The National Bank of Poland (NBP) has boosted its gold reserves to roughly 550 tonnes, valued at over €63 billion, as part of a broader strategy to strengthen the country’s financial security. President Adam Glapiński has long stressed gold’s importance as a reserve asset, highlighting that it carries no credit risk, is independent of other countries’ monetary policies, and offers protection against financial shocks. High gold holdings are also seen as a pillar of stability for the Polish economy. The bank aims to eventually reach 700 tonnes, pushing the total value of its reserves close to €94 billion.
A Rapid Shift in Poland’s Reserve Strategy
Gold’s share of Poland’s foreign exchange reserves has grown dramatically, from 16.86% in 2024 to 28.22% by the end of 2025, marking one of the fastest reserve restructurings among central banks worldwide. Most of the purchases occurred during the last months of 2025, a period of high market volatility and geopolitical tension. On Glapiński’s initiative, the NBP’s management board plans to continue increasing the share of gold, with a formal proposal to expand reserves to 700 tonnes expected soon.
Joining a Global Trend
Poland’s gold accumulation mirrors a broader pattern among central banks. According to the World Gold Council, 2025 saw most central banks boost their gold holdings, viewing bullion as a hedge against currency fluctuations and financial crises. Nearly 95% of central banks surveyed expect their gold reserves to grow further over the next year.
Marta Bassani-Prusik, director at the Mint of Poland, notes that gold’s independence from monetary policy and credit risk makes it highly attractive, alongside the benefits of diversification and reducing reliance on the dollar or other foreign currencies. Some analysts suggest that undisclosed gold purchases by countries like China and Russia could signal preparations for a future financial system where gold plays an even bigger role.
Outpacing the ECB and Market Implications
Poland now holds more gold than the European Central Bank, which manages eurozone monetary policy but keeps its own reserves relatively modest at around 506.5 tonnes. Critics of Poland’s strategy argue that the funds used to buy gold could instead be invested in bonds or other assets that generate interest income.
NBP’s purchases have coincided with record-high gold prices, and forecasts for 2026 remain optimistic, ranging from $4,150 per ounce to $5,300 under scenarios of strong global demand. Bassani-Prusik points out that central bank purchases indirectly influence investors’ decisions, reinforcing gold’s role as a “safe haven.”
For Poland, gold is central to a long-term strategy of financial security. While some economists question whether such a large allocation is ideal for a modern economy, the NBP appears committed to remaining at the forefront of global gold holdings, using bullion to navigate geopolitical uncertainty and shifting economic conditions.
