Central bank's gold reserves rise by over 100 tonnes, says National Bank
Gold reserves of the National Bank of Poland (NBP) have risen by 125.7 tonnes to 228.6 tonnes, the bank announced on Friday.
NBP governor Adam Glapiński added that that it had been possible to take action to repatriate a significant portion of Poland's gold.
The central bank announced on Friday that it had "carried out the strategic decision of the NBP management board to significantly increase the NBP gold reserves within the foreign currency reserves."
"In the year in which we celebrate the centenary of Polish independence, as a foundation of the economic strength of our country, it has been possible to increase the strategic reserves of gold and undertake actions with the aim of repatriating a significant portion of Poland's gold," Adam Glapinski was quoted in a bank press release as saying.
"Carrying out our constitutional, legal and simply patriotic obligation, we are not only building the economic strength of the Polish state, but also creating reserves which will guard its financial security.
“Such is the global trend but also the expectation of Polish society."
The central bank noted that this year the NBP reserves were reinforced by 100 tonnes of gold. "The NBP bought 25.7 tonnes of gold in 2018," the bank wrote. "Thanks to the purchases conducted in the last 12 months, since the beginning of Prof. Adam Glapiński's term, the NBP has moved from 34th to 22nd place among the world's central banks and from 15th to 11th place in Europe, overtaking all the countries in the region."