National Bank of Poland Keeps Interest Rates at 3.75% Due to Inflation Risks

The National Bank of Poland (NBP) maintained its main interest rate at 3.75% in September 2026. The bank kept monetary policy steady as inflation approaches the upper threshold of its target range. This decision reflects concerns over rising energy costs and geopolitical instability, which have complicated the central bank's efforts to maintain price stability.

Annual inflation in Poland reached 3.4% in August, according to data cited by Investing.com. This figure places inflation near the top of the NBP’s official target range of 1.5% to 3.5%, leaving the bank with limited room for policy easing.

"The balance of risks to inflation has shifted upwards," said Rafal Benecki, Chief Economist at ING in Poland.

Inflation Drivers and Policy Outlook

Persistent inflationary pressure stems from external shocks, specifically volatile energy prices and the impact of regional geopolitical tensions. While the central bank has maintained the current rate, policymakers indicated they are monitoring the situation to determine if further action is required to anchor expectations.

Beyond interest rate policy, the NBP indicated a willingness to intervene in the foreign exchange market to mitigate inflation risks. By managing the value of the zloty, the bank aims to exert downward pressure on import costs, which remain a component of the domestic inflation basket.

What Is at Stake for the Polish Economy

The central bank's decision highlights the difficulty of balancing economic growth with the need to contain price increases. For households and businesses, the decision to hold rates suggests that borrowing costs will remain elevated in the near term as the NBP prioritizes curbing inflation. The potential for foreign exchange intervention marks a shift toward an active management strategy, reflecting the bank's concern that current inflation levels could become entrenched if left unaddressed.