National Bank of Poland Preview

The National Bank of Poland is expected to maintain its current interest rate level in the upcoming July meeting as it monitors core inflation and the impact of expired fuel subsidies. ING economists forecast rates will remain unchanged at 3.75% for the remainder of 2026.

Key Takeaways

• 1.The National Bank of Poland (NBP) is expected to maintain its wait-and-see stance on July 9th with no immediate rate cuts or hikes.
• 2.Headline inflation hit the NBP target of 2.5% in June, though core inflation remains higher, near 3%.
• 3.Current ING baseline assumes NBP rates remain unchanged at 3.75% until the end of 2026.

Table of Contents

• National Bank of Poland preview: In a sweet spot for now

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