As reported by the Ministry of Finance, the debt of the State Treasury (St) at the end of December 2025 amounted to PLN 1,951.9 billionwhich means an increase of PLN 322.6 billion (almost 20%) compared to the end of 2024. In December alone, the debt increased by PLN 43.1 billion, or 2.3%. month to month.
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Record debt growth in 2025
Although the debt level was consistent with the plans included in the “Debt Management Strategy for 2026–2029”, its increase was record-breaking.
For comparison:
- in 2024, the debt increased by PLN 283 billion,
- in 2023 – by PLN 107 billion.
The Ministry of Finance indicates that the key reason was the very high spending needs of the state. In 2025, the government borrowed net PLN 317.7 billion, mainly to finance the state budget deficit of PLN 275.6 billion.
The increase in debt was also influenced by:
- loans granted – PLN 19.6 billion,
- operations related to the handling of European funds – over PLN 27 billion,
- transfer of treasury bonds under other acts – PLN 17.9 billion.
Domestic and foreign debt
Since the beginning of 2025, the domestic debt of the State Treasury has increased by PLN 301 billion and reached the level PLN 1.55 trillion. Foreign debt (denominated in foreign currencies) increased by PLN 21.6 billion – to PLN 397 billion.
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The increase in foreign debt was the result of:
- increasing liabilities in euro (+EUR 3.6 billion),
- increase in debt in US dollars (+$5.5 billion).
It partially limited him strengthening of the Polish zloty against major currencies, which reduced the value of debt by PLN 15.9 billion.
Who is buying Polish debt?
The largest buyers of new domestic debt were Polish banks – they increased their exposure by PLN 161.4 billion, to PLN 758 billion. At the same time, the National Bank of Poland reduced its bond holdings by PLN 14.6 billion.
Domestic non-bank investors also made significant purchases, purchasing additional securities worth PLN 113.8 billion (a total of PLN 622 billion at the end of the year).. In this group, the largest owners were:
- households – 33.4 percent,
- central and local government institutions (including FRD and BFG) – 22.8%,
- investment funds – 20 percent,
- insurance companies – 14 percent
Foreign investors increased their involvement by PLN 25.8 billion – to PLN 174 billion. The largest increase concerned investors using omnibus accounts and entities from the euro zone and European non-EU countries. However, a decline was recorded among investors from Asia.
The beginning of 2026 confirms the trend
According to preliminary estimates of the Ministry of Finance the debt of the State Treasury at the end of January 2026 amounted to approximately PLN 1,998.3 billion, which was PLN 46.4 billion (2.4%) higher than a month earlier.
Domestic debt amounted to approximately PLN 1,595 billion, while foreign debt amounted to PLN 403.3 billion.
According to the provisions of the “Debt Management Strategy…”, by the end of 2026 the total value of State Treasury debt is to increase by another PLN 320-350 billion. The main reason remains the high spending needs of the state, in particular related to increased spending on defense.
