Change for borrowers. New interest rates announced

• In July, the Monetary Policy Council surprised by cutting interest rates by 0.25 percentage points to 5%.
• ING economists forecast another 25 basis point cut in September.
• According to their forecasts, the NBP reference rate may fall to 4.25% by the end of the year.

In July, the Monetary Policy Council unexpectedly decided to cut interest rates by 0.25 percentage points.

• The reference rate is currently 5.0 percent per annum;
• Lombard rate 5.50%;
• deposit rate 4.50%;
• bills of exchange rediscount rate 5.05%;
• bill discount rate 5.10 percent

Further cuts are expected. When? ING economists believe that the September meeting of the Monetary Policy Council will bring an interest rate cut in Poland.

"We believe that the Monetary Policy Council will probably cut the National Bank of Poland's interest rates by 25 basis points during its next meeting in early September," wrote experts, quoted by fxmag.pl.

Policymakers have room to ease monetary policy as inflation risks recede. The risk of rising inflation, which policymakers have recently highlighted, is receding, and there is still significant room to ease monetary policy tightening in Poland, they wrote.

In their opinion, the Monetary Policy Council (MPC) will not stop at the September cut. They also anticipate further cuts in the fourth quarter and a reduction of the National Bank of Poland (NBP) reference rate to 4.25% by the end of the year.