National Bank of Poland interest rates in December 2024
On December 3-4, 2024, the Monetary Policy Council held a meeting during which it decided to keep the interest rates unchanged.
Current National Bank of Poland interest rates:
- reference rate at 5.75% on an annual basis
- lombard rate at 6.25% on an annual basis
- deposit rate at 5.25% on an annual basis
- rediscount rate at 5.80% on an annual basis
- discount rate at 5.85% on an annual basis
In the post-meeting release, the Monetary Policy Council notes:
“In Poland, GDP growth in 2024 Q3 – according to the Statistics Poland preliminary estimate – amounted to 2.7% y/y (against 3.2% y/y in 2024 Q2), amid a marked decline in consumption and investment growth and with the negative contribution of net exports. By contrast, the annual GDP growth was positively affected by an increase in inventories. In October 2024, annual growth in both retail sales and industrial production accelerated and was positive, amid still negative growth in construction and assembly output. In the labour market unemployment remains low and the number of working persons continues to be high, although employment in the enterprise sector in October 2024 was lower than a year ago. At the same time, the wage growth is still running at the high level.
According to the Statistics Poland flash estimate, annual CPI inflation in November 2024 was 4.6% (against 5.0% in October). Inflation has been higher than in the first half of 2024 mainly due to the increases in administered prices of energy carriers, as well as – albeit to 1/2 a lesser extent – the higher annual growth in prices of food and non-alcoholic beverages. At the same time, inflation net of food and energy prices remains elevated, including due to the relatively high growth in services prices. Meanwhile, the significant fall in producer prices in annual terms persists.”
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