The Monetary Policy Council surprised markets by lowering interest rates. Find out how the decision will affect loans, savings and the economy.
A surprising MPC decision – interest rates go down
The Monetary Policy Council (RPP) unexpectedly cut all interest rates of the National Bank of Poland (NBP) by 0.25 percentage points at its July meeting. The main reference rate now stands at 5.00% annually, a significant change after months of stability. Most economists had expected rates to be kept at their current level – the decision was therefore a considerable surprise for the market.
BOOM!
Niespodziewanie #RPP obniżyła stopy proc. w Polsce 🇵🇱 o 25 pb (prognoza: brak zmian) do 5,00%.
Z zaskakiwania rynku RPP uczyniła sobie proceder.
Po ostatnich "jastrzębich" wypowiedziach prezesa NBP rynek przesunął oczekiwania obniżek stóp z lipca na wrzesień. pic.twitter.com/vxBRwJ2IPN
According to the MPC statement, the decision was taken in light of optimistic inflation forecasts. The Council expects inflation to fall below the upper limit of the NBP’s inflation target in the coming months, which opened room for easing monetary policy. This is the first such move in months, despite earlier signals suggesting caution and waiting for the development of the country’s fiscal situation.
What does it mean for borrowers and savers?
Loan instalments – when will you feel the change?
The rate cut brings real benefits for people repaying mortgages and consumer loans with variable interest rates. For example, the instalment on a typical mortgage may fall by as much as PLN 85 per month, and together with the earlier cut this year – by PLN 257. However, it is worth remembering that interest rate adjustments usually occur every 3 or 6 months, so the effects will not be immediate.
Savings – lower deposit rates
Falling interest rates, however, are worse news for savers. The interest on deposits and savings accounts will be lower, which will reduce the returns on bank deposits.
Impact on the economy and future prospects
The rate cut should stimulate the economy – cheaper credit will encourage firms to invest, and consumers to spend more. OECD experts predict that further rate cuts are possible in the coming months if inflation remains under control.
Press release following the MPC meeting
The Monetary Policy Council met on 1-2 July 2025.
The Council decided to lower the NBP’s interest rates by 0.25 percentage points to the following levels:
reference rate 5.00% annually;
lombard rate 5.50% annually;
deposit rate 4.50% annually;
bill rediscount rate 5.05% annually;
bill discount rate 5.10% annually.
The Monetary Policy Council resolution enters into force on 3 July 2025.
Komunikat prasowy z posiedzenia Rady Polityki Pieniężnej w dniach 1-2 lipca 2025 r. ⬇https://t.co/m0sckMnXmY
Tomasz Kamiński, redaktor serwisu DigitalNexus.pl. Zajmuje się tematyką show-biznesową i rozrywką. Ukończył dziennikarstwo i medioznawstwo na Uniwersytecie Warszawskim. W wolnym czasie gra w gry, jest fanatykiem Call of Duty. W temacie gier pisze od 2008 roku.
