📌 The current interest rates are as follows:

  • Reference rate: 5.75% per year,
  • Lombard rate: 6.25% per year,
  • Deposit rate: 5.25% per year,
  • Rediscount rate of bills of exchange: 5.80% per year,
  • Discount rate of bills of exchange: 5.85% per year.

These figures maintain a trend of monetary price stability by the central bank, which was also evident in previous months.

At the beginning of the year, analysts predicted a continuation of interest rate reductions. However, these expectations changed following an announcement by the NBP President, Adam Glapiński, about maintaining the current rates throughout 2024.

Inflation Projection

The new inflation projection of the NBP assumes that the annual price dynamics in 2024 will be in the range of 2.8% – 4.3%. The forecasters point to significant uncertainty in this prediction, especially in the context of current protective measures in the areas of food and energy prices.

Future Trends

It is anticipated that in the coming months, the CPI inflation will align with the NBP’s inflation target, although the decrease in core inflation may occur more slowly. Nevertheless, there is concern that inflation may rise in the second half of the year due to changes in fiscal and regulatory policy.

Upcoming MPC Meeting

The next meeting of the Monetary Policy Council is scheduled for early April. The decisions made during this meeting will be crucial for the future direction of Poland’s monetary policy.