Poland Central Bank Governor Turns More Dovish

National Bank of Poland Governor Glapiński has signaled a move toward a more dovish policy stance, suggesting a potential 25bp rate cut could occur after the summer. While ING maintains a baseline of flat rates for the remainder of 2026, the risks have shifted toward earlier easing.

Key Takeaways

• 1.NBP Governor Glapiński adopted a more dovish stance, signaling the possibility of a 25bp rate cut later this year.
• 2.Inflation in Poland reached the 2.5% target in June and is expected to remain within the tolerance band.
• 3.ING maintains a baseline of flat rates for 2026, despite shifting risks toward a potential cut.

Table of Contents

• Rationale for July policy decision
• Inflation
• Monetary policy
• Bottom line

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