Poland Central Bank Governor Signals Potential Rate Cuts Before End of 2026

Key Facts

In a move reflecting a shift in monetary policy for Eastern Europe's largest economy, National Bank of Poland (NBP) Governor Adam Glapiński has signaled a new dovish direction. According to reports from ING, the Governor suggested during a press conference that interest rate cuts could materialize before the end of 2026. His remarks included a specific hint that a motion for a 25-basis point cut might be introduced after the summer, marking a notable departure from the bank's previously cautious stance.

This rhetorical shift comes as emerging markets navigate global easing cycles, with Polish inflation data showing relative stabilization in recent months. Compared to regional peers, the Czech National Bank has already commenced its cutting cycle, while the NBP had maintained elevated rates for a longer duration. Per market data, investors are now weighing Glapiński's influence against more conservative members of the Monetary Policy Council who remain hesitant about immediate policy loosening.

Looking ahead, traders are monitoring broader central bank signals, including the release of the Bank of England's MPC meeting minutes on July 7, 2026, followed by a speech from Governor Bailey.