The National Bank of Poland (NBP) has boosted its gold holdings to around 550 tonnes, worth more than €63 billion, marking a major milestone in the country’s economic strategy. NBP President Adam Glapiński has long highlighted the importance of gold as a stable, credit-risk-free asset that is independent of other countries’ monetary policies and resilient to financial shocks. The bank aims to expand reserves further to 700 tonnes, bringing the total value to around PLN 400 billion (€94 billion).
Rapid Growth in Gold Holdings
Gold’s share of Poland’s foreign exchange reserves has surged, rising from 16.86% in 2024 to 28.22% by the end of 2025. This represents one of the fastest structural shifts among central banks worldwide. Most of the acquisitions took place in the last months of 2025, during a period of market volatility and geopolitical tension. Glapiński has confirmed plans to further increase the share of gold, underlining its role in safeguarding the nation’s financial stability.
Following Global Trends
Poland’s move mirrors a broader global trend. According to the World Gold Council, most central banks continued to accumulate gold in 2025 as a hedge against currency fluctuations and financial crises, with 95% expecting to grow their holdings over the next year. Marta Bassani-Prusik of the Mint of Poland explains that gold is valued for its independence from monetary policy, low credit risk, and ability to diversify reserves away from the dollar and other currencies. Some analysts also see these purchases as part of a broader shift toward alternative financial models in which gold plays a larger role.
Outshining the ECB
Poland now holds more gold than the European Central Bank (506.5 tonnes), a symbolic and strategic achievement. While the ECB manages eurozone monetary policy, the responsibility for bullion largely falls on national banks, making Poland’s 550-tonne reserve impressive. Critics argue that the funds could generate interest if invested in bonds, but the NBP emphasizes gold as a long-term financial safeguard. With historic record prices and optimistic forecasts for 2026—ranging from $4,150 to $5,300 per ounce—gold remains a sought-after asset.
For Poland, gold is a key component of national financial security. As uncertainty grows in global markets, safe-haven assets like gold attract increasing interest from both institutional and retail investors. While some economists suggest a heavy allocation may limit flexibility, Poland’s continued purchases show the country is committed to maintaining a strong, resilient position in the evolving global financial landscape.
