(Mike Maharrey, Money Metals News Service) Last week, the National Bank of Poland announced plans to boost its gold holdings to 30 percent of its total reserve assets.
The Polish central bank has already significantly increased its gold reserves.
The National Bank of Poland was the biggest central bank gold buyer in 2024 and stayed on top with continued purchases through the first eight months of 2025, adding another 67 tonnes.
Last year, National Bank of Poland Governor Adam Glapiński indicated the central bank planned to increase its gold holdings to 20 percent of its reserves.
“This makes Poland a more credible country; we have a better standing in all ratings, we are a very serious partner, and we will continue to buy gold.”
According to the World Gold Council, Poland currently holds just over 515 tonnes of gold, making up 22 percent of its total reserves. That’s more than the European Central Bank. To put the country’s gold reserves in context, in 1996, the NBP only held 14 tonnes of gold.
When he announced plans to further expand Poland’s gold reserves last week, Glapiński called gold “the only safe investment for state reserves,” in these “difficult times of global turmoil and the search for a new financial order.”
In an interview earlier this year, Glapiński said that it is not directly linked to any national economic policies, is a safe haven during crises, and retains its real value over the long term.
“It is a symbol of stability that enhances our credibility in the eyes of investors and foreign partners.”
According to the NBP’s website, gold is not a liability and carries no counterparty risk. Furthermore, its physical characteristics ensure durability and near indestructibility.
When he announced the initial plan to expand its gold reserves in 2021, Glapiński said holding gold was a matter of financial security and stability.
“Gold will retain its value even when someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we do not assume that this will happen. But as the saying goes – forewarned is always insured.
“And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process.”
Glapiński also pointed out that “Gold is free from credit risk and cannot be devalued by any country’s economic policy. Besides, it is extremely durable, virtually indestructible.”
Poland has also brought some of its gold home. In 2019, the Polish central bank covertly moved 100 tonnes of gold from London vaults to a facility in Warsaw.
Poland isn’t alone in boosting its gold holdings.
On net, central banks globally increased their official gold holdings by 1,044.6 tonnes in 2024. It was the 15th consecutive year of expanding gold reserves.
Last year was the third-largest expansion of central bank gold reserves on record, coming in just 6.2 tonnes lower than in 2023 and 91 tonnes lower than the all-time high set in 2022. (1,136 tonnes). 2022 was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.
To put that into context, central bank gold reserves increased by an average of just 473 tonnes annually between 2010 and 2021.
Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.
