Poland’s central bank has bought more gold than any other central bank this year, snapping up bullion each time prices fell, according to the governor’s statements.
Record‑size purchases under Adam Glapiński
On July 9, Adam Glapiński, governor of the National Bank of Poland (NBP), told reporters the bank had added 82 tonnes of gold since January. The World Gold Council, which compiles data reported to the IMF, records a slightly lower figure of 64 tonnes, but either number dwarfs the purchases of other nations. Uzbekistan, the next most active buyer, has acquired 33 tonnes this year; China, 25 tonnes.
The buying spree began in April 2023 while the Law and Justice (PiS) party still governed. Since then the NBP has accumulated a total of 385 tonnes, bringing its holdings to 613.85 tonnes – roughly €71.77 billion at current prices. That amount exceeds the European Central Bank’s stock of about 508 tonnes and places Poland among the world’s ten largest gold holders.
Political friction does not slow the buying
Prime Minister Donald Tusk attempted to remove Glapiński from office in March 2024, accusing him of compromising the bank’s independence to benefit his former party. The governor’s term runs until 2028, and the NBP remains answerable to no minister. The gold purchases have continued unchanged despite the shift in government.
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Poland’s strategy reflects a lesson from February 2022, when Western governments froze about $300 billion of Russian reserves after the invasion of Ukraine. Gold stored in a Warsaw vault cannot be seized or frozen by foreign authorities, offering a safeguard that many eastern‑flank NATO members find appealing. While bullion yields no interest, it also carries no counter‑party risk.
In November 2019, Glapiński flew 100 tonnes of gold home from the Bank of England, declaring that gold “symbolises the strength of the country.” Today, roughly 100 tonnes of Poland’s total stock sits in NBP treasuries rather than in London. By contrast, Uzbekistan keeps 87 percent of its reserves in bullion.
Other central banks are also expanding their gold piles. The People’s Bank of China added 14.93 tonnes in June, marking its 20th consecutive month of buying and taking its holdings to 2,346 tonnes. India’s Reserve Bank bought 18 tonnes in February, reaching 822 tonnes, while Kazakhstan’s central bank added 12 tonnes in the first quarter. None of these institutions have sold gold recently.
In the Czech Republic, Governor Aleš Michl is lifting the national bank’s gold from about 12 tonnes toward a 100‑tonne target by 2028, aiming to stabilise annual profits. Marissa Salim of the World Gold Council reported in July that a record share of surveyed banks plan further purchases this year, and three‑quarters expect the dollar’s share of global reserves to shrink within five years. The traditional view that gold’s storage costs outweigh its benefits appears to be changing.
Past attempts to offload gold have sometimes backfired. In May 1999, then‑British Chancellor Gordon Brown announced the sale of 401 tonnes of the United Kingdom’s reserves. The Bank of England auctioned the metal by March 2002 at an average of $275 per ounce, raising about $3.5 billion. By 2010 the price had tripled, and it has risen sharply since.
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Poland’s continued buying shows little sign of political interference. The NBP’s board approved an additional 150 tonnes in January 2024, and Glapiński has signalled a goal of reaching 700 tonnes.
For ordinary Poles, the expanding gold reserve could translate into a sense of financial security, especially given the country’s proximity to geopolitical tensions.
A larger bullion stash may reassure citizens that their nation holds a tangible asset that cannot be easily targeted by external pressures.
Meanwhile, the United States has not added gold to its reserves in decades, and the dollar’s dominance is gradually waning. The banks most aggressively increasing gold holdings – Poland, Kazakhstan and Uzbekistan – are all situated near Russia, highlighting a regional shift toward assets perceived as less vulnerable to sanctions.