The National Bank of Poland (NBP) continues to ensure the financial stability of the country. According to the President of the NBP, we currently hold gold reserves of 420 tonnes, which means an additional purchase of about 22 tonnes of the precious metal in September. Thanks to strategic purchases of gold in recent years, we have not only strengthened our position but also gained around 30 billion zlotys from gold investments. The amount of accumulated gold puts Poland in the leading position in the global race for gold reserves. Will we manage to surpass Portugal and take the 11th place? This promotion would mean a leap of 10 positions within a year.
Although we have not yet learned the monthly data on the state of reserve assets for September, the President of the National Bank of Poland already revealed at Thursday’s conference that the purchase of precious metal continued last month. The NBP currently holds gold reserves of 420 tonnes, which means an added purchase of about 22 tons of precious metal in September. These purchases are driven by the enhancement of the perception of Poland’s financial stability, and the relatively large quantities compared to other countries are due to our geographical location and underlying geopolitical risks along our eastern border.
Let’s recall that at the end of the second quarter, Poland was in 12th place in the world with reserves of 377 tons. Currently, with 420 tons, we have probably already surpassed Portugal, which reported 382 tons at the end of the second quarter. This would move Poland to the 11th position. We will learn the final data from the summary of the third quarter of the World Gold Council very soon – indicates Tomasz Gessner, chief analyst at Tavex. The President of the National Bank of Poland confirmed that he consistently aims to increase the share of gold in reserves to 20%. After the August purchases, this share was just over 15%, and the September transactions brought us closer to the 16% level, although we will only know the precise value after the publication of the full data on the state of all reserve assets for September – he adds.
The gold race is ongoing around the world. More and more central banks plan to increase their gold reserves. According to research from the Central Bank Gold Reserves (CBGR) in 2024, no less than 29% of central banks intend to enlarge their holdings of this precious metal within the next year – the highest percentage since the start of the research in 2018.
The National Bank of Poland consistently ensures the financial stability of the country, which is reflected in the regular purchases of gold. The recent transactions bring us closer to the top ten of the world’s reserves, showing Poland’s strategic approach to diversifying reserve assets. Gold is not only a safeguard, but also a key element in building trust on the international stage – emphasizes Aleksander Pawlak, CEO of Tavex.
Monetary gold plays a crucial role in diversifying currency reserves worldwide today. The global demand for this precious metal makes it one of the most desired assets, competed for by countries on all continents. In the current times of geopolitical tensions, gold is becoming a guarantor of financial security for many countries.
Source: https://ceo.com.pl/polska-na-drodze-do-czolowki-panstw-z-najwiekszymi-rezerwami-zlota-mamy-juz-420-ton-60957
