Poland policy interest rate
NBP reference rate — the yield on the main open market operations conducted by Narodowy Bank Polski, set by the Monetary Policy Council (Rada Polityki Pienieznej). Poland is an EU member state OUTSIDE the euro area and runs its own monetary policy.
| Current value | 3.75 percent |
|---|---|
| In force from | 2026-03-05 |
| Official source | Uchwala nr 1/2026 Rady Polityki Pienieznej z dnia 4 marca 2026 r. w sprawie stopy referencyjnej, oprocentowania kredytow refinansowych, oprocentowania lokaty terminowej oraz stopy redyskontowej i stopy dyskontowej weksli w Narodowym Banku Polskim, § 1 — Dziennik Urzedowy NBP z 2026 r. poz. 4, wydana na podstawie art. 12 ust. 2 pkt 1 ustawy z dnia 29 sierpnia 1997 r. o Narodowym Banku Polskim (Dz. U. z 2022 r. poz. 2025) |
| Last verified | 2026-07-22 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
POLAND IS NOT IN THE EURO AREA. The ECB deposit facility rate (2.25% since 17 June 2026) is IRRELEVANT to this file and must never be served for PL — NBP sets its own rates and PLN is the legal tender. Any PL record showing an ECB rate is a data error. The value served is the STOPA REFERENCYJNA (reference rate), 3,75 %, read verbatim from § 1 of Uchwala nr 1/2026 RPP of 4 March 2026 in the official Dziennik Urzedowy NBP. That resolution entered into force on 5 March 2026 (§ 9) and by § 8 repealed Uchwala nr 12/2025 of 3 December 2025 (Dz. Urz. NBP poz. 28), which had set 4,00 %. STILL IN FORCE ON THE CONFIRMATION DATE: the complete Dziennik Urzedowy NBP index for 2026 was enumerated on 2026-07-22 and contains exactly twelve published items, of which poz. 4 is the ONLY interest-rate resolution — so no later instrument has changed the rate, and the RPP meetings of April, May, June and July 2026 all left rates unchanged. FIVE OTHER NBP RATES ARE SET BY THE SAME RESOLUTION AND ARE ROUTINELY CONFUSED WITH THE POLICY RATE — all read from the same instrument: lombard rate (oprocentowanie kredytu lombardowego, § 2) 4,25 %; deposit rate (oprocentowanie lokaty terminowej, § 3) 3,25 %; rediscount rate for bills (stopa redyskontowa weksli, § 4) 3,80 %; other refinancing credit (§ 5) 5,25 %; discount rate for bills (stopa dyskontowa weksli, § 6) 3,85 %. All are stated in annual terms (§ 7). The reference rate is the stance rate and is the one meant by 'the NBP interest rate'; the rediscount rate is the one that feeds several statutory formulas (e.g. ZUS contribution interest), and the lombard rate feeds the statutory maximum interest under art. 359 § 2(1) Kodeksu cywilnego (2x(lombard + 3.5pp)) — do not substitute any of them for the reference rate. STRUCTURE OF THE CYCLE: the RPP began cutting in May 2025 from 5,75 % (a level held for nineteen months since 5 October 2023) and has cut seven times to 3,75 %; the last cut was March 2026. Decision meetings are roughly monthly, so a stale value can appear within about thirty days. ACCESS QUIRK, IMPORTANT FOR RE-VERIFICATION: the main NBP site nbp.pl is behind an Imperva/Incapsula WAF that HARD-BLOCKS automated fetches and non-EU IPs — both the fetch tool and a real browser received 'Request unsuccessful. Incapsula incident ID' / 'Pardon Our Interruption' interstitials on 2026-07-22 from a South African IP, so the published rate table at nbp.pl/en/monetary-policy/basic-nbp-interest-rates/ could NOT be loaded. The official gazette host dzu.nbp.pl DOES serve, but only to a real browser session; plain curl is blocked unless the browser cookies (incap_ses_*, reese84) are replayed. dzu.nbp.pl also exposes an undocumented JSON index at /api/positions?year=YYYY&month=0&isList=true and PDFs at /DU_NBP/<year>/<pozycja>/oryginal/akt.pdf, which is the fastest reliable route. Gazette PDFs are text-layer PDFs; extract with pdftotext -enc UTF-8 or Polish diacritics are destroyed.
Earlier values
| From | Value | Source |
|---|---|---|
| 2018-01-02 | 1.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-03-18 | 1 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-04-09 | 0.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-05-29 | 0.1 | Bank for International Settlements - Central Bank Policy Rat |
| 2021-10-07 | 0.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2021-11-04 | 1.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2021-12-09 | 1.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-01-05 | 2.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-02-09 | 2.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-03-09 | 3.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-04-07 | 4.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-05-06 | 5.25 | Bank for International Settlements - Central Bank Policy Rat |
Get it programmatically
curl https://euroref.dev/v1/pl/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://euroref.dev/v1/pl/policy-rate/history?from=2020-01-01
# Provenance: curl https://euroref.dev/provenance/pl/policy-rateOther Poland series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates · statutory interest rate · late-payment interest rate · official exchange rates