Poland to increase gold reserves by 100 tons

By Grzegorz Adamczyk
2 Min Read

Poland will acquire an additional 100 tons of gold this year, taking its national gold reserves to 330 tons, the president of its central bank confirmed on Wednesday.

Adam Glapiński, head of the National Bank of Poland (NBP), explained that because Poland possessed its own currency, the central bank was able to carry out a policy which it believed was the best for the country’s development.

“We can accumulate large reserves of gold and increase gold reserves. The fact that we have 230 tons has an incredibly beneficial influence,” Glapiński said. “Investors look at us differently, and we are a reliable partner,” adding that the central bank can conduct operations on different scales for its own benefits.

He emphasized that the purchase of 100 tons of gold would take place during an opportune moment and in appropriate amounts.

Between 2018 and 2019, the National Bank of Poland purchased 125.7 tons of gold. At the end August 2021, the gold reserves of the bank reached 230.2 tons. Not all of the purchased gold bars are located in Poland — in the autumn of 2021, the bank revealed that 104.9 tons of gold were present in NBP vaults.

“Why does the National Bank possess gold? Because gold will retain its value even when someone pulls the plug on the entire global finance system and destroys traditional fortunes based on electronic accounting entries,” Glapiński had explained back in October last year.

The head of the NBP pointed out that it is expected of the country’s central bank to be prepared for any eventuality, and that it saw a special place for gold in its process of managing foreign exchange reserves.

The purchase will see Poland leapfrog the likes of Austria, Spain and the United Kingdom when it comes to gold reserves.

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