19:02 13 October 2025
NBP: there is room for further, small rate cuts
At its October meeting, Poland’s Monetary Policy Council (RPP) cut the NBP reference rate by 0.25 percentage points to 4.5%. According to NBP President Prof. Adam Glapiński, there is still room for small, cautious cuts, but future decisions will depend on incoming data about inflation and economic growth. Inflation stood at 2.9% in September, close to the 2.5% target, though risks include rising energy prices, loose fiscal policy, and strong wage growth.
Glapiński noted that rates could move toward 4% if inflation remains stable. He also announced that NBP has raised its gold reserves to over 520 tons, worth PLN 240 billion, now making up 25% of total reserves, as part of a long-term diversification strategy.
