Adam Glapiński, president of the National Bank of Poland, announced at a press conference on Thursday that “on behalf of all Poles,” the bank now has 420 tons of gold, making it part of the “exclusive club of the largest holders of gold reserves in the world,” reports Do Rzeczy.
Glapiński also commended the manner in which the gold was purchased, in particular the prices the gold was purchased at.
“We managed to do it very successfully,“ he said, adding that the National Bank of Poland earned or saved several dozen billion złoty during its accumulation. Nortably, the previous conservative government of Law and Justice (PiS) embarked on a massive gold buying spree while it was in power, which accounts for a significant chunk of the overall gold reserve stocks.
Poland’s inflation rate is rising once again. https://t.co/2oGd2blJJW
— Remix News & Views (@RMXnews) September 30, 2024
“We have symbolically exceeded the resources of Great Britain, which has always been a kind of reference point,“ the NBP head said, adding that the gold purchases would continue. He also emphasized the importance of gold reserves as an economic stabilizer and state reserve.
“In accordance with the resolution of the board, we are striving for 20 percent of our currency reserves to be in gold. Then, we will find ourselves in such a close, exclusive club of the best economies in the world,” Glapiński said.
Noting that “the best economies in the world are usually not frontline economies with war zones,” referring to the war in Ukraine, the national bank head made sure to mention that Poland has some $200 billion in currency reserves as well.
“None of our trading partners and investors can doubt our credibility and solvency, even when a dramatic situation is unfolding around us.”
