May is a month in which many borrowers look forward to the decisions of the Monetary Policy Council. Will interest rates change and will loan instalments finally fall? Check out the latest forecasts!

Next meeting of the MPC – May 2025

The next decision-making meeting of the Monetary Policy Council (PRP) will be held on 6-7 May 2025. It is then that key decisions concerning the level of interest rates in Poland will be made.

Interest rates – will there be changes?

For several months, the main reference rate of the National Bank of Poland has been 5.75%. The MPC has not recently decided to change it, stressing that further decisions will depend on the latest inflation and economic condition data. In March 2025, MPC members pointed out that the current foot level may be too low to effectively bring inflation to its target in the medium term.

What influences the decisions of the PP?

Current inflation levels and projections
Growth in wages
Inflation expectations of consumers and businesses
Economic situation in the country and the world

Are the credits finally standing?

Although the NBP reference rate remains unchanged, bank interest rates on loans are slowly decreasing. In January 2025 the average loan rate was 7.59% per year, a slight decrease compared to the end of 2024. This is the effect of stabilising interest rates and improving financial market conditions.

I would suggest that the first 20-30 years mortgage on my own apartment should be at max 2.5%, i.e. the inflation target of RPP/NBP. Let the RPP take responsibility for their decisions and risks, not their families.
Because today, banks sleep peacefully with billions of profits, not families.pic.twitter.com/tXeOvZuUMJ
— Rafał Mundry (@RafalMundry)February 28, 2025

What are the prospects for borrowers?

If the RPP keeps the rates unchanged, the loan instalments are unlikely to increase.
The decrease in loan interest rates is slow but noticeable.
Possible foot reductions can only occur in the second half of the year if inflation falls significantly.

It's happening!

Two interest rate cuts this year? 😳

Next year, the rates are 3.5%? 🫣

There are many factors that can affect this, but the attitude of the MPC changes quite quickly.

I feel like Wibor's gonna start falling slowly.pic.twitter.com/OFL9PfxztV
— Marek Fanatyk (@MarekFanatyk)April 6, 2025

What's worth knowing?

Next meeting of MPP: 6-7 May 2025.
Interest rates are likely to remain at the current level.
Credits are cheaping very slowly, but trend is beneficial for customers.
Key decisions depend on inflation and the economic situation.

For borrowers, this means a moment of breath, but significant reductions in instalments will have to be waited. It is worth following the decisions of the RPP and regularly checking the offers of banks!

When's the next May MPC meeting? What about interest rates and loans?