Poland interest rate cut December 2025: The decision

Poland interest rate cut December 2025 delivered a 25 bp move. The RPP lowered the NBP reference rate to 4.00% after its 2–3 December meeting.

The rpp decision december 2025 is the sixth this year. Total easing in 2025 now reaches 1.75 percentage points. This Poland interest rate cut December 2025 extends a cautious easing path.

Officials also pointed to the latest data backdrop. They cited lower inflation and firm activity as context for the step.

Poland interest rate cut December 2025: Updated NBP rates

NBP set all key rates lower by 0.25 pp. The new schedule is: reference 4.00%, lombard 4.50%, deposit 3.50%, rediscount 4.05%, and discount 4.10%.

These nbp rates effective 4 december apply from Thursday, 4 December 2025. Banks will adjust pricing as nbp rates effective 4 december filter through.

Key levels and dates

• Reference rate: 4.00%, nbp reference rate 4.00% now anchors the policy corridor.
• Lombard rate: 4.50%.
• Deposit rate: 3.50%.
• Rediscount rate: 4.05%.
• Discount rate: 4.10%.
• Effective date: 4 December 2025, as noted in the decision communication.

Inflation and growth backdrop

Inflation has eased. The flash reading showed poland cpi november 2025 2.4% year on year, according to GUS, NBP noted.

Growth has held up. NBP cited poland gdp q3 2025 3.8% on a preliminary basis.

Consequently, the rpp decision december 2025 aligns with softer price pressures at poland cpi november 2025 2.4%. Moreover, domestic momentum, with poland gdp q3 2025 3.8%, supports gradual easing. NBP also highlighted demand-side contributions to the Q3 outcome, according to available reports.

Timeline of 2025 rate moves

The December step follows cuts every month since July, plus one in May. As a result, easing totals 1.75 percentage points in 2025. Each move reduced the policy stance incrementally, continuing a steady rhythm through the second half.

Policy guidance from NBP

NBP kept guidance data dependent. Further decisions will hinge on incoming information about inflation and economic activity, the bank said. Therefore, the council will adjust course as the outlook evolves.

What’s next

With nbp rates effective 4 december, attention turns to incoming CPI and activity data. As nbp reference rate 4.00% beds in, borrowers and lenders will adapt.

Therefore, policymakers will watch new readings closely. Any further Poland interest rate cut December 2025 moves will depend on the data. Market focus will also fall on revisions to growth estimates and the trajectory of price pressures.