Poland wants to buy more gold

At the end of August 2021, the NBP gold stock amounted to 230.2 tonnes. Leszek Szymański/PAP

The head of the National Bank of Poland (NBP) has asked the management board of the central bank for permission to buy another 100 tonnes of gold in order to expand the state's gold reserves.

Speaking at the Congress 590 in Warsaw on Tuesday, Adam Glapiński said he wanted Poland's gold reserves to rise to 10 percent of the central bank's total foreign currency reserves.

"That is why more gold purchases should follow," he added.

At the end of August 2021, the NBP gold stock amounted to 230.2 tonnes.

"Gold resources held by the National Bank of Poland are almost twice as large as in Sweden (126 tonnes), similar to Belgium (227 tonnes) and slightly less than in Austria and Spain (280 tonnes)," said Glapiński in an interview with the DoRzeczy.pl website on September 27.

"With its gold holdings, the NBP ranks 23rd among central banks in the world and 11th among European central banks," he added.

"Nearly half of the gold stock, 104.9 tonnes, is kept in the vaults of the National Bank of Poland, while the remaining 125.4 tonnes are kept abroad, mainly in the Bank of England vaults in London," said the NBP president.