Adam Glapiński, president of the National Bank of Poland, has announced that the bank now has 420 tons of gold, making it part of the “exclusive club of the largest holders of gold reserves in the world”.
“We managed to do it very successfully,“ he said, adding that the National Bank of Poland earned or saved several dozen billion złoty during its accumulation.
“We have symbolically exceeded the resources of Great Britain, which has always been a kind of reference point,“ the NBP head said, adding that the gold purchases would continue.
He emphasized the importance of gold reserves as an economic stabilizer and state reserve.
“In accordance with the resolution of the board, we are aiming for 20 percent of our currency reserves to be in gold. Once we achieve this, we will join the ranks of the world’s top economies”, Glapiński said.
“None of our trading partners and investors can doubt our credibility and solvency, even when a dramatic situation is unfolding around us,” he boasted.
Poland has some $200 billion in currency reserves as well.
Poland’s previous conservative government of Law and Justice (PiS) embarked on a massive gold buying spree while it was in power, which accounts for a significant chunk of the overall gold reserve stocks.
In 2019, the Polish central bank said it had brought into the country around 100 tons of gold from safekeeping in the Bank of England.
Poland’s geopolitical location has contributed to its strategic decision to diversify its assets. By diversifying its foreign exchange reserves with gold, Poland can potentially mitigate the negative effects of inflation on its economy.
During the second quarter 2024, the price of gold surpassed the record level of $2,500 per ounce.
