The National Bank of Poland (NBP) has boosted its gold holdings to roughly 550 tonnes, valued at over €63 billion, highlighting the country’s strategy to safeguard its economy. NBP President Adam Glapiński has long emphasized gold’s unique role: it carries no credit risk, is insulated from other nations’ monetary policies, and remains resilient during financial shocks. The bank aims to expand further, targeting 700 tonnes worth about PLN 400 billion (€94 billion).
Rapid Growth in Gold Holdings
Gold’s share of Poland’s foreign exchange reserves has surged in just over a year. In 2024, bullion accounted for 16.86% of reserves, climbing to 28.22% by the end of 2025—one of the fastest structural shifts among central banks worldwide. Most acquisitions were made in late 2025 amid heightened market volatility and geopolitical uncertainty. Glapiński has announced plans to continue increasing the gold share, reinforcing Poland’s financial resilience.
Following a Global Trend
Poland’s strategy aligns with a global pattern: central banks worldwide continue to accumulate gold as a hedge against currency fluctuations and economic crises. According to the World Gold Council, 95% of central banks expect their gold holdings to rise further over the next year. Marta Bassani-Prusik of the Mint of Poland highlights that gold offers independence from monetary policy, reduces reliance on the dollar, and diversifies reserves. Observers also note that countries like China and Russia may be quietly building reserves in preparation for a future financial model where gold plays a bigger role.
Outpacing the ECB Amid Record Prices
Poland now holds more gold than the European Central Bank (ECB), whose reserves stand at around 506.5 tonnes. While critics argue that the funds could be invested in interest-generating assets like bonds, the NBP views bullion as a long-term security measure. Record gold prices in 2025 and optimistic 2026 forecasts—from $4,150 to as high as $5,300 per ounce—underscore its appeal. In an uncertain global environment, gold remains a safe-haven asset, and Poland is positioning itself at the forefront of this trend, with further purchases likely in the near future.
