The National Bank of Poland (NBP) has pushed its gold holdings to around 550 tonnes, valued at over €63 billion, signaling a strategic shift in the country’s financial planning. NBP President Adam Glapiński has long highlighted gold’s role as a cornerstone of economic stability, citing its immunity to credit risk, independence from foreign monetary policies, and resilience during financial shocks. The bank now aims to increase reserves further to 700 tonnes, worth roughly PLN 400 billion (€94 billion).
Rapid Growth in Gold Holdings
Gold’s share of Poland’s foreign exchange reserves has grown sharply in recent years. From 16.86% in 2024, it surged to 28.22% by the end of 2025—a change among the fastest seen in central banks globally. The bulk of acquisitions occurred during the last months of 2025, a period marked by market volatility and geopolitical tensions. On Glapiński’s initiative, the NBP board has approved further strategic purchases to expand the nation’s bullion reserves.
Part of a Global Trend
Poland’s move mirrors a wider trend among central banks. According to the World Gold Council, most countries increased their gold holdings in 2025, treating bullion as a hedge against currency fluctuations and financial crises. Nearly 95% of central banks surveyed expect to continue adding to their reserves over the next year. Marta Bassani-Prusik, director at the Mint of Poland, explains that gold’s independence from monetary policy and credit risk, alongside diversification benefits, makes it a key reserve asset. Analysts also note that some nations, including China and Russia, may be quietly building reserves in preparation for a future financial model where gold could play a larger role.
Outpacing the ECB and Looking Ahead
Poland now holds more gold than the European Central Bank (506.5 tonnes), highlighting its growing influence in Europe’s financial architecture. Critics argue that funds used to buy gold could generate income elsewhere, such as in bonds, but NBP views bullion as a long-term safety net. Gold prices hit record levels alongside Poland’s purchases, with forecasts for 2026 ranging from $4,150 to as high as $5,300 per ounce amid continued global demand.
For Poland, gold is central to national financial security. Experts note that uncertainty boosts interest in “safe haven” assets, and retail investors are increasingly aware of gold’s role in preserving wealth. While some economists question whether a heavy focus on gold suits modern reserve management, the NBP’s ongoing acquisitions indicate that Poland is determined to remain a major player in the global gold market as geopolitical tensions and economic shifts continue.
