National Bank of Poland: Why Is Policy on an Extended Hold? – ING
Published . Updated .
Key takeaways
- Polish interest rates are expected to remain steady through the end of 2026, with ING economists Rafal Benecki and Adam Antoniak forecasting that the National Bank of Poland (NBP) will hold its reference rate at 3.75% on 4 November and keep rates unchanged thereafter.
- Exposed: EPOL, EMB, EMLC, EEM
- Market reaction: price tracking starts with the next trading session.
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Polish interest rates are expected to remain steady through the end of 2026, with ING economists Rafal Benecki and Adam Antoniak forecasting that the National Bank of Poland (NBP) will hold its reference rate at 3.75% on 4 November and keep rates unchanged thereafter.
Directly affected
- NBP NovaBridge Biosciences
Named in this report.
Indirectly affected
- EPOL iShares MSCI Poland ETF
iShares MSCI Poland ETF holds stocks listed in Poland, which this story is about (“poland”).
- CEW WisdomTree Emerging Currency Strategy Fund
WisdomTree Emerging Currency Strategy Fund holds emerging-market currencies, which move on news like this from Poland.
- EMB iShares J.P. Morgan USD Emerging Markets Bond ETF-1.9% 9d
iShares J.P. Morgan USD Emerging Markets Bond ETF holds emerging-market government bonds, which react to inflation and interest-rate news like this one in Poland
- EMLC VanEck J.P. Morgan EM Local Currency Bond ETF-2.9% 30d
VanEck J.P. Morgan EM Local Currency Bond ETF holds emerging-market bonds in local currencies, which move with rate and currency news like this from Poland.
- EEM iShares MSCI Emerging Markets ETF+0.0% 30d
iShares MSCI Emerging Markets ETF is a broad fund of emerging-market stocks that includes Poland
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| NBP | +20.87% | +16.02% | base | after close | after close | after close | after close |
| EPOL | +3.54% | +1.71% | base | after close | after close | after close | after close |
| CEW | +0.00% | +0.00% | base | after close | after close | after close | after close |
| EMB | +0.26% | +0.57% | base | after close | after close | after close | after close |
| EMLC | +0.63% | +0.43% | base | after close | after close | after close | after close |
| EEM | +3.96% | -0.13% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
National Bank of Poland: Why Is Policy on an Extended Hold? – ING www.tmgm.com
Source: www.tmgm.com
How far Ishares Tr (EPOL) has moved since 4 Nov 2026
| Company | When | Move | Status |
|---|---|---|---|
| CEW | three days earlier | 0.00% | final price |
| CEW | five days earlier | 0.00% | final price |
| Ishares Tr (EEM) | three days earlier | -0.13% | final price |
| Ishares Tr (EEM) | five days earlier | +3.96% | final price |
| Ishares Tr (EMB) | three days earlier | +0.57% | final price |
| Ishares Tr (EMB) | five days earlier | +0.26% | final price |
| Vaneck J. P. Morgan Em Local Currency Bond Etf (EMLC) | three days earlier | +0.43% | final price |
| Vaneck J. P. Morgan Em Local Currency Bond Etf (EMLC) | five days earlier | +0.63% | final price |
| Ishares Tr (EPOL) | three days earlier | +1.71% | final price |
| Ishares Tr (EPOL) | five days earlier | +3.54% | final price |
| NBP | three days earlier | +16.02% | final price |
| NBP | five days earlier | +20.87% | final price |
Who gains and who loses around Ishares Tr (EPOL)
Companies carried with this story
- EPOL Ishares Tr
For “National Bank of Poland: Why Is Policy on an Extended Hold? – ING,” Ishares Tr (EPOL) is linked, with no stored direction, medium confidence. Reason on file: iShares MSCI Poland ETF holds stocks listed in Poland, which this story is about (“poland”)
- EMB Ishares Tr
Ishares Tr (EMB) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “National Bank of Poland: Why Is Policy on an Extended Hold? – ING.” Reason on file: iShares J.P. Morgan USD Emerging Markets Bond ETF holds emerging-market government bonds, which react to inflation and interest-rate news like this one in Poland
- EMLC Vaneck J. P. Morgan Em Local Currency Bond Etf
Vaneck J. P. Morgan Em Local Currency Bond Etf (EMLC) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “National Bank of Poland: Why Is Policy on an Extended Hold? – ING.” Reason on file: VanEck J.P. Morgan EM Local Currency Bond ETF holds emerging-market bonds in local currencies, which move with rate and currency news like this from Poland
- EEM Ishares Tr
In “National Bank of Poland: Why Is Policy on an Extended Hold? – ING,” Ishares Tr (EEM) is linked, with no stored direction, medium confidence. Reason on file: iShares MSCI Emerging Markets ETF is a broad fund of emerging-market stocks that includes Poland
Ishares Tr (EPOL)
“National Bank of Poland: Why Is Policy on an Extended Hold? – ING” (4 Nov 2026) reaches Ishares Tr (EPOL) through this story.
The link for Ishares Tr (EPOL) is this: iShares MSCI Poland ETF holds stocks listed in Poland, which this story is about (“poland”)
A second company, Ishares Tr (EMB), is listed for a different reason: iShares J.P. Morgan USD Emerging Markets Bond ETF holds emerging-market government bonds, which react to inflation and interest-rate news like this one in Poland
Price levels for Ishares Tr (EPOL)
EMB traded between 90.23 and 91.35 across 6 sessions. The latest close on file is 91.26. EMLC traded between 24.50 and 25.02 across 20 sessions. The latest close on file is 24.56.
What the saved facts support for Ishares Tr (EPOL)
33 out of 100
“National Bank of Poland: Why Is Policy on an Extended Hold? – ING” scores 33 out of 100. The score uses 1 sources, and 4 linked companies.