National Bank of Poland interest rates in September 2025
On September 2-3, 2025, the Monetary Policy Council held a meeting during which it decided to decrease the National Bank of Poland (NBP) interest rates by 0.25 percentage points.
Current National Bank of Poland interest rates:
- reference rate at 4.75% on an annual basis;
- lombard rate at 5.25% on an annual basis;
- deposit rate at 4.25% on an annual basis;
- rediscount rate at 4.80% on an annual basis;
- discount rate on bills of exchange at 4.85% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“In Poland, according to the Statistics Poland preliminary estimate, GDP growth accelerated to 3.4% y/y in 2025 Q2 (from 3.2% y/y in 2025 Q1). The GDP growth was positively affected primarily by a faster rise in consumption. In July 2025, annual growth rates of retail sales, industrial output as well as construction and assembly production were positive. At the same time – despite a slight decline – annual wage growth in the national economy in 2025 Q2 remained elevated.
According to the Statistics Poland flash estimate, annual CPI inflation in August 2025 amounted to 2.8% (compared to 3.1% in July 2025). Considering the Statistics Poland data, it can be estimated that in August 2025 inflation net of food and energy prices declined, amid services price growth remaining elevated.
Taking into account inflation developments, in the Council’s assessment, it became justified to adjust the level of the NBP interest rates.”
Source:
Press release from the meeting of the Monetary Policy Council
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