The Monetary Policy Council has decided. There is no madness

Anyone who has a loan kept their fingers crossed for a reduction in interest rates, at least by 0.25 percentage points. at the September meeting of the Monetary Policy Council (MPC), which was not ruled out by the President of the NBP, Adam Glapiński, who heads the work of the Council.

However, the winners were those who expected rates to remain unchanged. This decision was officially confirmed by the Monetary Policy Council on September 9, 2026.

The President of the National Bank of Poland does not say no. The Monetary Policy Council maintains the current rates

– As far as I’m concerned, a rate cut by the end of the year is probable, but I only have one vote in the Council. It’s hard for me to say what the other members will decide, said NBP President Adam Glapiński during a conference held immediately after the end of the previous MPC meeting. – I may be the only member of the Council who takes into account a reduction of 25 basis points this year – added Glapiński.

By the end of 2026, there will be three more meetings of the Monetary Policy Council (MPC) regarding interest rates, so anything is still possible.

For now, everything stays the same:

• 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 for bills of exchange: 3.80 percent on an annual basis,

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

In 2026, the Monetary Policy Council reduced interest rates only once – during its March meeting. From now on, the reference rate is 3.75%.

An increase instead of a reduction in 2026. The MPC explains the economic outlook

– Easing monetary policy in September or more broadly – ​​this year – would be a premature move, burdened with a significant risk of error, which I would not be willing to support – Marcin Zarzecki, a member of the Monetary Policy Council, told Bloomberg.

Moreover, due to the increase in inflation (up to 3.4% in August) and the sudden increase in energy and fuel prices caused by tensions in the Middle East, Poles must take into account a rate increase in 2026.

“The outlook for global activity and inflation is subject to uncertainty, in particular related to the conflict in the Middle East,” the National Bank of Poland said in a statement.

Further decisions of the Monetary Policy Council will depend on the incoming information regarding the prospects for inflation and economic activity in Poland. “The macroeconomic situation in the environment of the Polish economy is particularly important, including the development of commodity prices and global inflation in the context of the changing geopolitical situation. The shape of fiscal policy, changes in the dynamics of activity in the Polish economy and further developments in wage dynamics also remain risk factors for the inflation prospects,” the press release concluded.