The National Bank of Poland kept its reference policy rate unchanged at 3.75% at its July 2026 meeting, in line with market expectations.
The lombard and deposit rates were also maintained at 4.25% and 3.25%, respectively.
This marked the fourth consecutive meeting with rates held at their lowest level since 2022, as inflationary pressures continued to ease across Eastern European economies.
Headline inflation slowed to 2.5% in June 2026, its lowest level since before the start of Middle East tensions, reaching the midpoint of the central bank’s target range.
Meanwhile, economic growth moderated in the first quarter of 2026, expanding 3.5% compared with 4.1% in the previous quarter, amid weaker domestic demand and slower gross fixed investment growth.