Poland’s central bank (NBP) now holds 509.3 tonnes of gold, surpassing the European Central Bank’s 506.5 tonnes, according to NBP governor Adam Glapiński. This marks a substantial increase from the 14 tonnes held in 1996 and 102 tonnes in 2016, with acquisitions accelerating notably after 2022. Gold currently represents 22% of Poland’s total foreign reserves, slightly above the central bank’s 20% target.
Approximately one-fifth of the gold reserves are stored within Poland; the remainder is held in custody in New York and London. The NBP plans to rebalance holdings over time so that reserves are more evenly distributed among Poland, New York and London, enhancing security and logistical flexibility.
Governor Glapiński has valued the holdings at €44.3 billion and stated that the gold’s market value has risen by roughly €14.12 billion since the purchases were made. The expansion of gold reserves reflects a strategic decision to diversify and strengthen the country’s external assets amid changing global economic conditions.
The increased allocation to gold aligns with broader reserve-management policies aimed at preserving capital and reducing exposure to currency volatility. By raising the share of gold in total reserves, the NBP seeks to provide a stable store of value that can act as a hedge against inflation and geopolitical uncertainty. This move also mirrors actions by several other central banks that have been rebuilding or enlarging their gold holdings over recent years.
Operationally, holding bullion across multiple vaults in different jurisdictions helps mitigate risks such as geopolitical disruption, transport limitations and local banking system stresses. The planned equal distribution across domestic and foreign storage locations is intended to balance accessibility for domestic needs with the benefits of internationally diversified custody arrangements.
While gold does not generate income like interest-bearing assets, central banks view it as a strategic reserve asset that preserves purchasing power over long periods. The NBP’s reported valuation and realized appreciation underline why many monetary authorities maintain or expand gold allocations as part of a resilient reserve strategy.