. This was accompanied by a fall in employment in the enterprise sector, which continued in July. According to the Statistics Poland flash estimate, in August 2026 CPI inflation increased to 3.4% y/y (from 3.0% y/y in July). This was mainly due to the rise in the annual growth in prices of fuels for personal transport equipment. It can be estimated that in August inflation net of food and energy prices also increased.
Against this background the Council decided to keep the NBP interest rates unchanged.”
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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