This is the first time this year that interest rates have been cut, and it demonstrates the efforts made by the National Bank of Poland to continue adjusting its monetary policies with declining inflation pressures.

Reduced Loan Rates
At its last meeting, the Monetary Policy Council decreased the main reference rate to 3.75% and decreased other measurement rates, such as the Lombard and rediscount rates to 4.25% and 3.80%, respectively.
The discount rate will be established at 3.85%.

This action is part of the central bank's long-term plan to gradually loosen monetary policy following a protracted period of increased monetary tightening over the past five years.

Schedule of Policy Changes
With this decision, the NBP is now in the process of implementing its first monetary relaxation since December 2025.

Since May of this past year, the NBP has implemented a more aggressive expansionary policy to address the historically high level of inflation experienced by the economy during the economic collapse that took place earlier in the decade.

As inflationary pressures have begun to slow down, policymakers have gradually adjusted rates downward to facilitate economic growth and create the conditions necessary to establish stable prices within the economy.

Decline in Inflation Rate
The most recent economic data show a significant decline in the rate of inflation in Poland compared to the previous annual average for the month of January 2026, when the actual inflation rate was only 2.2%, which was slightly below the current inflation target set by the NBP of 2.5%.

This is a substantial decline from a high of 18.4% in February 2023. The decline in inflationary pressure gives policymakers increased flexibility to raise interest rates slowly in order to remain within the NBP's inflation target while continuing to monitor inflation stability in the national economy.