The National Bank of Poland kept its main interest rate unchanged at 4% in February, as expected, extending a pause for a second month as policymakers wait for new macroeconomic forecasts before considering further easing. The decision matched market expectations, though views were split, with some analysts expecting a 25 basis point cut. Officials cited the lack of fresh inflation data and limited new information since the previous meeting. A new inflation projection will be published in March, allowing a clearer assessment of whether the recent disinflation trend is sustainable. Inflation slowed to 2.4% in December, near the midpoint of the central bank’s 1.5% to 3.5% target range, while final inflation figures for January and February will also be released in March following changes to the statistical basket. source: National Bank of Poland

The benchmark interest rate in Poland was last recorded at 4 percent. Interest Rate in Poland averaged 6.14 percent from 1998 until 2026, reaching an all time high of 24.00 percent in March of 1998 and a record low of 0.10 percent in May of 2020. This page provides - Poland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Poland Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

The benchmark interest rate in Poland was last recorded at 4 percent. Interest Rate in Poland is expected to be 3.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Poland Interest Rate is projected to trend around 3.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-12-03 02:00 PM Interest Rate Decision Dec 4% 4.25% 4% 4.0%
2026-01-14 01:35 PM Interest Rate Decision Jan 4% 4% 4% 4%
2026-02-04 01:40 PM Interest Rate Decision Feb 4% 4% 4% 4%
2026-03-04 02:00 PM Interest Rate Decision Mar 4% 3.75%
2026-04-09 01:00 PM Interest Rate Decision Apr
2026-05-06 01:00 PM Interest Rate Decision May


Related Last Previous Unit Reference
Banks Balance Sheet 3753216.20 3735606.20 PLN Million Dec 2025
Cash Reserve Ratio 3.50 3.50 percent Dec 2025
Central Bank Balance Sheet 1095729.40 1118057.20 PLN Million Dec 2025
Deposit Interest Rate 3.50 3.50 percent Jan 2026
Foreign Exchange Reserves 293900.00 271100.00 USD Million Jan 2026
Interbank Rate 3.88 3.88 percent Feb 2026
Interest Rate 4.00 4.00 percent Feb 2026
Loans to Private Sector 442866.54 452280.90 PLN Million Dec 2025
Money Supply M0 613267.10 564114.60 PLN Million Dec 2025
Money Supply M1 2069907.50 1983416.90 PLN Million Dec 2025
Money Supply M2 2725616.40 2675004.00 PLN Million Dec 2025
M3 Money Supply YoY 2737686.90 2692766.10 PLN Million Dec 2025


Poland Interest Rate
In Poland interest rates decisions are taken by the National Bank of Poland (Narodowy Bank Polski, NBP). The official interest rate is the Reference Rate.
Actual Previous Highest Lowest Dates Unit Frequency
4.00 4.00 24.00 0.10 1998 - 2026 percent Monthly

News Stream
Poland Holds Rate as Expected
The National Bank of Poland kept its main interest rate unchanged at 4% in February, as expected, extending a pause for a second month as policymakers wait for new macroeconomic forecasts before considering further easing. The decision matched market expectations, though views were split, with some analysts expecting a 25 basis point cut. Officials cited the lack of fresh inflation data and limited new information since the previous meeting. A new inflation projection will be published in March, allowing a clearer assessment of whether the recent disinflation trend is sustainable. Inflation slowed to 2.4% in December, near the midpoint of the central bank’s 1.5% to 3.5% target range, while final inflation figures for January and February will also be released in March following changes to the statistical basket.
2026-02-04
Poland Holds Key Rate at 4% as Expected
The National Bank of Poland held its benchmark interest rate at 4% at its first meeting of 2026, pausing the cumulative 175 basis points of rate cuts implemented in six steps last year. Annual inflation eased to 2.4% in December 2025, its lowest level since April 2024, slightly below the NBP’s 2.5% ±1 percentage point target range. However, the central bank noted that it remains to be seen whether the decline in inflation is sustainable over the longer term. Incoming data suggest that Poland’s GDP growth in Q4 2025 likely remained close to Q3 levels, despite a slowdown in retail sales, industrial output, and construction. Labour market indicators pointed to slower wage growth and a decline in enterprise-sector employment. Against this backdrop, the Monetary Policy Council kept NBP interest rates unchanged, noting that future policy adjustments will depend on incoming data on inflation and economic activity.
2026-01-14
Poland Eases Monetary Policy with Sixth 2025 Rate Cut
The National Bank of Poland cut its benchmark rate by 25 basis points to 4.00% at its December 2–3 meeting, hitting the lowest level since March 2022. This was the sixth rate cut of the year, bringing total easing in 2025 to 175 basis points. The move came after annual inflation unexpectedly slowed to 2.4% in November, below market expectations, and remained within the central bank’s 2.5% ±1 percentage point target for the fifth consecutive month. Poland’s GDP rose 3.8% year-on-year in Q3, up from 3.3% in Q2, supported by stronger domestic demand, particularly consumption and investment. Wage growth in the corporate sector slowed to 6.6% in October, below forecasts, while employment continued to decline. Against this backdrop, and amid global economic and inflation uncertainties, the Monetary Policy Council judged that a rate cut was warranted to bolster economic activity and preserve price stability.
2025-12-03