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The NBP interest rates remain unchanged

The NBP interest rates remain unchanged

Date15 Nov 2023

During its meeting on November 7-8, 2023, the Monetary Policy Council decided to leave interest rates unchanged. This decision came as a surprise to economists who had anticipated a further cut of 25 basis points, as in October.

The President of the National Bank of Poland, Adam Glapiński, emphasized that the possibility of further potential interest rates cuts in the near future has significantly decreased.

Currently, the NBP interest rates are as follows:

  • Reference rate (minimum money market intervention rate): 5.75% annually
  • Lombard rate: 6.25% annually
  • Deposit rate: 5.25% annually
  • Rediscount rate for bills: 5.80% annually
  • Discount rate for bills: 5.85% annually

The Monetary Policy Council states in the post-meeting release:
“The global economic conditions remain weakened. At the same time, uncertainty about the activity outlook in the largest economies persists. In the euro area, the annual GDP growth in 2023 Q3 slowed down and was close to zero, while in Germany it was negative. Meanwhile, in the United States the annual GDP growth in 2023 Q3 accelerated and exceeded a long-term average. At the same time, inflation in many economies declines further, however, in most countries annual price growth remains elevated. The earlier decrease of commodity prices together with the easing of global supply chain disruptions reduce cost pressures, which is reflected in falling producer prices in many economies. Core inflation in most economies is still elevated, although it gradually declines. Amid the weakened global economic conditions, also in Poland activity growth remains low, although some data signal its gradual recovery.”

“The Council assesses that incoming data indicate low demand and cost pressures in the Polish economy, which amidst weakened economic conditions and falling inflation pressure abroad will support a gradual decline in domestic inflation. Considering the adjustment in the NBP interest rates introduced in recent months, together with uncertainty about a future course of fiscal and regulatory policies and their impact on inflation, the Council decided to keep the NBP interest rates unchanged. The Council judges that the current level of the NBP interest rates is conducive to meeting the NBP inflation target in the medium term.”

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Elżbieta Naron

Head of Customer Relationships
Department / Senior Manager
getsix® Group
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