The Monetary Policy Council has lowered interest rates for the fifth time this year – the main rate is now 4.25%. The decision stimulates the emotions of borrowers and investors, as it changes financial realities throughout Poland.
New interest rates – what changed?
At the November meeting, the Monetary Policy Council lowered all the main interest rates by 0.25 percentage points, which was in line with market expectations. The details are as follows:
| Foot type | New level according to NBP |
|---|---|
| Reference | 4,25% |
| Lombardy | 4,75% |
| Deposit | 3,75% |
| Re-discounted bills | 4,35% |
The decision will apply from 6 November and marks the fifth reduction in 2025. It is a movement on a wave of falling inflation, which in October was 2.8% – below previous forecasts.
Why did RPP decide to cut?
The Council justified its decision by improving inflation prospects and positive data from the CSO. CPI inflation returns closer and closer to the NBP target (2.5%), and strong price pressure seems to expire.
Market signals
- Most analysts expected a November cut.
- Forecasts for the following months do not exclude further loosening of monetary policy, but the pace will depend on inflation, employment and GDP data.
- Banks are already preparing new price lists and interest tables – it is worth keeping track of changes.
Credit and deposit instalments – who will gain, who will lose?
The reduction in rates is a relief for borrowers – mortgage payments and companies will fall by as much as a few dozen PLN per month in case of typical debt.
Creditors gain:
- Lower instalments of mortgage, consumer and corporate loans
- Easier access to new funding
- Improving liquidity and greater freedom of home budget management
Savers must count for:
Real estate and investment traffic
- Lower financing costs can stimulate the housing market
- Companies are more willing to invest when credit is cheaper
- Savers look for alternatives to traditional investments – bonds, funds and stock exchanges gain popularity
Expert opinions and forecasts
Economists indicate that the decision was reasonable in the context of macro data, but warn against too dynamic loosening. They draw attention to the uncertainty of global markets and further possible turbulence – it is worth examining GUS, NBP and market reactions in each decision.
The November interest rate reduction is the natural response of the Monetary Policy Council to the fall in inflation and changing national and international conditions. It is a real chance to increase the availability of credit and accelerate investment in Poland. However, for savers it is time to actively manage the wallet and look for new solutions – today it is not worth keeping everything at the simplest place.
The decisions of the MPC in 2025 show how dynamically financial reality can change. A good comparison is the weather changes – it is worth regularly checking forecasts and adjusting your financial activities. The monetary policy mitigation cycle, which has been going on since May, may be over in December, but experts observe: there is nothing certain about the markets and one must be alert for further communications.
