Poland’s central bank has significantly expanded its gold reserves, lifting total holdings to around 550 tonnes with a market value exceeding €63 billion. The move reflects a long-standing belief within the National Bank of Poland (NBP) that gold is a cornerstone of economic stability in uncertain times.
A Strategic Shift Toward Bullion
NBP president Adam Glapiński has repeatedly highlighted gold’s unique role in national reserves. Unlike currencies or bonds, it carries no credit risk, is not tied to the monetary policy of other countries, and tends to hold its value during financial shocks.
This thinking has driven a rapid change in Poland’s reserve structure. In 2024, gold made up just under 17% of foreign exchange reserves. By the end of December 2025, that share had surged to more than 28%, one of the fastest increases seen among central banks globally. Much of the buying took place in late 2025, during a period marked by market turbulence and rising geopolitical tensions.
The ambition does not end there. The NBP has set its sights on holding 700 tonnes of gold, with the total value of bullion reserves targeted at around PLN 400 billion (€94 billion). Glapiński confirmed earlier this year that he would formally seek approval to push reserves toward that level.
Part of a Global Gold Rush
Poland’s strategy mirrors a broader international trend. According to the World Gold Council, 2025 saw continued accumulation of gold by central banks, with 95% of those surveyed expecting global holdings to rise further. Many view bullion as a hedge against currency instability and financial crises.
Marta Bassani-Prusik of the Mint of Poland explains that gold’s independence from monetary policy and credit risk makes it particularly attractive. Diversification is another key factor, helping countries reduce reliance on the US dollar and other major currencies.
Some experts also point out that not all central banks fully disclose their purchases, with countries like China and Russia often cited. This has fuelled speculation that certain nations are preparing for a future financial system in which gold plays a larger role.
More Gold Than the ECB — and What Comes Next
Poland now holds more gold than the European Central Bank, whose reserves stand at around 506.5 tonnes. While the ECB oversees eurozone monetary policy, most bullion is held by national central banks, making Poland’s position increasingly prominent within Europe’s financial landscape.
Critics argue that investing so heavily in gold comes at a cost, as the funds could instead earn interest if placed in bonds. Gold itself provides no regular income. Still, the timing of Poland’s purchases has coincided with record prices, and forecasts for 2026 remain upbeat. Major banks predict average prices ranging from roughly $4,150 to as high as $5,300 per ounce under strong demand scenarios.
For the NBP, gold is a long-term insurance policy rather than a short-term investment. Supporters say that as uncertainty grows, so does the appeal of safe-haven assets, both for institutions and private investors. While debate continues over the balance of reserves, Poland’s steady accumulation suggests its commitment to gold is far from over.
