Central Bank Rate Decisions in Poland, Sweden and Georgia
November 5, 2025
The National Bank of Poland’s policy interest rate experienced its fifth 25-basis point cut of 2025 today and has now dropped altogether since September 2023 by a total of 250 basis points. Polish CPI inflation of 2.8% in October was down from 5.0% a year earlier and a peak of 18.4% in February 2023. A released statement notes not only the lower actual rate of inflation but also cites an improved inflation outlook.
The policy of the National Bank of Georgia was retained at 8.0% after today’s scheduled review. It has been at that level since a 25-basis point reduction in May 2024. Georgian inflation of 5.2% last month was well above the 3.0% medium-term target. Officials are watching “persistent price pressure” and potential upside risks like America’s tariffs and geopolitical dangers.
The Swedish Riksbank’s policy interest rate was also not changed at this time, which came as no surprise since officials had previously telegraphed their expectation that the rate will remain at the current 1.75% level for some time.
Although inflation is still above the target, it has fallen in line with the forecast in September. Overall, the outlook for inflation and economic activity remains largely unchanged. Thus, the Executive Board is following the previously communicated plan for monetary policy.
Copyright 2025, Larry Greenberg. All rights reserved.
Tags: National Bank of Georgia, National Bank of Poland, Swedish Riksbank
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