5:27 6 June 2025
MPC holds rates steady
The Monetary Policy Council (MPC) has left interest rates unchanged, following a 50-basis-point cut in May that brought the main rate to 5.25%. While some MPC members still consider July for further cuts, others point to autumn—pending critical data. According to National Bank of Poland President Adam Glapiński, the Council is awaiting the draft 2025 budget and Q4 electricity price details before signaling any future rate path.
Glapiński emphasized that the July NBP projection and upcoming data on wages, sales, and inflation will guide decisions. Inflation is easing but remains well above the central bank's target, while GDP growth exceeds 3%, with April retail sales showing strong consumer demand. Wage growth remains high at around 10%, with a recent uptick in corporate sector pay. Given these mixed signals, the Council opted to maintain rates and refrain from committing to any forecasted moves.
