MPC holds rates. NBP reference rate stays at 3.75%. What it means for Poles in the UK

04.11.2026, 14:56 (UK time)

News

Poland’s Monetary Policy Council (RPP) ended its two-day meeting on Wednesday 4 November and decided to keep National Bank of Poland interest rates unchanged. The reference rate remains 3.75%, the lombard rate 4.25%, the deposit rate 3.25%, the bill rediscount rate 3.80% and the bill discount rate 3.85%.

Analysis

The decision was no surprise – most economists expected no change. According to the flash estimate, Polish inflation in October was 3.5% year on year, lower than the average forecast (3.7%). Core inflation fell below 3%. At the same time, economists point to high energy prices and possible tariff rises from January. Ludwik Kotecki and Przemysław Litwiniuk leave the Council after this meeting.

What it means

If you have a variable-rate loan in zloty (for example a flat in Poland), your repayment will not change for now. Savings in Polish banks should not change their interest because of this decision either. On Thursday 5 November the Bank of England will announce its decision – which matters for anyone with a mortgage or savings in pounds.

Risk

Nobody knows for sure what the Council will do in December and in 2027. Some economists do not rule out a rise next year if energy prices climb sharply. The zloty–pound exchange rate may move after both central banks’ decisions. We need to watch, wait and stay safe – without hasty financial decisions.

What to do

• Check in your agreement whether your loan in Poland has a fixed or variable rate.
• If you send money to Poland, compare rates from several trusted services – not just one.
• Listen to or read coverage of Thursday’s press conference by the NBP President – it will give pointers for the coming months.
• For big decisions (refinancing, overpayment), talk to a financial adviser.

How to read this

This is a “no change” decision, not a signal of cuts. The Council is waiting for new data on inflation and energy prices. We rely on the Council’s official statement as reported by the ISBnews agency and on coverage by “Rzeczpospolita”.

Contact us

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Sources: ISBnews / Investing.com – MPC statement, 04.11.2026; “Rzeczpospolita”, 04.11.2026; NBP