Poland's central bank maintained its key interest rate at 3.75% for the third consecutive month, surprising no economists as all 32 surveyed by Bloomberg expected the decision. The zloty remained stable against the euro following the announcement.

The decision follows May's inflation drop to 3.1% from April's 3.2%, undershooting forecasts. Before the Iran war three months ago, prices grew at just 2.1% annually. Recent data shows declining economic growth, cautious consumers, and wage growth at a five-year low.

"The chances of inflation deviating permanently from the central bank's tolerance band have diminished considerably," noted Juan Orts at Societe General SA. The bank has now cut rates by 200 basis points since May 2025 as inflationary pressures ease.