Polish central bank signals possible post‑summer rate cut

National Bank of Poland (NBP) President Adam Glapiński told a press conference that, provided inflation and the broader economy remain stable, he may submit a request after the summer break to lower the reference rate by 25 basis points. The Monetary Policy Council (RPP) kept the key policy rate unchanged at 3.75 % in its July meeting, indicating a “wait‑and‑see” stance. A cut of 25 bp could reduce WIBOR rates and lower mortgage repayments for borrowers.

Separately, NBP economists warned that the introduction of the EU’s ETS2 system in 2028 could lift Polish inflation by up to two percentage points if emission‑allowance prices reach €59 per ton. The bank’s July inflation report also noted higher energy‑price pressures from Middle‑East conflicts but projected average inflation to stay around the 2.5 % target range.

Glapiński also disclosed that the bank’s gold holdings rose to 632 tonnes, valued at roughly €308 billion, with a plan to reach 700 tonnes. Unrealised gains on the gold portfolio amount to about €127 billion.