The amended Act on the National Cybersecurity System (UKSC) has been in force since 3 April 2026. For transport sector undertakings, this means a specific compliance timeline, including an obligation to register with the National Cybersecurity System (KSC) registry by 3 October 2026. Failure to do so may result in substantial financial penalties, coupled with the risk of personal liability for senior management. Not every undertaking, however, automatically falls within the scope of the new regime. Read on to find out whether your organisation is affected and what you need to do before the deadline for preparation.

Three years. That’s how long we’ve been waiting for what the Council of Ministers had seen in the data from the outset – and has now disclosed in its review of the Family Foundation Act. The document not only diagnoses the problems, but also previews substantial changes to rules that founders and their advisers treated as settled and stable. And therein lies a problem that goes far beyond tax matters. If the rules of the game are changed while the game is being played, there can be neither planning stability nor trust in the law. It is no coincidence that one of the greatest concerns among entrepreneurs considering setting up a foundation is not the level of taxation, but the stability of the legal framework – which today is once again being called into question.

We now have a new Act on Special Measures for the Adjudication of Cases Concerning Loan Agreements Denominated in or Indexed to the Swiss Franc. The provisions come into force 14 days after publication. So now is a good time to look at what lies ahead and what banks should be doing today.

Transfer pricing has for many years been one of the main areas of focus for tax authorities. In practice, this means that transactions between related parties are subject to heightened scrutiny, and the associated documentation obligations are among those most frequently audited.

A second version of the draft act on strengthening the application of the right to equal pay for equal work or work of equal value between men and women has now been published. It refines procedures and deadlines and introduces a new supervisory body. We have already discussed the changes affecting the recruitment stage and the three pillars of the forthcoming pay transparency framework, noting that Poland will miss the EU transposition deadline of 7 June 2026. Now, we take a closer look at the further changes, new developments and risks that have emerged in the latest, April version of the draft.

Trade Mark Prosecution, Trade Mark Disputes and, for the first time, Copyright & Related Rights – these are the three categories in which we excel, according to the IP Stars 2026 rankings. What’s more, we’ve not only moved up the rankings, demonstrating that our IP practice is growing from strength to strength, but our star lawyers are indeed some of the finest intellectual property experts in Poland: Piotr Kochański, Karolina Marciniszyn and Tomasz Szambelan. This is a team that has spent years protecting not just trademarks and patents, but managing the entire intellectual property portfolio of our clients.

For the fourth time, we have submitted the UN Global Compact Communication on Progress (CoP) report. This is the annual summary of activities and results achieved by organisations belonging to the world’s largest initiative for responsible business, and a transparent way of demonstrating progress and activity in the areas of human rights, cybersecurity, labour standards and education, environmental protection, procurement procedures, and anti-corruption. We are submitting this year’s report at a particularly significant moment. As the Green Finance in Poland 2026 report indicates, companies today operate in a reality shaped by climate change, geopolitical tensions, the energy transition, and growing client expectations regarding responsible business. Sustainable development is no longer an optional addition to market strategy, but a prerequisite for long-term success.

The draft Payment Services Regulation (PSR) is one of the most significant elements of the reform of the EU legal framework for payment services. Its principal aim is to enhance the security of cashless transactions and to reduce the scale of financial fraud, in particular that arising from the growth of digital channels. At the same time, the new rules are intended to introduce a liability model that will not result in risk being transferred entirely to financial institutions, whilst retaining an important role for independent due diligence on the part of the user.

The President has now signed the Energy Deregulation Act (UDER92). The new provisions cover both the relationships between energy undertakings and consumers, and matters relating to investment, district heating, and the administrative obligations of energy market participants. The Act introduces changes in the areas of billing, communication with consumers, grid connection, and the operations of undertakings in the energy and district heating sectors. We set out the key points to note.

A customer logs into their mobile banking app, completes two-factor authentication and approves a transfer via a push notification. Everything runs smoothly, yet moments later it emerges that their funds have landed in a fraudster’s account. Who will pay for that? And on what legal basis? These are real challenges facing the industry today. Banks are contending with relentless changes in terms of regulation, technology, operations and governance. Successive CJEU judgments are redrawing the boundaries of liability, while EU regulations are changing the rules of the game before the sector has had a chance to fully implement and adapt to them. This is precisely why events such as the Banking Law Congress are important: to address these challenges head-on and devise effective solutions with practitioners and experts.

