17:48 9 September 2025
NBP President: we must be cautious in cutting interest rates
In September 2025, Poland’s Monetary Policy Council (RPP) cut the NBP reference rate by 25 basis points to 4.75%. Governor Adam Glapiński stressed that further moves will depend on fiscal policy, the labor market, and economic conditions. He noted inflation risks from loose fiscal policy, fast wage growth (still 8% y/y), and rising consumption. While August CPI eased to 2.8% y/y, forecasts suggest possible increases, keeping inflation above the 2.5% target. Glapiński described RPP’s stance as cautious, with one or two more cuts this year possible but not assured. Poland’s 2026 budget deficit of 6.5% of GDP is a key constraint.
He also announced NBP’s gold reserves reached 515 tons ($57.8bn) and proposed raising gold’s share of reserves from 20% to 30% as a safeguard amid global uncertainty.
