The National Bank of Poland (NBP) has boosted its gold holdings to around 550 tonnes, worth over €63 billion, as part of a long-term strategy to protect the nation’s financial stability. NBP President Adam Glapiński has repeatedly highlighted gold’s unique role: it carries no credit risk, is unaffected by other countries’ monetary policies, and acts as a safeguard against economic shocks. The bank now aims to reach 700 tonnes, bringing total bullion reserves to around PLN 400 billion (€94 billion).
A Rapid Rise in Gold Holdings
Gold’s share of Poland’s foreign reserves has surged in just over a year. 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 worldwide. Most of these acquisitions happened in the final months of 2025 during a period of market volatility and geopolitical uncertainty. On Glapiński’s initiative, the NBP plans to continue strategically expanding its gold reserves.
Following a Global Trend
Poland’s move reflects a broader global trend. According to the World Gold Council, central banks worldwide continued to accumulate gold in 2025 as a hedge against currency fluctuations and financial crises. Nearly 95% of surveyed central banks expect to increase gold holdings over the next year. Marta Bassani-Prusik of the Mint of Poland explains that central banks value gold for its independence from monetary policy, its protection against credit risk, and its ability to diversify reserves away from the dollar. Some analysts suggest that undisclosed gold purchases by countries like China and Russia may signal preparations for an alternative global monetary system.
Outpacing the ECB Amid Record Prices
Poland now holds more gold than the European Central Bank, whose reserves stand at around 506.5 tonnes. While critics argue that money used to buy gold could instead earn interest in bonds, the NBP sees bullion as a critical component of long-term financial security. Gold prices have also reached historic highs, with forecasts for 2026 ranging from $4,150 to $5,300 per ounce, keeping the metal attractive to both institutional and retail investors.
For Poland, reaching 550 tonnes is a major milestone—but further purchases are expected. In an era of rising geopolitical tension and financial uncertainty, gold is once again a key asset, and Poland aims to remain at the forefront of global bullion strategy.