Under the draft legislation, banks will be required to offer existing borrowers a switch from WIBOR-based to POLSTR-based interest rates, a mechanism intended to speed up the voluntary transition of financial instruments to the new benchmark. The banking sector has responded positively to the proposal, according to Tadeusz Białek, President of the Polish Bank Association.

Every June, we host the Board of the Polish-Ukrainian-Canadian KALYNA Scholarship Foundation. And every year, we come away from that meeting feeling that what we do truly matters. That even amid growing global turbulence and unease, our shared endeavours – large and small, step by step, year after year – are genuinely changing the world. And have been for eight years now.

From 19 June, national legislation was to require businesses in the European Union entering into distance contracts with consumers via an online interface to provide consumers with the option to withdraw from the contract via a dedicated function/button. However, due to Poland’s delay in transposing Directive 2023/2673, which requires the use of such a button, this obligation has been postponed in our country. We look at what remote contract withdrawal entails and which transactions the new feature will apply to.

On 11 June 2026, the President signed into law a bill extending the deadline for municipalities to adopt their master plans (plany ogólne). The key deadline for adopting master plans was moved from 30 June to 31 August 2026. We examine the reasons behind this change and consider what the absence of a master plan might mean for potential investors and their future projects.

The past year has brought a series of enforcement actions that clearly signal a tightening approach by the Polish customs and revenue authorities towards breaches of the sanctions regime. Importantly, businesses should already be preparing for further changes, as the European Union has announced its 21st sanctions package and updated the list of designated persons and entities. We examine the key developments and offer guidance on how to minimise the risk of non-compliance.

The bill amending the General Tax Code (No. UC138) fundamentally overhauls the rules governing the tax liability of third parties for capital companies’ tax arrears.  It comes in response to recent CJEU judgments, the Ombudsman’s February statement and the post-audit report of the Supreme Chamber of Audit (NIK) of December 2025. We examine what’s changing, who will be affected by the new rules and what steps are worth taking right now.

On 11 June 2026, the Court of Justice of the European Union published a judgment clarifying the rules for claiming statutory default interest in disputes involving foreign currency-linked loans. While maintaining the existing level of consumer protection,[2] the ruling also emphasises the importance of transparency and precision when making claims against banks.

There’s is real value in sharing knowledge, showcasing examples of successful projects and the results they have yielded. This explains the enormous popularity of all initiatives that highlight specific projects, case studies and real-world examples. The most prominent of these is undoubtedly the ‘Responsible Business in Poland. Good Practices’ report, a publication unique at the national level and highly regarded by businesses, civil society organisations, and the media alike. It offers a comprehensive overview of corporate activities in the areas of ESG and sustainable development, compiled and assessed by experts from the Responsible Business Forum (Forum Odpowiedzialnego Biznesu). This year’s edition is now available, and once again our good practices have been included as examples worth following of responsible business conduct, visible at both governance level and in the day-to-day activities of our teams.

One of the structures available under Polish law is the ‘spółka partnerska’ (professional partnership), modelled on the Anglo-Saxon Limited Liability Partnership. As defined in the Polish Commercial Companies Code, this is a vehicle for individuals practising liberal professions, such as doctors, architects and accountants. And yet, the provisions governing professional partnerships make no mention of their applicability to women. We therefore examine whether there is no room for female partners, feminine-gendered forms, or simply linguistic empathy.

A damaging public statement does not necessarily refer to a specific individual. Sometimes, the author attributes negative characteristics to a whole group of people, portrays them as a threat or uses language that could be seen as demeaning. Statements of this kind frequently concern LGBTQ+ people. This raises the question: can a member of the targeted community bring a lawsuit seeking compensation or an apology, even if they were not named directly? We decided to look into this.

The bill of 29 May 2026 concerning Swiss franc mortgage loans could significantly change the way disputes between borrowers and banks are handled. Although at this stage it remains merely a legislative proposal, it is already attracting considerable attention due to the scale of its potential impact and the direction of the proposed solutions.

This is the fourth time we have been audited by EcoVadis, and the third consecutive year in which we have been awarded a silver medal. And what’s more, we once again improved our score, reaching 73 points and remaining among the top 15% of more than 150,000 companies worldwide. This achievement is a testament to the people behind it and the projects we pursue. Above all, though, it showcases our unwavering commitment to the philosophy of acting in a way that changes the world for the better.

