5:59 5 February 2026
Rates on hold
After its February 3–4 meeting, the Monetary Policy Council kept interest rates unchanged, signaling a wait-and-see approach as inflation and growth risks remain balanced. The benchmark reference rate stays at 4.00%, with the Lombard rate at 4.50% and the deposit rate at 3.50%. Discount and rediscount rates remain just above 4%.
The decision, announced by Narodowy Bank Polski, suggests policymakers see no immediate need to tighten or ease monetary conditions. Officials appear focused on stability rather than pre-emptive moves, maintaining current borrowing costs for households and businesses.
Markets responded quickly: the złoty strengthened following the announcement, reflecting investor confidence in policy continuity and expectations that rates will remain steady in the near term.
Council chair Adam Glapiński said the stance supports economic balance while allowing flexibility should inflation or growth deviate from forecasts. For now, the central bank is signaling patience rather than intervention.
Source: businessinsider.pl
