The Monetary Policy Council made a decision. We already know what about interest rates

One of the most anticipated meetings of this summer has ended. Both investors and borrowers were waiting for them. The Monetary Policy Council (MPC) has concluded its two-day deliberations, and the decision taken there concerns the interest rates of the National Bank of Poland (NBP).

– A meeting of the Monetary Policy Council was held on July 7-8, 2026. The Council decided to keep the NBP interest rates unchanged – we read in the statement issued on Wednesday.

What are the current NBP interest rates?

After the July meeting of the Monetary Policy Council, interest rates remain at the following levels:

• 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.

Only one cut in 2026.

Let us recall that this year the Monetary Policy Council reduced interest rates only once – during its March meeting. This decision pleased borrowers because the rate reduction is associated with a decline in mortgage and business loan installments.

However, there was no such movement in the following months. After the March reduction to 3.75%. The MPC entered a wait-and-see mode.

Moreover, the President of the National Bank of Poland and the Chairman of the Council, Adam Glapiński, did not rule out that there may be interest rate increases for the first time in four years.

The next decision on rates will take place in the fall

It is worth adding that the July meeting of the Council is of particular importance because it is the last decision-making meeting before the summer break. Although the August meeting of the Monetary Policy Council is still on the calendar, it will be of an organizational nature – Council members will not make decisions on the level of interest rates at that time.