National Bank of Poland interest rates in July 2024
4 July 2024
On July 2-3, 2024, the Monetary Policy Council held a meeting during which it decided to keep the interest rates unchanged.
Current National Bank of Poland interest rates:
- reference rate at 5.75% on an annual basis,
- lombard rate at 6.25% on an annual basis,
- deposit rate at 5.25% on an annual basis,
- rediscount rate at 5.80% on an annual basis,
- discount rate at 5.85% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“In Poland, a gradual economic recovery continues, as indicated by the retail sales growth, while activity in the industry and construction sectors is still weakened. In the labour market unemployment remains low and the number of working persons continues to be high, although employment in the enterprise sector in May 2024 was lower than a year ago. At the same time, the wage growth is still running on the high level.
According to the Statistics Poland flash estimate, annual CPI inflation in June 2024 was 2.6% (against 2.5% in May 2024). In June, annual growth in prices of food and nonalcoholic beverages increased, while annual energy price growth declined.
Considering the Statistics Poland data, it can be estimated that inflation net of food and energy prices in June was lower than in the previous month. In May 2024, the annual fall in producer prices remained significant, which confirms the fading of most external supply shocks and a reduction of cost pressures. Together with the relatively low – despite some acceleration – economic activity growth, it limits the growth in consumer prices. The Council judges that inflation is also curbed by the appreciation of the zloty exchange rate, which is consistent with the fundamentals of the Polish economy.”
If you have any further questions or require additional information, please contact your business relationship person or use the enquiry form on the HLB Poland website.
***
This publication is non-binding information and serves for general information purposes. The information
provided does not constitute legal, tax or management advice and does not replace individual advice. Despite
careful processing, all information in this publication is provided without any guarantee for the accuracy,
up-to-date nature or completeness of the information. The information in this publication is not suitable as
the sole basis for action and cannot replace actual advice in individual cases. The liability of the authors
or getsix® are excluded. We kindly ask you to contact us directly for a binding consultation if required.
The content of this publication iis the intellectual property of getsix® or its partner companies and is
protected by copyright. Users of this information may download, print and copy the contents of the
publication exclusively for their own purposes.
