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WIBOR Warsaw Interbank Offered Rate

The reference interest rate at which Polish banks lend to each other on the interbank market. The base for variable-rate mortgages in Poland.

Full definition

WIBOR (Warsaw Interbank Offered Rate) is the Polish interbank reference rate, fixed daily by GPW Benchmark S.A. based on quotes from 10 panel banks. Multiple tenors exist: ON, TN, 1W, 2W, 1M, 3M, 6M and 12M. Variable-rate mortgages in Poland almost always use WIBOR 3M or 6M — the loan interest rate equals WIBOR + the bank's margin. From 1 January 2027 WIBOR is scheduled to be replaced by WIRON (Warsaw Interest Rate Overnight), a new benchmark based on actual overnight transactions rather than dealer quotes. Pre-2027 loans will be converted to WIRON with a correcting spread.

Concrete numeric example

PLN 400,000 mortgage, bank margin 2%, WIBOR 3M = 5.29% → total rate 7.29%. If WIBOR drops 1 p.p. to 4.29%, the 25-year monthly payment falls from ~2,900 PLN to ~2,640 PLN — annual saving of roughly 3,120 PLN.

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Current WIBOR rates
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