The RPP steers the rate against inflation. Hikes = expensive money = less borrowing = weaker demand = lower inflation (in theory). Cuts do the opposite. Historic peaks: 6.75% (October 2022, fighting 15%+ inflation), troughs 0.10% (April 2020, pandemic response). In June 2026 the reference rate sits at 5.25%, after a run of cuts from 6.75% in 2024–2025 as inflation cooled.
The link to higher-level rates is direct and indirect. Directly: non-interest costs on consumer loans are capped by formulas built on the NBP rate (anti-usury act), max contractual interest is 2 × NBP + 3.5 pp (civil code), max late-payment interest is 2 × NBP + 5.5 pp. Indirectly: WIBOR and WIRON react to expectations for the NBP rate; commercial banks bake NBP funding cost into their margins.
Your mortgage payment reacts to an NBP change with a 1–3 month lag, through WIBOR/WIRON. Variable-rate cash loans — the same. Deposits and savings accounts: the bank usually recalibrates promotional rates within a few weeks of the RPP decision. In practice: if the news says „RPP hikes", open your mortgage contract and recompute the new payment.
Frequently asked questions
5.25% in June 2026. Live figure at nbp.pl in „Stopy procentowe".
The Monetary Policy Council (RPP) — a 10-member body chaired by the NBP President. Decision meetings run once a month.
During the fixed period — no. After the fixed period, when the loan flips to variable — yes, through WIBOR or WIRON.