The gold reserves rose to 450 tons. “The safety of Poles in the event of war”

During yesterday's press conference, the president of the National Bank of Poland (NBP), Prof. Adam Glapiński, informed about the continuation of the strategy of expanding gold reserves by the central bank.

He stressed that in November 2024 the NBP purchased an additional 21 tons of gold, which increased full reserves to 448.2 tons. The value of these reserves reached PLN 156.5 billion, representing over 17.6% of the authoritative reserve assets of the bank

President Glapiński pointed out that since 2018 NBP has gradually increased the share of gold in its reserves, aiming to scope the level of 20% of full abroad exchange reserves.

– We made a historical decision and now reached 450 tons of gold, which we solemnly inform. We are truly getting to the club of these 13 countries – the biggest gold holders – said Glapiński. – And on gold itself, of course, there is simply a immense profit created, due to the fact that gold, as you know, costs respective twelve billion, but (...) we do not buy gold to sale it with profit.

In addition, the president of the NBP pointed out that Poland, being the front country of NATO, must peculiarly take care of the appropriate level of gold reserves in order to guarantee the stableness and solvency of the state in all conditions, including wars. He besides stressed that all crucial countries care about the right level of gold reserves, which shows their solvency and stableness in global relations

Finally, Prof. Glapiński reported that NBP plans to proceed its gold purchases in order to accomplish the mark of 20% share of this aggregate in the abroad exchange reserves, which aims to further strengthen the financial stableness of the country.