National Bank of Poland interest rates in October 2024
4 October 2024
On October 1-2, 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. In August 2024 retail sales was higher, while industrial production and construction and assembly output were lower than a year ago. In the labour market unemployment remains low and the number of working persons continues to be high, although employment in the enterprise sector in August 2024 was lower than a year ago. At the same time, the wage growth is still running at the high level.
According to the Statistics Poland flash estimate, annual CPI inflation in September 2024 was 4.9% (against 4.3% in August). The rise in inflation in recent months has been mainly a result of increases in administered prices of energy carriers, as well as – albeit to a lesser extent – an increase in annual growth in prices of food and non-alcoholic beverages. Considering the preliminary Statistics Poland data, it can be estimated that inflation net of food and energy prices also rose, but remained lower than CPI inflation. In August 2024, the annual fall in producer prices remained significant.”
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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