At its June meeting, Poland’s Monetary Policy Council left interest rates unchanged. The National Bank of Poland’s reference rate has remained at 3.75% since March 2026, and the decision was in line with market expectations.
Macroeconomic data published in May, including wage growth and the preliminary reading of consumer inflation, support the scenario of interest rate stabilisation in the coming months.
Looking ahead, the July inflation projection from the National Bank of Poland will be of key importance for the outlook for monetary policy. It may help resolve the current divergence between economists’ baseline scenario, which assumes that interest rates will remain at their current level, and futures market pricing, which still points to the possibility of interest rate increases in the coming quarters.
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Source: Managerplus.pl
