Poland's Central Bank Holds Interest Rates Steady at October Meeting
The Monetary Policy Council (RPP) decided to maintain all reference interest rates unchanged in October, keeping the benchmark rate at 3.75 percent as inflation pressures persist despite fuel price stabilization measures.
The Monetary Policy Council decided that interest rates would remain unchanged in October. Interest rates are set at 3.75 percent reference rate, 4.25 percent Lombard rate, and 3.25 percent deposit rate on an annual basis. In September, the RPP also decided to hold rates steady, with the last cut occurring in March 2026.
Inflation and Economic Context
The decision reflects a balancing act between inflation concerns and economic growth. The government's CPN (Ceny Paliw Niżej—Lower Fuel Prices) programme, relaunched on October 3, reduces fuel prices at pumps by 14–18 percent and is expected to lower October inflation by 0.6–0.8 percentage points.
Economists from ING believe the Council may wait on tightening monetary policy, as market valuations are overly aggressive. However, there remain concerns about the durability of inflation gains, particularly around the transition into 2027 when fuel price support ends.
For foreigners in Poland: If you have a Polish mortgage or loan with a variable rate tied to WIBOR or POLSTR benchmarks, stable rates mean your monthly payment remains predictable in the short term. However, long-term rates may shift if inflation accelerates later in the year. Expat savers may find yields on zloty-denominated deposits and government bonds remain competitive.
Sources
Independent app, not a government. General information, not advice. The official source:
