The National Bank of Poland left its key reference rate unchanged at 3.75% for a second consecutive meeting on May 6, 2026, in line with expectations. The lombard and deposit rates were also held steady at 4.25% and 3.25%, respectively. The decision comes as inflation in Poland rose for a second consecutive month to 3.2% in April, driven by higher energy prices amid the conflict with Iran. In March, the central bank cut borrowing costs by 25bps, just days after the war in the Middle East began, but has since shifted to a more cautious, wait-and-see stance.