Polish treasury bonds in November 2026: Finance Ministry keeps rates and margins unchanged

Poland's Finance Ministry said in a statement that it is changing neither the interest rates nor the margins of retail bonds on offer in November 2026. The information was reported on 26 October 2026 by the PAP Biznes news service.

Rates in the first interest period

According to the statement, the interest rates on individual bonds will be:

• 3-month bonds (fixed): 2.00% a year,
• 1-year bonds (variable, based on the National Bank of Poland reference rate): 4.00% in the first monthly interest period,
• 2-year bonds (variable): 4.15% in the first monthly interest period,
• 3-year bonds (fixed): 4.40%,
• 4-year bonds: 4.75% in the first annual interest period,
• 10-year bonds: 5.35% in the first annual interest period.

Family bonds for beneficiaries of the "Rodzina 800 plus" programme are listed separately. The 6-year bonds are to pay 5.00% and the 12-year bonds 5.60% in the first annual interest period.

How the interest is calculated

The interest on 1-year and 2-year bonds changes every month. It is the sum of the National Bank of Poland reference rate and a margin. For bonds offered in October, the margin was 0.00% for 1-year bonds and 0.15% for 2-year bonds.

The interest on 4-year bonds changes once a year. It is calculated from the sum of the inflation rate over the previous 12 months and an unchanged margin of 1.50%. The same mechanism applies to 10-year bonds, but their margin is 2.00%.

Family bonds are calculated using the same rules as the 4-year and 10-year bonds. The preferential margins, also unchanged, are 2.00% for 6-year bonds and 2.50% for 12-year bonds.

Background to the decision

According to PAP Biznes, the ministry last cut the interest on retail bonds in April. That followed a 25 basis point interest rate cut by the Monetary Policy Council (RPP) in March. In October the RPP left the National Bank of Poland's rates unchanged, and the reference rate stands at 3.75%.

Before buying, it is worth checking the full terms of the issue in the Finance Ministry's statement. They cover matters such as how interest is paid and early redemption. The source article does not discuss them.