The National Bank of Poland (NBP) has boosted its gold holdings to around 550 tonnes, worth over €63 billion, as the country doubles down on its strategy to safeguard the economy. NBP President Adam Glapiński has long stressed that gold is a unique asset—free from credit risk, unaffected by foreign monetary policy, and resilient in times of financial turbulence.
A Rapid Shift in Reserve Strategy
Gold’s share of Poland’s foreign exchange reserves has jumped dramatically, from 16.86% in 2024 to 28.22% by the end of 2025, marking one of the fastest structural shifts among central banks globally. Most of these acquisitions were made in the latter months of 2025, amid heightened market volatility and geopolitical tensions.
Glapiński and the NBP’s management board are now planning to raise reserves further to 700 tonnes, aiming for a total bullion value of roughly PLN 400 billion (€94 billion). High gold reserves are viewed as a stabilizing force for Poland’s economy and a hedge against financial shocks.
Part of a Global Trend
Poland is not alone in this approach. According to the World Gold Council, 2025 saw central banks worldwide continue to increase their gold holdings as a safeguard against currency and financial crises. Around 95% of surveyed banks expect gold reserves to rise further over the next year.
Marta Bassani-Prusik of the Mint of Poland explains that gold’s appeal lies in its independence from credit risk and monetary policy, along with the diversification it provides and the reduced reliance on the dollar and other currencies. Experts note that some central banks, like China and Russia, may not disclose the full scale of their purchases, hinting at a potential shift toward a more gold-centered monetary model.
Outpacing the ECB and Looking Ahead
Poland now holds more gold than the European Central Bank, whose reserves total roughly 506.5 tonnes. While the ECB sets eurozone monetary policy, national central banks largely shoulder the responsibility for holding bullion, making Poland’s position particularly strong in Europe.
Critics, however, argue that funds used for gold could generate interest if invested in bonds, since gold does not produce ongoing income. Still, the NBP’s purchases coincided with record-high gold prices, and forecasts for 2026 remain positive, with predictions ranging from $4,150 to $5,300 per ounce depending on global demand.
For Poland, gold represents long-term financial security. As geopolitical and economic uncertainties grow, the metal is once again seen as a safe haven. With further acquisitions likely, Poland is positioning itself at the forefront of central banks that view gold as a strategic pillar of economic stability.
