RMF242 hours agoBusiness2 min read

We have 700 tons of gold. NBP is expanding the treasury in Warsaw

The National Bank of Poland has achieved the goal of increasing gold reserves, their value is PLN 355.7 billion

Quick Look

The President of the National Bank of Poland, Adam Glapiński, announced the achievement of the goal of increasing gold reserves, which placed Poland among the 10 countries with the largest gold resources in the world.
The value of NBP gold is PLN 355.7 billion, and the unrealized profit is PLN 140.5 billion.
The gold is to be stored in New York, London and Poland in equal shares.

AI-generated summary

Why It Matters

The President of the National Bank of Poland, Adam Glapiński, announced the achievement of the ambitious goal of increasing gold reserves, adopted on his initiative. The current value of NBP gold is PLN 355.7 billion, of which the unrealized profit is PLN 140.5 billion. Gold is intended to protect Poland against financial crises and strengthen the country's credibility.

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Poland among the golden ten countries in the world

The President of the National Bank of Poland boasted about the implementation of an ambitious - as he put it himself - plan to increase gold reserves.

This is a historic achievement of the Polish central bank. The ambitious goal, adopted on my initiative, has been achieved. (...) Thus, Poland has consolidated its position among the 10 countries with the largest gold resources in the world - emphasized Adam Glapiński.

The current value of gold collected by NBP is PLN 355.7 billion. As Glapiński explained, the so-called the unrealized profit on gold amounts to PLN 140.5 billion. This is the difference between the purchase value of the bullion and its current market price. However, the president noted that the price of gold is subject to fluctuations, and therefore the unrealized profit may also change.

A golden shield for global crises

The head of the central bank emphasized that gold plays a key role in building Poland's financial credibility and strengthening the country's resistance to turmoil on international markets. According to Glapiński, gold protects Poland against the effects of extraordinary circumstances, such as global financial crises. He added that the main purpose of the bullion purchases was to stabilize the zloty as an independent currency and to strengthen Poland's position as a stable and reliable partner in the international arena.

The President of the National Bank of Poland sees no reason to suspend gold purchases. I see no reason why we should not continue to buy gold, he noted during the conference.

Where will Polish gold go?

The National Bank of Poland pursues a policy of diversifying the location of gold reserves. According to the resolution of the management board, ultimately 1/3 of Polish gold is to be stored in New York, 1/3 in London and 1/3 in Poland. Currently, most of the gold is located in London, where quick purchases were made. However, this situation is expected to change with the completion of the expansion and modernization of the NBP vault at Plac Powstańców Warszawy in Warsaw. Once the work is completed, the largest and most modern treasury in the country will be able to store 1/3 of Poland's total gold reserves.

What to Watch

AI outlook — possibilities, not facts

The National Bank of Poland will continue to purchase gold
Likely · Within months
Part of the gold reserves will be transferred to Poland after the expansion of the NBP treasury is completed
Very likely · Within months

Open Questions

What is the exact amount of gold in tonnes held by the National Bank of Poland?
When exactly will the expansion of the NBP vault at Plac Powstańców Warszawy be completed?
How much of the gold reserves are currently in each location?