Poland ups gold reserves, becomes world’s top buyer of the precious metal
Fri Feb 07 2025
Poland’s central bank has continued its strategy of increasing gold reserves, which reached 450 tonnes last year, making the country’s stocks the 13th largest globally. Gold now makes up 17% of the Polish central bank’s foreign exchange reserves, which exceed $220 billion, according to World Gold Council data.
“Poland is the largest reported net buyer in
2024 (90 tonnes) followed by Turkey (75 tonnes) and India (73 tonnes) over the
same period,” the World Gold Council said in a report.
In July 2024, the Polish central bank’s
governor, Adam Glapiński, said: “If it (a national bank) has large
reserves and a large portion in gold, it means the country is reliable… and
that’s a country in which trade and investment happen.”
Glapiński added that the central bank
planned to raise the share of gold in Poland’s reserves to 20%.
If planned purchases continue, Poland could
move up to 11th place globally in terms of gold reserves, approaching the level
held by the European Central Bank (about 506 tonnes).
Gold reserves are seen as a financial safety
net, supporting the value of a national currency and providing a buffer against
economic instability.
With over 30,000 tons of gold held by central
banks worldwide, the largest reserves belong to the United States (8,100
tonnes), Germany, Italy, France, Russia and China.
Source: https://tvpworld.com/