Polish banks are aggressively raising deposit rates even as the National Bank of Poland (NBP) holds its key interest rates steady.
In July, four major lenders increased yields on savings products, with one institution pushing rates on specific deposits to 5% annually.
This move highlights a growing disconnect between the central bank's pause and the competitive pressure among commercial banks to secure retail funding.
The NBP's decision to keep rates unchanged was widely anticipated, following a period of monetary tightening that included a rate hike in June—the first in nearly three years.
While the central bank has signaled a pause in its policy cycle, commercial banks appear to be acting independently, likely driven by liquidity needs and competition for customer deposits.
The divergence suggests that market forces are currently outweighing the central bank's steady hand in setting the cost of capital for retail savers.