National Bank of Poland interest rates in January 2024

12 January 2024

The first interest rate decision of the year was made on 8-9 January at the Monetary Policy Council meeting. Interest rates have remained at the same level since November 2023.

Current NBP (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 on bills of exchange at 5.85% on an annual basis.

The Monetary Policy Council summarizes in the post-meeting release:
“In the Council’s assessment, incoming data indicate that despite the observed economic recovery, demand and cost pressures in the Polish economy remain low, which amidst weakened economic conditions and falling inflation pressure abroad will support a gradual decline in domestic inflation. In the coming months, annual CPI growth is likely to fall significantly, while the decline in core inflation will be slower. At the same time, inflation developments in subsequent quarters are associated with uncertainty, related in particular to the impact of fiscal and regulatory policies on price developments, as well as the pace of economic recovery in Poland. Against this background, the Council decided to keep the NBP interest rates unchanged. The Council judges that the current level of the NBP interest rates supports meeting of the NBP inflation target in the medium term.”

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.

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