NBP MPC Press Release - 2025-12-01
Central bank: nbp | Type: decision | Date: 2025-12-01

Warsaw, 3 December 2025
Information from the meeting of the Monetary Policy Council
held on 2-3 December 2025
The Council decided to cut the NBP reference rate by 0.25 percentage points,
i.e. to 4.00%. At the same time, the Council set the remaining NBP interest rates at the
following levels:
▪ lombard rate at 4.50%;
▪ deposit rate at 3.50%;
▪ rediscount rate at 4.05%;
▪ discount rate at 4.10%.
According to the available data , the annual activity growth in the major advanced
economies in 2025 Q3 was similar to that of the previous quarter. Inflation in the euro area
is close to the European Central Bank target, whereas in the United States , it is running
above the Federal Reserve target. At the same time, t he outlook for global activity and
inflation remains uncertain.
In Poland , the annual GDP growth in 2025 Q3 – according to the Statistics Poland
preliminary estimate – amounted to 3.8% (against 3. 3% in 202 5 Q2). The annual GDP
growth was positively affected mainly by an increase in domestic demand, including
consumption and investment. October 2025 saw a rise in retail sales, industrial output and
construction and assembly production in annual terms. At the same time , data from the
economy indicate a slowdown in the wage growth, amidst a further fall in employment in
the enterprise sector.
According to the Statistics Poland flash estimate, annual CPI inflation in November 2025
declined to 2.4% (compared to 2.8% in October 2025). Considering the Statistics Poland
data, it can be estimated that also inflation net of food and energy prices decreased again.
Taking into account inflation developments and its outlook for the subsequent quarters,
in the Council’s assessment, it became justified to adjust the level of the NBP interest rates.
Further decisions of the Council will depend on incoming information regarding
prospects for inflation and economic activity. Fiscal policy, recovery of demand in the
economy as well as developments in wage growth, energy prices and inflation abroad
remain risk factors for inflation outlook.
NBP will continue to take all necessary actions in order to ensure macroeconomic and
financial stability, including above all to keep inflation at the level consistent with the NBP
inflation target in the medium term. NBP may intervene in the foreign exchange market.