The National Bank of Poland lowered its benchmark interest rate by 25 basis points to 3.75% at its March 3–4, 2026 meeting, delivering its first rate cut of the year in line with market expectations. This decision brings the policy rate to its lowest level since March 2022.
While the ongoing conflict in the Middle East has pushed global oil and natural gas prices higher, the central bank highlighted improved inflation forecasts for March. In particular, core inflation appears relatively insulated from the recent energy price shock. Annual headline inflation eased to 2.2% in January and has stayed within the bank’s 1.5–3.5% target range since July 2025.
At the same time, Poland’s economy maintained solid momentum through 2025. GDP expanded by 4% year-on-year in the fourth quarter, the fastest growth rate since the third quarter of 2022.
