20:24 15 January 2026
NBP: success in inflation reduction means there may be a rate cut in February
Adam Glapiński, President of the Narodowy Bank Polski and chair of the Rada Polityki Pieniężnej, said there are strong indications that Poland’s disinflation is durable, making another interest rate cut possible as early as February. He noted that the RPP’s stance has shifted from “hawkish” to more “dovish” as inflation has stabilized. While no specific date has been set and decisions will remain data-dependent, Glapiński warned against treating March as a fixed deadline. Larger cuts than 25 basis points are unlikely given proximity to the inflation target.
He personally supports a long-term reference rate of around 3.5%, although views within the council differ. Currently, the NBP reference rate remains unchanged at 4.0%.
