The National Bank of Poland has accumulated 700 tonnes of gold, NBP President Adam Glapiński said at a press conference after the Monetary Policy Council meeting. He called the milestone a historic achievement for the Polish central bank. The 700-tonne goal was set by the NBP management board on 20 January.
Glapiński said the target, adopted on his initiative, had once seemed difficult to achieve. He said it had now been realised. Poland, he added, had consolidated its position among the ten countries with the largest gold reserves in the world. Poland ranked 10th in the world gold reserves ranking in May.
Estimates point to October buying
Bankier.pl estimates, based on monthly NBP reserve data and LBMA gold fixing prices, suggest the bank may have bought about 18.9 tonnes in October. That would imply holdings of about 691.8 tonnes at the morning fixing, or 703.8 tonnes at the afternoon fixing. These are the outlet’s own calculations, not official data.
Official figures on foreign-currency assets and liabilities are due on 20 November. The NBP’s gold monetary item was valued at 88.55 billion US dollars at the end of October, a decline of 2.13 billion from the end of September. Gold fell 6.9 percent in October.
Gold as a stabiliser
Glapiński said gold greatly stabilises the financial system. He said it strengthens international perception of the Polish economy and raises the credibility of the state. He also said it confirms the safety of placing capital in Poland.
Gold added to NBP reserves was 130 tonnes in 2023, about 90 tonnes in 2024 and 102 tonnes in 2025. Glapiński did not give a figure for purchases in 2026 beyond the cumulative total.
Related: Goldman estimates 79 tonnes of central bank gold buying in August
Source: National Bank of Poland
