In October, the Monetary Policy Council again rejected the request to increase interest rates by 200 basis points, which was supported only by MPC member Joanna Tyrowicz, and the others present at the meeting were against – the National Bank of Poland reported. No other applications were submitted.
Joanna Tyrowicz submits a motion to increase rates by 200 bp from November 2023.
In October, the Monetary Policy Council kept rates unchanged, including the reference rate of 5.75%.
In September last year, the Monetary Policy Council decided to lower it NBP interest rates by 75 basis points. This was the first interest rate cut since May 2020. In October 2023, the Monetary Policy Council cut rates by another 25 basis points.
There were no further reductions. In the following months, the Monetary Policy Council kept interest rates unchanged.
NBP reference ratePAP/Mateusz Krymski
Will there be rate cuts?
In the coming months, the first announcement is an increasingly likely scenario interest rate cuts. According to the EY Economic Analysis Team, between March and September 2025, the Monetary Policy Council will announce as many as four cuts.
Read also: New forecast on interest rates. “Four Cuts”
MPC member Ludwik Kotecki said on Thursday on TOK FM radio that the March NBP projection will probably show a permanent reduction inflation to the target, thanks to which it will then be possible to outline a path for easing monetary policy.
He added that rates should be reduced at a rate of every 25 basis points, in total by no more than 100 basis points throughout 2025.
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