Polish business today operates in a reality that is best described by simultaneous stabilisation and uncertainty. On the one hand, the Monetary Policy Council’s decision to maintain interest rates provides predictability in the area of the cost of money, while on the other, growing geopolitical tensions and the volatility of the economic environment increase the risk of doing business. In this jigsaw puzzle, liquidity support tools are important. This is confirmed by data from the Polish Factors Association. In the first quarter of 2026, factoring companies financed receivables worth approximately PLN 131 billion, an increase of nearly 10% year-on-year, and the service is already used by approx. 27 thousand enterprises already use the service.
The Monetary Policy Council’ s decision to keep interest rates unchanged is part of a broader picture of caution currently dominating economic and financial policy. In an environment of heightened geopolitical uncertainty, related among other things to tensions around the Persian Gulf and the situation in relations between Iran and the United States, central banks are increasingly opting for a wait-and-see strategy rather than quick reactions. This is also the direction signalled by the National Bank of Poland, emphasising the importance of incoming data and the volatility of the external environment.
Risk of sudden changes
For Polish business, this means operating in an environment where key economic parameters remain relatively stable, but at the same time are subject to significant risks of sudden changes. Of particular importance here is the energy commodity market, whose sensitivity to events in the Middle East remains high. Possible disruptions in the supply of oil or gas can quickly translate into operating costs for companies, affecting both production prices and inflation levels. From this point of view, the decision to hold off on further interest rate changes can be read as an attempt to maintain a balance between controlling inflation and supporting economic activity.
In such an environment, the increasing use of factoring is no coincidence. Data from the Polish Factors Association shows that companies are increasingly treating it not just as a source of financing, but as an element of risk and liquidity management. More than 7 million financed invoices in the first quarter of the year is a clear sign that companies are actively shortening their cash turnover cycle and protecting themselves against payment delays.
At the same time, the stabilisation of rates does not mean a return to the predictability familiar from earlier years. Companies operating in Poland still have to take into account scenarios in which external factors change business conditions in a short period of time. This applies not only to financing costs, but also to exchange rates, availability of capital or liquidity in supply chains. With global tensions likely to affect transport and raw material prices, the importance of flexible financial management and ongoing cash flow control is growing.
Working capital requirements
It is no coincidence, then, that the dynamic growth of factoring is concentrated in the manufacturing and distribution sectors, where an increase in sales means a greater need for working capital at the same time. The ability to immediately release funds from issued invoices allows companies to settle their own obligations on time and to safely develop their business, even in conditions of increased volatility.
The scenario of further monetary easing seems to have been pushed back and any decisions will depend on the path of inflation. This means that companies should not assume a rapid fall in the cost of money as a factor for improving their financial situation. Instead, it is becoming more important to be able to adapt in an environment of persistent uncertainty and to be able to hedge risks arising from global dependencies also through the use of instruments such as factoring.
More broadly, the current situation shows how strongly the Polish economy is linked to processes outside Europe. Even limited tensions in key regions for global trade and energy can affect the decisions of domestic institutions and the condition of companies. In this context, the importance of tools and strategies that allow companies to maintain operational stability despite a volatile environment and build resilience to external shocks is growing.