According to a statement published by GPW Benchmark, the reference rate administrator, and the Polish Financial Supervision Authority (KNF), which oversees the administrator, 31 December 2036 will be the last day on which the WIBID and WIBOR rates will be provided for all key fixing periods: 1 month (1M), 3 months (3M) and 6 months (6M).

The largest real estate transactions can span a dozen legal systems, four continents and dozens of counterparties requiring tough negotiations. That is why success in this field demands more than substantive expertise, practical know-how and the ability to navigate an international environment. What truly matters is the capacity to grasp the big picture and think holistically. It is precisely this ability that has earned Weronika Duda the top prize in the Legal Advisory Services category of the 9th edition of the Top Woman in Real Estate/Construction/Logistics competition.

New rules for calculating length of service have applied to private sector employers since the beginning of May 2026. With companies continuing to express concerns about the new framework, the Ministry of Family, Labour and Social Policy has addressed the most common questions. We look at the issues that are (still) troubling employers and how we can help.

A draft bill amending the General Tax Code (No. UDER110) has been submitted for consideration by the Council of Ministers. The bill introduces the tax settlement agreement, a new form of amicable dispute resolution between taxpayers and the tax authority. The draft is open for inter-ministerial review and public consultation until 19 June, with the proposed date of entry into force being 1 January 2028. Below, we examine who may apply for a settlement agreement, when, and on what terms, and how the process may work in practice.

Just a few years ago, SENT (the Electronic Transport Monitoring System) was almost exclusively associated with tanker trucks and the fuel market. This is now a thing of the past. Today, it is an inspection tool that is increasingly being used for shipments of fruit, and, as of mid-March, even containers of clothing and footwear.

Poland’s capital market is on the cusp of one of the most significant reforms in recent years, which will fundamentally reshape the regulatory framework for ETFs and introduce an entirely new investment vehicle: the Qualified Investment Fund (QIF/KFI). This is a response to market demands and presents an opportunity for Poland to close the gap with countries such as Luxembourg and Ireland, with the overarching objective of boosting competitiveness and stemming the outflow of investment capital abroad. The new regulations aim to deliver greater flexibility for investors and fund managers alike, while also aligning with current market trends and European standards. We examine what is changing in practice and what it means for all market participants.

Greenwashing poses one of the most significant challenges to the consumer protection framework in the European Union. As customers become increasingly environmentally conscious, brands are ever more inclined to leverage this interest by invoking the language of environmental protection, sustainable development and climate neutrality. Yet these claims do not always reflect the actual characteristics of their products or services. The EU has sought to bring systemic order to this area by clarifying the information obligations of traders and broadening the list of practices deemed unfair. We consider what these changes mean for businesses in practice.

The Family Foundation Act has now been in force long enough for us to talk not in terms of forecasts, but of concrete experience. The concept itself is straightforward: a family foundation is designed to accumulate assets, manage them in the interest of its beneficiaries and make distributions for their benefit, while the founder is required to specify the foundation’s detailed purpose in its Articles of Association. From the outset, it has also been emphasised that this is a vehicle designed primarily to ensure the continuity of family businesses, protect assets against fragmentation and facilitate multi-generational succession planning – rather than serving as a one-off ‘wrapper’ for a transaction.

Global Legal Insights (GLI) is a series of international publications by the Global Legal Group (GLG), authored by legal practitioners from around the world. It offers an up-to-date and highly practical guide to the applicable regulatory landscape, complemented by expert commentary on specific areas of law across different jurisdictions. In short: legislation and actionable know-how in one place.

Once again, we are among the best. This time, we have been shortlisted for the ‘Firm of the Year: Career Development – CEE’ and ‘Poland Firm of the Year’ awards at the Women in Business Law Awards EMEA 2026. We are a firm that sets the highest legal standards and creates innovative career paths. We develop our own potential while investing meaningfully in capable, talented and motivated lawyers. Furthermore, Agata Dziwisz-Moshe has been nominated for ‘Lawyer of the Year – Tax’. This triple nomination is a welcome reminder that what we do, how we work, and the direction we’re heading in matter – to us, our clients, our business partners, and everyone we work with.

