The MPC reduced interest rates. Prof. Gomułka with further forecasts

From 1 to 2 July 2025 a meeting of the Monetary Policy Council (MPP) was held. Its effect is the decision that millions of Poles were waiting for. The Council decided to reduce the interest rates of the National Bank of Poland (NBP) by 25 base points. This means that the main reference rate is 5.00 percent. on an annual basis.

According to the economist, Professor Stanisław Gomułka, this is not the end of discounts.

– Soon you can expect further declines – predicts prof. Stanisław Gomułka, chief economist of BCC and Minister of Finance of the Economic Cabinet of Shadow Business Center Club.

Prof. Gomułka: “I also expect her further decline”

According to the economist, the decision of the Monetary Policy Council is in line with the expectations of the market and reflects the forecast of further decrease in inflation.

– Today’s decision of the MPC seems reasonable and is not a surprise. I expected a reference rate of about 0.25 percentage point. I also expect a further decline – to about 4 percent. at the end of next year. This involves, among others, a forecast decrease in inflation, which in 2025 may be slightly below 4 percent. – comments prof. Gomułka.

The expert also notes that, according to projections, the annual GDP growth rate in 2025 will most likely be in the range of 2.9-4.3 percent.

What is the current amount of NBP interest rates?

After a two -day meeting, the Council decided to lower the NBP interest rates:

• reference rate – 5.00 percent on an annual basis,

• Lombard rate – 5.50 percent on an annual basis,

• deposit rate – 4.50 percent on an annual basis,

• Bill of exchange rates – 5.05 percent on an annual basis,

• Discount rate of bills of exchange – 5.10 percent on an annual basis.

The resolution of the Monetary Policy Council enters into force on July 3, 2025.