Poland’s central bank has reached its previously stated target for gold reserves of 700 metric tons, Governor Adam Glapinski said on Thursday, leaving the door open to further purchases.
National Bank of Poland (NBP) has been the largest buyer of gold among central banks reporting purchases between 2024 and 2026, according to World Gold Council data.
“We had set a target of 700 tons and we have achieved it, though the world is, of course, changing,” Glapinski told a press conference on Thursday following the bank’s unchanged rate decision on Wednesday. “We monitor what other countries are doing and monitor potential threats to Poland.”
The country’s gold holdings were currently worth 356 billion zlotys ($91.4 billion), he said. That implies that NBP bought 27 tons in October, when spot gold prices XAU= fell 7%.
“You ask what comes after these 700 tons. We need to sit down and think it through calmly. I see no reason why we should stop buying gold,” Glapinski said. “I believe that our gold reserves should grow in line with our overall reserves.”
Poland is currently the world’s 10th-largest holder of gold reserves, according to WGC. Gold accounted for 31% of its reserves at the end of September.
Glapinski also said NBP’s long-term plan was to store one third of its gold at the Federal Reserve Bank of New York, one third at the Bank of England in London and one third at a vault at home.
“The issue with our own vault is that we do not currently hold that one-third share there, because these rapid acquisitions take place in London and that’s where the majority is,” he said.
NBP plans to increase storage in Poland after completing the renovation of a Warsaw building that will house “a state-of-the-art, large-scale vault,” he added.
(Reporting by Karol Badohal;Writing by Anna Koper and Polina Devitt;Editing by Susan Fenton)
