The National Bank of Poland (NBP) has announced plans to significantly increase the share of gold within its foreign exchange reserves, aiming to raise its proportion to 30%. In a statement, the NBP emphasized that the pace and scale of these purchases would depend on market conditions.

Currently, Poland’s gold reserves amount to over 515 tons, valued at over PLN 200 billion, which makes up approximately 22% of its total foreign exchange reserves worth PLN 953 billion. National Bank of Poland President Adam Glapiński highlighted gold’s growing significance for financial stability, particularly in times of global uncertainty. Glapiński pointed out that gold is the second most important asset on central banks’ balance sheets worldwide, underscoring its role as a stable store of value amid geopolitical and economic pressures.

As of early September, the bank’s gold holdings stood at 515 tons and 300 kilograms, valued at over PLN 204 billion ($58 billion). Glapiński noted that Poland had begun its intensive gold purchases earlier than many other nations, despite facing political criticism for this decision.

Globally, central banks have been ramping up their gold reserves, marking a significant trend in recent years. Combined reserves now exceed 36,000 tons, a level not seen since the Bretton Woods era over 50 years ago. This surge has been spurred in part by Russia’s invasion of Ukraine, which has heightened global uncertainty. In the last three years, central banks’ demand has grown to account for 20% of global gold purchases, nearly double the average share from the previous two decades.

With global resources limited, gold remains a scarce commodity. Annual production is equivalent to a cube with sides measuring just 5.5 meters, while total reserves would form a cube of only 21–22 meters. This scarcity, coupled with its enduring value, continues to make gold a cornerstone of central bank strategies worldwide.