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Interest rates – September 2023. The Monetary Policy Council made a decision, MPC statement

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Interest rates down. The Monetary Policy Council (MPC) decided to reduce the NBP interest rates by 75 basis points – it was announced in a statement on Wednesday. The reference rate will drop to 6.00 percent.

Most economists of the largest banks in Poland expected this interest rate cutsbut on a smaller scale – by 25 basis points.

This is the first interest rate cut since May 2020. Then interest rates were reduced by 40 basis points, the reference rate dropped to 0.10%.

Interest rates in Poland

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The MPC resolution will enter into force on Thursday, September 7. Interest rate levels after Wednesday’s decision:

  • reference rate 6.00 percent on an annual basis;
  • lombard rate 6.50 percent on an annual basis;
  • deposit rate 5.50 percent on an annual basis;
  • rediscount rate of bills of exchange 6.05 percent on an annual basis;
  • bill of exchange discount rate 6.10 percent on an annual basis.

On Thursday, there will be a press conference of the President of the National Bank of Poland and the Chairman of the Monetary Policy Council, Adam Glapiński. The conference is scheduled to start at 3 p.m.

The next decision-making meeting of the Monetary Policy Council is to be held on October 3-4.

PAP/Maciej Zieliński

Main photo source: Shutterstock

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