Millions of Poles were waiting for these words. The MPC reveals the decision

The most anticipated decision of March has just been made. The Monetary Policy Council (MPC), after a two-day meeting, decided to reduce the NBP interest rates by 0.25 percentage points.

Glapiński announced such a move

The President of the National Bank of Poland (NBP), and the Chairman of the Monetary Policy Council, Adam Glapiński, signaled such a possibility a month ago.

– In my opinion, if the projection does not show anything disturbing and there are no external events, a reduction in interest rates in March is possible – said the head of the central bank during a February press conference.

– Reduction of interest rates to 3.5 percent. is possible if the economic data do not change – added Glapiński, emphasizing that this is his opinion and not that of the entire MPC.

As the NBP president emphasized in February, all available forecasts indicate a permanent return of inflation to the NBP target of 2.5%. ± 1 percentage point. According to President Glapiński, the domestic disinflation process is stable and Poland remains the leader in the decline in inflation in the Central and Eastern European region. The head of the central bank predicts that throughout 2026, inflation should remain within the set target.

What is the current level of NBP interest rates?

The Council decided to reduce the NBP interest rates by 0.25 percentage points. to level:

• reference rate: 3.75 percent on an annual basis

• lombard rate: 4.25 percent on an annual basis

• deposit rate: 3.25 percent on an annual basis

• rediscount rate of bills of exchange: 3.80 percent on an annual basis

• bill of exchange discount rate: 3.85 percent on an annual basis

The resolution of the Monetary Policy Council enters into force on March 5, 2026.

February without discounts

It is worth recalling that during the February meeting, the committee decided to leave interest rates at the current level.

The February interest rate level was as follows:

• reference rate: 4.00 percent on an annual basis

• lombard rate: 4.50 percent on an annual basis

• deposit rate: 3.50 percent on an annual basis

• rediscount rate for bills of exchange: 4.05 percent on an annual basis

• bill of exchange discount rate: 4.10 percent on an annual basis