The rate has remained unchanged since a cut in October 2023. Since the last Monetary Policy Council decision to reduce rates was made, Poland’s consumer price index has fallen from 8.2% in September 2023 to 4.3% in August 2024. Meanwhile, a flash estimate of economic growth in the second quarter of this year, published in August, showed the annual growth rate increasing to 3.2% from 2.0% in the first quarter.

After the last rate-setting meeting of the Monetary Policy Council in July, National Bank of Poland Governor Adam Glapiński, who is the MPC’s chairman, said he saw no signals that would back a rate cut before 2026.

Since then, many MPC members have said publicly that they have joined the more dovish camp, which backs a cut in early 2025.

In a poll of 20 economists by Polish state news agency PAP, none had forecast any move on interest rates this month.

The reasoning behind the Monetary Policy Council’s decision, and a broader view of the outlook for interest rates, will be relayed at a press conference with Glapiński on Thursday afternoon.