Poland interest rate
National Bank of Poland
- Policy rate
- 3.75%
- Sep 22, 2026
- Last move
- −0.25 pt
- Mar 2026
- Inflation
- 3.0%
- Jun 2026
- 10-year bond yield
- 5.81%
- Aug 2026
The policy rate set by the National Bank of Poland is 3.75% as of Sep 22, 2026. Its most recent move: it cut its rate from 4.00% to 3.75% (Mar 2026). The rate is 1.00 percentage points lower than a year earlier. With consumer prices up 3.0% over the 12 months to Jun 2026, the real rate (policy rate minus inflation) is +0.7%: borrowing costs are above inflation.
Policy rate over the past two years
Sep 22, 2026: 3.75%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Mar 2026 | Cut | 4.00% | 3.75% | −0.25 pt |
| Dec 2025 | Cut | 4.25% | 4.00% | −0.25 pt |
| Nov 2025 | Cut | 4.50% | 4.25% | −0.25 pt |
| Oct 2025 | Cut | 4.75% | 4.50% | −0.25 pt |
| Sep 2025 | Cut | 5.00% | 4.75% | −0.25 pt |
| Jul 2025 | Cut | 5.25% | 5.00% | −0.25 pt |
| May 2025 | Cut | 5.75% | 5.25% | −0.50 pt |
Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Jun 2026: 3.0%
10-year government bond yield
Aug 2026: 5.81%
Other central banks in Europe
Source: BIS; inflation: IMF CPI; bond yield: OECD. Updated daily. All central bank rates · Poland economy dashboard