Poland Central Bank Reference Interest Rate (Poland) - Historical Data
Historical time series of the Poland Central Bank Reference Interest Rate set by the National Bank of Poland (NBP) from 1993 to 2026. From 26 Feb 1998 onwards: official 7 day central bank bill yield; from 1 Jan 1993 to 25 Feb 1998: Lombard rate. The latest benchmark reading is 3.75% (Sep 2026), corresponding to an ex-post real policy rate of +0.49% after adjusting for Poland headline CPI inflation (3.26%).
Current Statistics & Historical Records
Peak monetary tightening by National Bank of Poland (Poland Central Bank Reference Interest Rate).
Lowest policy interest rate stance set by National Bank of Poland.
34 annual observations · Monthly
Poland Central Bank Reference Interest Rate (Poland) (1993-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1993–2026) and recent monthly observations.
NBP Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1993–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1990s | 1993–1999 | 25.14% | 33.00% (1993) | 15.50% (1998) |
| 2000s | 2000–2009 | 7.10% | 19.00% (2000) | 3.50% (2009) |
| 2010s | 2010–2019 | 2.42% | 4.50% (2011) | 1.50% (2015) |
| 2020s | 2020–2026 | 3.98% | 6.75% (2022) | 0.10% (2020) |
Complete Annual Historical Ledger (1993–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & National Bank of Poland (WS_CBPOL:M:PL)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 3.75% | +0.99% | 3.75% – 4.00% | - |
| 2025 | 4.00% | +0.13% | 4.00% – 5.75% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 5.75% | +1.95% | 5.75% – 5.75% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 5.75% | -5.86% | 5.75% – 6.75% | - |
| 2022 | 6.75% | -7.62% | 2.25% – 6.75% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 1.75% | -3.40% | 0.10% – 1.75% | - |
| 2020 | 0.10% | -3.27% | 0.10% – 1.50% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 1.50% | -0.69% | 1.50% – 1.50% | - |
| 2018 | 1.50% | -0.30% | 1.50% – 1.50% | - |
| 2017 | 1.50% | -0.50% | 1.50% – 1.50% | - |
| 2016 | 1.50% | +2.15% | 1.50% – 1.50% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 1.50% | +2.41% | 1.50% – 2.00% | - |
| 2014 | 2.00% | +1.83% | 2.00% – 2.50% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 2.50% | +1.32% | 2.50% – 4.00% | - |
| 2012 | 4.25% | +0.50% | 4.25% – 4.75% | - |
| 2011 | 4.50% | +0.28% | 3.75% – 4.50% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 3.50% | +0.79% | 3.50% – 3.50% | - |
| 2009 | 3.50% | -0.33% | 3.50% – 4.25% | - |
| 2008 | 5.00% | +0.65% | 5.00% – 6.00% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 5.00% | +2.61% | 4.00% – 5.00% | - |
| 2006 | 4.00% | +2.89% | 4.00% – 4.50% | - |
| 2005 | 4.50% | +2.38% | 4.50% – 6.50% | - |
| 2004 | 6.50% | +2.93% | 5.25% – 6.50% | - |
| 2003 | 5.25% | +4.46% | 5.25% – 6.50% | - |
| 2002 | 6.75% | +4.84% | 6.75% – 10.00% | - |
| 2001 | 11.50% | +5.98% | 11.50% – 19.00% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 19.00% | +8.93% | 16.50% – 19.00% | - |
| 1999 | 16.50% | +9.23% | 13.00% – 16.50% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 15.50% | +3.45% | 15.50% – 27.00% | - |
| 1997 | 27.00% | +12.03% | 25.00% – 27.00% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 25.00% | +5.20% | 25.00% – 26.00% | - |
| 1995 | 28.00% | -0.44% | 28.00% – 34.00% | - |
| 1994 | 31.00% | -2.25% | 31.00% – 33.00% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 33.00% | -4.12% | 33.00% – 37.00% | - |
Frequently Asked Questions - NBP Policy Rate
What is the current Poland Central Bank Reference Interest Rate?
As of Sep 2026, the Poland Central Bank Reference Interest Rate is 3.75% per annum. Adjusted for headline inflation (3.26%), the ex-post real policy rate in Poland stands at +0.49%.
What was the highest and lowest National Bank of Poland interest rate on record?
Across the 1993-2026 archive, the Poland Central Bank Reference Interest Rate reached a record high of 37.00% in Jan 1993 and a record low of 0.10% in May 2020. The long-run annual mean is 8.80%.
What is the National Bank of Poland inflation target?
The National Bank of Poland operates with an official inflation target of 2.5% (±1.0% Tolerance Band). Its statutory mandate is: Maintain stability of the price level while supporting economic policies of the government.
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & National Bank of Poland
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:PL
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 26 Feb 1998 onwards: official 7 day central bank bill yield; from 1 Jan 1993 to 25 Feb 1998: Lombard rate.
- Reporting agency: National Bank of Poland; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Cite This Dataset (APA & BibTeX)
@misc{cbd_cbpol_poland,
author = {CentralBankData.com},
title = {Poland Central Bank Reference Interest Rate (Poland)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:PL},
year = {2026},
url = {https://centralbankdata.com/poland-central-bank-interest-rate}
}