National Bank of Poland (NBP) gold reserves have risen by 125.7 tonnes to 228.6 tonnes, the bank announced on Friday.

The NBP’s management board made a strategic decision to significantly increase the central bank’s gold reserves within the foreign currency reserves.

"In the year in which we celebrate the centenary of the Polish zloty as the foundation of our country’s economic strength – we managed to increase strategic gold reserves and take actions to repatriate a significant part of Polish gold to the country. By fulfilling our constitutional, legislative and simply patriotic obligations, we not only build the economic strength of the Polish state, but also creating reserves which will safeguard its financial security. Such is the global trend, but also the expectation of Polish society," said Adam Glapiński, the chairman of the NBP.

Of the 125.7 tonnes bought in the last 12 months, 100 tonnes were purchased in 2019 and 25.7 tonnes in 2018.

 

 

The central bank noted : "Thanks to the purchases conducted in the last 12 months, since the beginning of Prof. Adam Glapiński's term, the NBP has moved from 34th to 22nd place among the world's central banks and from 15th to 11th place in Europe, overtaking all the countries in the region."

The NBP announcement also states that central banks need to “diversify the storage locations of their gold resources in order to limit geopolitical risk, which could result, for example, in losing access to or restriction of the availability of gold resources held abroad.”

Poland now plans to repatriate ‘almost half’ of its strategic gold reserves (around 100 tons - all stored at the bank of England in London) back to the NBP’s vaults in Warsaw.

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