National Bank of Poland interest rates in January 2026
On January 13-14, 2026, the Monetary Policy Council held a meeting during which it decided to keep the National Bank of Poland (NBP) interest rates unchanged.
Current National Bank of Poland interest rates:
- reference rate at 4.00% on an annual basis;
- lombard rate at 4.50% on an annual basis;
- deposit rate at 3.50% on an annual basis;
- rediscount rate at 4.05% on an annual basis;
- discount rate on bills of exchange at 4.10% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“According to the Statistics Poland flash estimate, annual CPI inflation in December 2025 declined to 2.4% (compared to 2.5% in November 2025). Considering the Statistics Poland data, it can be estimated that inflation net of food and energy prices was close to the November numbers. 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. Fiscal policy, expected recovery of demand in the economy, further developments in wage growth as well as macroeconomic situation abroad, including changes in global commodity prices and inflation, remain risk factors for inflation outlook.”
Source:
Press release from the meeting of the Monetary Policy Council
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