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The Central Bank of Poland plans to purchase over 100 tons of gold

Europe / Business and Finance

According to Adam Glapiński, the central bank of Poland wants to buy at least 100 tons of gold in the coming years to demonstrate the country's economic strength.

The Central Bank of Poland plans to purchase over 100 tons of gold

Poland intends to increase its gold reserves by $ 5.5 billion at current prices in the coming years, Central Bank President Adam Glapiński said.

“At the moment we have 229 tons of gold, of which more or less half was purchased during my tenure,” Glapiński said in an interview with Sieci magazine.

“Over the next few years, we want to buy at least another 100 tons of gold and also store it in Poland,” he added.

Glapinsky has consistently advocated an increase in gold reserves, announcing in January that their share of the central bank's reserves should rise to 20% over his next term from 9% now.

In 2018 and 2019, the Central Bank of Poland purchased about 126 tons of gold bars. He also repatriated about 100 tons from the Bank of England vaults.

Over the past decade, central banks, especially in Eastern Europe, the Middle East and Asia, have stepped up their purchases of gold, often seeing this as a way to reduce reliance on assets such as the US dollar.

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