The National Bank of Poland has reached its target of holding 700 tonnes of gold in reserves, governor Adam Glapinski announced. The target was set by the bank’s board in mid-January, and the bank has been building its gold reserves since 2018. Glapinski called the milestone a historic achievement for the Polish central bank.
The bank’s gold holdings are now valued at 355.7 billion zloty, or 81.03 billion euro, with an unrealised profit of 140.5 billion zloty. Since Glapinski’s mandate began, the NBP has added 598 tonnes. Gold lost about a quarter of its value after the Iran war began at the end of February, and by our market data gold stood at $4,070.93 an ounce as of 20:04 GMT on 8 November.
Buying shows no sign of stopping
Glapinski said he sees no reason to stop buying gold. Adam Stroniawski, managing director of Mennica Skarbowa, said reaching the 700-tonne target would be only a stage, not the end of purchases or the start of large-scale sales.
Central bank buying reached its fastest pace since late 2024 in the third quarter, according to Bloomberg. The World Gold Council put central bank accumulation at 321 tonnes in that quarter. Nearly two-thirds of estimated central bank purchases were not disclosed by the monetary authorities themselves.
Where Poland’s gold is held
Poland keeps part of its reserves abroad. In 2025 the bank held 195 tonnes in New York and 250 tonnes in London, with roughly 105 tonnes in the country. Glapinski earlier said reserves would be increased once the reconstruction of the NBP’s Warsaw building and a new vault are finished.
Related: Tusk government seeks court referral of Poland's central bank governor · Goldman estimates 79 tonnes of central bank gold buying in August
Source: National Bank of Poland | Data: Swissquote
