The Monetary Policy Council at its one-day meeting on January 13, left all NBP interest rates unchanged, the reference rate is still 0.10 percent on an annual basis, the NBP announced in a press release. The decision was in line with market expectations.
This means that the remaining rates are as follows: the reference rate 0.10 percent, the lombard rate 0.50 percent, the deposit rate 0.00 percent, the rediscount rate 0.11 percent, and the discount rate 0.12 percent on an annual basis,
The cuts in the cost of money in Q1 2021 were not ruled out at the beginning of January by the President of the National Bank of Poland, Adam Glapiński, and he set the bar for such a move quite high (occurrence of the third wave of the pandemic, risk of inflation falling below the target). At the moment, stabilization of interest rates is, according to Glapiński, the baseline scenario, and the March inflation projection will enable a better assessment of further actions in monetary policy.
At the meetings between March 17 and May 28, 2020, the Monetary Policy Council cut the reference rate three times, by a total of 140 bps, in steps of 50, 50, and 40 bps, to 0.10 percent.