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NBP: Central Bank Unlikely To Change Monetary Policy Guidelines In 2025

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National Bank of Poland (NBP) Management Board member Artur Sobon told PAP news agency that the central bank is unlikely to implement any major changes to its Monetary Policy Guidelines next year, as the key parameters and instruments outlined in the annually updated strategic document have proven effective in the recent years.

  • As a reminder, the Monetary Policy Council (MPC) adopts new Monetary Policy Guidelines annually, typically in September, and submits them to the Sejm (lower house of parliament) alongside the submission of the draft state budget by the Council of Ministers (Cabinet). The documents includes the MPC's medium-term inflation target, which has remained unchanged at +2.5% Y/Y (with a symmetric +/- 1pp tolerance band) since 2004.
  • Sobon reminded that inflation is expected to return sustainably to the target only in 2026, which inspires a "natural tendency" among MPC members to "plan a more cyclical intervention and potential rate cuts only around that time." However, incoming data will weigh on MPC rate decisions and it is "very difficult to say today what will the interest-rate situation in Poland look like in the coming quarters." According to the official, domestic rate decisions will not be a function of the decisions of other central banks.
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National Bank of Poland (NBP) Management Board member Artur Sobon told PAP news agency that the central bank is unlikely to implement any major changes to its Monetary Policy Guidelines next year, as the key parameters and instruments outlined in the annually updated strategic document have proven effective in the recent years.

  • As a reminder, the Monetary Policy Council (MPC) adopts new Monetary Policy Guidelines annually, typically in September, and submits them to the Sejm (lower house of parliament) alongside the submission of the draft state budget by the Council of Ministers (Cabinet). The documents includes the MPC's medium-term inflation target, which has remained unchanged at +2.5% Y/Y (with a symmetric +/- 1pp tolerance band) since 2004.
  • Sobon reminded that inflation is expected to return sustainably to the target only in 2026, which inspires a "natural tendency" among MPC members to "plan a more cyclical intervention and potential rate cuts only around that time." However, incoming data will weigh on MPC rate decisions and it is "very difficult to say today what will the interest-rate situation in Poland look like in the coming quarters." According to the official, domestic rate decisions will not be a function of the decisions of other central banks.