“The end of the dream of free housing” – this is how the Polish Bank Association (Związek Banków Polskich) has characterised Thursday’s judgments of the Court of Justice of the European Union in cases concerning whether the claims of financial institutions against CHF mortgage borrowers have become time-barred.

The deposit-return system was supposed to be simple. Eco-friendly. Leak-proof. Tax-neutral. However, it took just a few months for serious doubts to emerge. The first loopholes are no longer just theoretical, they are in plain sight. The mechanisms for abuse can be described quite precisely, and the scale of potential losses may be much greater than anticipated. Below, we examine where the system is losing control and how this can be addressed.

The changes to EU sustainability reporting legislation introduced in 2025 have significantly reshaped companies’ responsibilities in this area. This is because, following the update to the Corporate Sustainability Reporting Directive (CSRD), only the largest entities are now subject to a mandatory obligation to report on ESG issues.

We examine what powers the PIP will acquire and what this means for employers and employees.

The European Union has adopted a strategic course aimed at building its own production capacity in key technology sectors, including energy technologies. This policy is embodied in the Net-Zero Industry Act (NZIA), which redefines the rules of competitiveness, inter alia, in the renewable energy sector. In tenders, auctions and public support schemes, price is no longer the sole criterion for selecting a supplier. The NZIA imposes on contracting authorities and entities administering support schemes an obligation to evaluate bids also on the basis of the origin of the technology and other criteria specified in the Regulation. This change is systemic in nature and will affect all market participants – both producers and purchasers of energy technologies. In this article, I analyse how the new EU regulations will translate into business practice for companies operating in the European market.

A Polish company paying dividends to a foreign parent company based in the EU may be exempt from withholding tax (WHT). When verifying eligibility for this exemption, is the company required to check whether the recipient of the dividend is its beneficial owner (BO)? It transpires that the Director of the National Revenue Administration Information Centre (KIS) and the Minister of Finance offer completely different answers to this question. What does this mean in practice? Let’s take a look.

The KSeF is not simply another system update. To help with this, we have designed a webinar that works a little differently from most. Instead of safely reviewing legislation, we analyse real cases. Instead of general guidance, we give specific answers. And to this end, we’ve selected 20 questions that most frequently arise from entrepreneurs. We answer each one directly – in terms of what to do, what to avoid, and what risks to factor in.The KSeF is not simply another system update. It represents a fundamental overhaul of the entire logic of transaction documentation – one that shifts the burden of responsibility onto new tracks and opens up entirely new categories of tax risk.

The legal market is changing faster than ever before. This is clearly visible throughout Central and Eastern Europe. The scale of lawyers’ work is also evolving at a rapid pace. Business is pressing forward, investments are accelerating, and proceedings are becoming increasingly complex — as a result, expectations of law firms are systematically rising. One can simply react to this. Or one can respond differently, by systematically designing a new reality. And that is precisely what Piotr Kochański is doing.

Today, media law is an extremely complex field, extending far beyond the battle for corrections and swift rulings in election-related cases. It encompasses intricate litigation concerning hard financial issues, the shape of capital markets, and ultimately the success of mergers and acquisitions. The field also encompasses proceedings concerning the protection of intellectual property, rights to trademarks, content and brands, as well as cases with the highest stakes – freedom of speech, which is the foundation of our democracy.

Once again, we are standing up for truth and freedom of speech. As legal advisors to Wirtualna Polska, one of Poland’s largest digital media groups, we support the company in complex and challenging disputes arising from the publication of editorial content that reaches every corner of the country. Our work involves multifaceted representation in civil and criminal cases, with the aim of not only protecting the client’s interests and reputation, but above all defending the independence of the media and citizens’ right to reliable information.

A judicial knockout blow for borrowers. “The situation is extremely black and white”

The year 2026 will see the banking sector undergo its most dynamic transformation in a decade. The trends identified in Accenture’s Top Banking Trends FY26 report suggest that the sector is entering a phase in which technology and regulation will be inseparable, driving all aspects of change. However, it is regulation that determines the boundaries, pace and manner of implementation for new solutions. We take a look at what else the experts are focusing on.

We’d like to invite you to a webinar, where we will discuss key transfer pricing issues using examples of common transactions. We’ll also outline the main areas of risk and the current approach of the tax authorities, and suggest effective solutions and best practices.

