FX.co ★ Poland’s M3 Growth Eases in July, Pointing to Gradual Monetary Tightening Effects

Poland’s broad money supply (M3) growth slowed modestly in July 2026, signaling a gradual cooling in monetary expansion. Year-over-year M3 growth eased to 11.3% in July, down from 11.8% in June 2026, according to data updated on 24 August 2026.

Both figures are measured on a year-over-year basis, comparing each month with the same month a year earlier. The latest reading suggests that while liquidity in the Polish economy remains elevated, the pace of monetary expansion is losing some momentum compared with mid-year levels. Market participants will be watching upcoming releases closely to assess whether this deceleration continues and what it may imply for credit dynamics, inflation trends, and the broader outlook for monetary policy in Poland.