正如普遍预期的那样，波兰国家银行（NBP）在5月份降息50个基点后，在2025年6月3日至4日的会议上将基准利率维持在5.25%。伦巴第和存款利率也分别保持不变，分别为5.75%和4.75%。宽松周期的暂停反映了在持续的高通胀、有弹性的经济增长和全球贸易政策的不确定性中采取的谨慎立场。5月份的年通胀率从4月份的4.3%降至4.1%，为2024年6月以来的最低水平，但仍远高于央行2.5%的目标。与此同时，第一季度经济同比增长3.2%，略低于2024年第四季度3.4%的增长率，这是自2022年第三季度以来的最快增长率。劳动力市场状况仍然紧张，失业率低，参与率高，尽管企业部门的就业人数比去年同期有所下降。国家统计局强调，未来的政策决定将取决于即将公布的通胀和经济活动数据。
The National Bank of Poland (NBP) held its benchmark interest rate at 5.25% during its June 3–4, 2025 meeting, as widely expected, following a 50 basis point cut in May. The Lombard and deposit rates were also kept unchanged at 5.75% and 4.75%, respectively. The pause in the easing cycle reflects a cautious stance amid persistently high inflation, resilient economic growth, and uncertainty surrounding global trade policy. Annual inflation eased to 4.1% in May from 4.3% in April—the lowest since June 2024—but remained well above the central bank’s 2.5% target. Meanwhile, the economy expanded by 3.2% year-on-year in Q1, slightly slower than the 3.4% growth in Q4 2024, which was the fastest since Q3 2022. Labor market conditions also remain tight, with low unemployment and high participation, although enterprise sector employment declined from a year earlier. The NBP emphasized that future policy decisions will depend on incoming inflation and activity data.