14 practice areas and 49 recommendations for 24 lawyers, with 12 of them being recognized across multiple legal specializations. New individual successes and two fantastic debuts, as well as a wealth of excellent feedback and praise from our clients. The latest Legal 500 2026 rankings confirms that we are a major player in the sectors that will drive the Polish and Central European economies over the coming decade: energy, technology and infrastructure.

2026 is a landmark year for us, as demonstrated by our latest results in the Chambers Europe rankings. Our Litigation practice has been awarded the ‘Highly Regarded’ title and has risen four categories. In addition, two further practices have been recommended for the first time: Real Estate and ESG. We have maintained our position in M&A, and finally, individual ‘Notable Practitioner’ distinctions have been awarded to Paweł Cholewiński (Real Estate and M&A) and Łukasz Młynarkiewicz (ESG).

The deposit-return system came into operation on 1 October 2025. Some businesses joined immediately, while others opted to do so at a later date. At first glance, this may seem like a mere organisational matter. In practice, however, the timing of joining the system can significantly affect the outcome of accounting for the separate collection rate in 2025.

The amendment to the Act on the National Cybersecurity System (UKSC) is one of the most significant regulatory reforms in recent years. Its main objective is to align Polish law with Directive (EU) 2022/2555 of the European Parliament and of the Council. The directive, also known as NIS2, substantially raises digital security requirements across the Union. The Polish Act on the National Cybersecurity System has undergone a thorough overhaul, covering more organisations (with estimates suggesting nearly 40,000 entities), introducing more demanding obligations, statutory personal liability for management board members, and even more stringent rules for imposing financial penalties. In the case of the most serious violations, these penalties can reach 100 million PLN.

Until recently, ‘Made in Europe’ was just a label. While it was useful for marketing purposes, it lacked any hard, normative content. This may soon change. On 4 March, the European Commission published a proposal for the Industrial Accelerator Act, stipulating that, from 2027 onwards, the Union origin of components will be a prerequisite for participating in renewable energy auctions, accessing public funding, and for being eligible to participate in public procurement procedures. The slogan ‘Buy European’ could become a concrete instrument for supporting local production and controlling foreign investment.

The transfer of all or part of an establishment (zakład pracy) is a special concept in labour law relating to changes in ownership. Put simply, it is the automatic transfer of all the rights and obligations of the employer from one entity to another, without the need for any additional actions or consents from the parties involved. However, this must be preceded by the fulfilment of a range of informing obligations by both the new and former employers. Let’s take a look at what the process should involve.

The Civil Law Codification Commission has adopted and published a draft amendment to the Commercial Companies Code. The proposed changes include new mechanisms to strengthen shareholder protection in capital companies, enabling shareholders to request to leave their respective companies.

The deposit-return system has been in place since October 2025, raising significant tax concerns from the outset. Although the regulations came into force, it was unclear for a long time how to apply them in practice. Some of the regulations needed clarification, some solutions were missing and the published explanations did not cover all the key issues. Consequently, the market began to develop its own operating standards.

On 12 February 2026, the Court of Justice of the European Union (CJEU) issued a judgment concerning the use of the WIBOR index in loan agreements. The CJEU judges confirmed that, in consumer cases, courts cannot examine the correctness of the WIBOR calculation. The banks had correctly informed their clients about the reference rate in accordance with national and EU law.

A spectacular promotion for our litigation practice to Highly Regarded, a solid position for our M&A team in the Mid-Market/Global ranking, and a Notable Practitioner recognition for Paweł Cholewiński. Looking at the new Chambers Global 2026 rankings, we have every reason to be pleased. We also have irrefutable proof that our strategy of combining our lawyers’ expertise with an understanding of particular industries gives our clients a real advantage. And it gives a strong market position to us.

A new draft law proposing changes to the way the National Labour Inspectorate operates has been submitted to the Sejm. During its first reading on 25 February, the draft was not rejected and was therefore referred to the Social Policy and Family Committee for further consideration. Despite the concerns and controversies raised so far, including by businesses, the legislature continues to pursue the thorough modernisation of Poland’s employment model, which involves increased supervision of the labour market and curbing the abuse of civil law contracts. In this article, we will take a look at the proposals included in the new draft and explain what they mean for businesses.

The Polish power system has reached a turning point. While the energy transition is gaining momentum and technological limitations are no longer an issue, connection capacity has become a problem. The UC84[1] draft law, commonly referred to as the Connections Reform, is the response to this crisis.

