The National Bank of Poland (NBP) has raised its gold holdings to around 550 tonnes, valued at over €63 billion, as part of a long-term plan to safeguard the country’s financial stability. NBP President Adam Glapiński has long highlighted the strategic importance of gold, noting that it carries no credit risk, is independent of other countries’ monetary policies, and offers protection against financial shocks. The bank now aims to reach 700 tonnes, bringing total bullion reserves to approximately PLN 400 billion (€94 billion).
A Rapid Expansion of Gold Holdings
Gold’s share of Poland’s foreign exchange reserves has grown dramatically. In 2024, it made up 16.86% of reserves, but by the end of 2025, it had jumped to 28.22%—one of the fastest increases among central banks globally. Most of these purchases occurred in the final months of 2025, during a period of market volatility and geopolitical tension. On Glapiński’s initiative, the NBP plans to continue strategically increasing its share of gold in the coming years.
Following Global Trends
Poland’s gold accumulation mirrors a worldwide pattern. According to the World Gold Council, most central banks increased their gold holdings in 2025, using bullion as a hedge against currency fluctuations and financial crises. Nearly 95% of surveyed central banks expect to expand their reserves further over the next year. Marta Bassani-Prusik of the Mint of Poland explains that gold’s independence from monetary policy, protection from credit risk, and diversification benefits make it a key asset. Observers also suggest that undisclosed purchases by countries like China and Russia may hint at plans for an alternative global monetary system where gold plays a bigger role.
Outpacing the ECB and Market Implications
Poland now holds more gold than the European Central Bank, whose reserves stand at around 506.5 tonnes. While critics argue that the money used for gold could earn interest in bonds, NBP sees bullion as a cornerstone of long-term financial security. Gold prices have also reached historic highs, with 2026 forecasts ranging from $4,150 to $5,300 per ounce, making it attractive to both institutional and retail investors. Experts note that in times of uncertainty, gold remains a safe-haven asset, and Poland’s continued purchases position the country strongly in Europe’s financial landscape.
Reaching 550 tonnes is a major milestone, but further acquisitions are expected, highlighting Poland’s ambition to remain at the forefront of global gold reserves amid rising geopolitical and economic uncertainty.
