National Bank of Poland interest rates in September 2025
4 September 2025
On September 2-3, 2025, the Monetary Policy Council held a meeting during which it decided to decrease the National Bank of Poland (NBP) interest rates by 0.25 percentage points.
Current National Bank of Poland interest rates:
- reference rate at 4.75% on an annual basis;
- lombard rate at 5.25% on an annual basis;
- deposit rate at 4.25% on an annual basis;
- rediscount rate at 4.80% on an annual basis;
- discount rate on bills of exchange at 4.85% on an annual basis.
In the post-meeting release, the Monetary Policy Council notes:
“In Poland, according to the Statistics Poland preliminary estimate, GDP growth accelerated to 3.4% y/y in 2025 Q2 (from 3.2% y/y in 2025 Q1). The GDP growth was positively affected primarily by a faster rise in consumption. In July 2025, annual growth rates of retail sales, industrial output as well as construction and assembly production were positive. At the same time – despite a slight decline – annual wage growth in the national economy in 2025 Q2 remained elevated.
According to the Statistics Poland flash estimate, annual CPI inflation in August 2025 amounted to 2.8% (compared to 3.1% in July 2025). Considering the Statistics Poland data, it can be estimated that in August 2025 inflation net of food and energy prices declined, amid services price growth remaining elevated.
Taking into account inflation developments, in the Council’s assessment, it became justified to adjust the level of the NBP interest rates.”
Source:
Press release from the meeting of the Monetary Policy Council
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.