According to the latest data, nearly 15,000 companies dealing with artificial intelligence were registered in Poland in 2025.[1] This testifies to an undoubted boom in AI, as well as to the dynamic changes related to the development of this technology. However, amid the rush to implement AI, do companies consider the most important issue: securing the outcomes of their work and protecting themselves against competitors? In this article, we explore this issue and suggest ways to avoid costly problems.

The length of service no longer depends solely on work carried out under a contract of employment. The amendment to the Labour Code introduces significant changes, as work carried out under civil law contracts or as part of business activity will now also be included when calculating service, which affects employees’ rights. What will this mean for employees and employers?

Do higher energy ratings really increase property value, and if so, how does this influence Poles’ purchasing decisions? Representatives of the Japanese Real Estate Site Consortium sought answers to these questions. We supported them in their research mission, which aimed to bring the most effective Polish and European models to the Asian market.

Thanks to favourable tax decisions, the construction of the third Polish Ronald McDonald House now has even more secure financial backing.

Regulatory sandboxes support the implementation of the European Green Deal and accelerate the energy transition and development of smart, secure and sustainable energy networks.

We already know this year’s WTR 1000 ranking results. And we have nothing but good news. Piotr Kochański has been ranked in the field of prosecution, and Karolina Marciniszyn in prosecution, enforcement an litigation. Our Intellectual Property team was recognised for its work in the areas of enforcement and litigation, as well as prosecution.

The Polish banking sector is undergoing intense reshuffling on a scale not seen for years. Large banks are changing owners, foreign players are shifting their strategies and new investors are entering the market. The question is whether these are just temporary shifts in capital or the beginning of lasting change in the industry’s balance of power.

The Polish market for modern building systems is entering a new phase, marked by SYCLEF’s latest investment in Polski Holding Instalacyjny (PHI). The French investor has announced plans to build a leading HVAC group in Poland, while continuing to develop PHI’s operating companies, such as REXER and Clima Komfort.

The deadline for meeting the obligations under the DAC7 directive and the Polish regulations implementing it is fast approaching. Online platform operators must fulfil their reporting obligations by 31 January 2026 at the latest with regard to 2025 data. For many, this is the final opportunity not only to prepare the required information, but also to verify whether DAC7 obligations apply to them and, if so, to what extent.

Although claims for the restitution of undue performance are generally dismissed, exceptions are allowed in certain circumstances. Let’s look at some situations in which the restitution of remuneration is feasible and instances when the courts do rule in favour of employees.

2025 was a pivotal year for the European regulatory system governing sustainable development. After years of expanding reporting obligations and due diligence requirements, EU institutions have decided to significantly change their approach.

In 2025, the Polish financial market entered another phase of adjustments to EU legislation. The draft new Consumer Credit Act implementing the CCD2 Directive, alongside the regulations on distance financial services, represents one of the most comprehensive attempts to standardise the rules for providing finance to consumers. The changes are so extensive that they cover all stages, from advertising and customer acquisition to the assessment of creditworthiness, the structure of agreements, the scope of the lender’s liability, withdrawal rules and the detailed organisation of remote sales.

Energy is no longer the exclusive domain of engineers and politicians; it is becoming the foundation of the business strategy of any company that wants to remain competitive. And 2026 will see a multitude of legislative changes that will fundamentally alter the current approach to the rules for grid connection, energy trading and reporting obligations.

On 1 January, new regulations came into force that increased the income tax rate paid by banks. The rate will be 30% in 2026. However, entities starting their business, credit and savings unions (SKOKs), small entities, and banks undergoing restructuring will pay less.

Is Polish law keeping pace with digital threats? Monika Maćkowska-Morytz, Robert Brodzik, Natalia Kotłowska-Wochna and Konrad Grussy, co-authors of the Polish chapter of the international publication Cybersecurity 2026, published by International Comparative Legal Guides, are seeking answers to this question.

Millions of Poles have been eagerly awaiting this decision, hoping that it will reduce their repayments. Interest was so high that the National Bank of Poland’s website crashed temporarily on Wednesday. The Monetary Policy Council has decided to cut interest rates by 0.25 percentage points, despite most economists expecting them to remain unchanged. This decision was influenced not only by the decline in inflation in October, but also by NBP analysts’ new inflation projections.