Will there be further interest rate cuts? Experts are sure of one thing

The Monetary Policy Council (MPC) was not afraid of the conflict in the Middle East and decided to reduce the NBP interest rates by 0.25 percentage points

– The Council decided to reduce interest rates, which confirms that the cycle of easing monetary policy is ongoing in Poland – says Piotr Juszczyk, Chief Tax Advisor at inFakt, in an interview with “Wprost”.

According to the expert, today’s decision is a consequence of a clear drop in inflation and signals of a slight slowdown in the economy.

– Lower rates primarily mean relief for borrowers, because mortgage loan installments should gradually decrease in the coming months. For companies, this is, in turn, a signal of cheaper investment financing, says Piotr Juszczyk.

Does the March decision herald a cycle of price cuts?

Just before the start of the March meeting, we talked to an expert from Lendi, who emphasized that the March meeting will probably be a turning point in monetary policy in 2026.

– If the Monetary Policy Council decides to cut it, it will be a signal that the disinflation process is considered sufficiently durable. However, if the Council refrains from making the decision, the market will interpret it as evidence of a very conservative approach and the easing will be postponed to the next months – said Dawid Róg, Regional Director of Lendi.

Today we know the Council’s decision. Can it be read as an announcement of a cycle of price cuts?

– The Monetary Policy Council will approach further reductions carefully and will make subsequent decisions dependent on inflation data and the situation in the global economy, which has been unstable lately – Juszczyk believes.

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.