In recent weeks many Poles have asked themselves: why did the NBP President and the Monetary Policy Council stop interest rate reductions? See what this means for WIBOR, the future of your feet and your credit cards.
Decision of the RPP – why were interest rate cuts interrupted?
In early June 2025, the Monetary Policy Council decided to keep interest rates unchanged. The NBP reference rate is currently 5.25% and has not been reduced despite previous market expectations. NBP President Adam Glapiński explained that while inflation is falling, new risk factors have emerged – including wage increases, good retail performance and uncertainty about energy prices in the second half of the year. In addition, the European Commission's forecasts indicate a lack of fiscal reinforcement, which can sustain inflationary pressure over the longer term.
WIBOR and interest rates – current data
In June 2025 WIBOR 6M, the key indicator for mortgage loans, is about 5.05%. This means that loan instalments based on this indicator remain relatively stable. Experts point out that people who have taken credit in recent months can already notice a decrease in instalments – for example, the loan rate for PLN 500 thousand for 30 years decreased by PLN 274 compared to the previous six months.
Current NBP interest rates (June 2025)
| Foot type | Value (%) |
|---|---|
| Reference | 5,25 |
| Lombardy | 5,75 |
| Deposit | 4,75 |
| Re-discounted bills | 5,30 |
| Discontary bills | 5,35 |
What about interest rates and loan instalments?
Economists predict that further cuts in feet may occur in July, although this is not certain. Forecasts at the end of 2025 indicate a possible fall in the reference rate to 4.5%, and in 2026 even to 3.75%. The quotes of forward contracts show that WIBOR 6M may fall to around 4.18% over the next six months, which will translate into further reductions in credit instalments.
What influences the decisions of the PP?
The Monetary Policy Council shall consider, inter alia:
- the level of inflation and its projections;
- the labour market situation and wage dynamics,
- growth rate,
- changes in energy and raw materials prices,
- Government fiscal policy.
It's kind of like driving a car on a slippery road – too fast to loosen monetary policy can end in inflation. Therefore, the MPC chooses caution while waiting for more data.
Stopping interest rates by the President of NBP and RPP is the result of growing economic uncertainty and long-term inflation concerns. Although the loan instalments have already fallen, we still have to wait for further relief. The coming months will show whether the scenario of further reductions will be implemented and the borrowers will breathe relief.
