The National Bank of Poland raised its benchmark reference rate by 50 bps to 6.5% on July 7th, less than market bets of a 75 bps rate hike and marking a slowdown in the current 10-month tightening cycle started in October of last year. It was the slowest increase in borrowing costs since January, which now stand at the highest level since March of 2005, as the NBP revised inflation forecasts higher. The central bank now sees a 50% chance that the annual inflation rate will range between 13.2-15.4% in 2022 (vs 9.3-12.2% in its March projections), and raised 2023 inflation forecasts to 9.8-15.1% (vs 7.0-11.0%). Annual GDP growth has also been revised upwards in 2022 to 3.9-5.5% (vs 3.4-5.3%) but significantly slashed for the year after, with growth now seen at 0.2-2.3% in 2023 (vs 19-4.1%). Lastly, the Lombard, the deposit, and the rediscount rates were also raised by 50 bps to 7.0%, 6.0%, and 6.55%, respectively. source: National Bank of Poland
Interest Rate in Poland averaged 6.18 percent from 1998 until 2022, reaching an all time high of 24 percent in March of 1998 and a record low of 0.10 percent in May of 2020. This page provides - Poland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Poland Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2022.
Interest Rate in Poland is expected to be 6.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Poland Interest Rate is projected to trend around 6.25 percent in 2023 and 6.00 percent in 2024, according to our econometric models.