Poland has been steadily increasing its gold reserves over the years and is now the thirteenth country in the world with the largest gold holdings. As of mid-February this year, the National Bank of Poland (NBP) possesses over 450 tons of gold in its foreign exchange reserves. This gold is valued at approximately 169 billion zlotys (more than 42.5 billion USD), which represents 17.97% of Poland's total foreign exchange reserves. Only In 2024, the NBP acquired a total of 89.55 tons of gold, significantly boosting its reserves. Currently, these gold reserves are stored both in Poland and at the Bank of England. The reserves in London could be actively utilized through selling or pledging, given that London is one of the world's leading gold trading centers.

NBP President Adam Glapiński has been consistent in announcing ongoing gold purchases, aiming for gold to constitute 20% of the country's foreign exchange reserves, a goal set in 2021. The NBP continues to buy gold regardless of its price, even as current global gold prices reach record highs. This plan entails the purchase of nearly 80 more tons of gold this year, independent of market fluctuations. According to the NBP President, these purchases are not speculative; they are aimed at protecting the interests of the Polish state against potential threats such as war, pandemics, or other crises. The gold reserves serve to diversify the bank's assets and are considered immune to inflation and economic instability. Furthermore, substantial gold reserves enhance the credibility of the Polish financial system and support the stability of the national currency.

However, critics of maintaining such large gold reserves argue that it represents "dead capital" since it does not generate interest or dividends on its own. Additionally, there are storage costs and concerns about the high volatility of gold prices, which are currently rising significantly. Many economists suggest that Poland's sovereign assets should be invested in more liquid and profitable options, such as government bonds or stable economies funds.

Source, Łukasz Wojdyga