FX.co ★ National Bank of Poland Keeps Key Rate on Hold

The National Bank of Poland kept its benchmark policy rate unchanged at 3.75% at its November 2026 meeting, in line with market expectations. This marks the seventh consecutive meeting at this level and keeps rates at their lowest point since 2022. The decision followed a slowdown in headline inflation to 3.5% in October, down from 4.1% in September and below market forecasts of 3.7%. This brought inflation back to the upper bound of the central bank’s 2.5% ± 1 percentage point target range, aided in part by government measures that reduced fuel prices at the pump. However, energy prices continued to rise due to higher heating costs, and inflation remains above the 2.5% midpoint of the target. Policymakers maintained a cautious stance, signaling that future decisions will depend on the inflation outlook and incoming economic data.