Loading ...In 2018, the National Bank of Poland began aggressively adding gold to its reserves. Through the first half of 2019, the Polish central bank added more than 100 tons of gold, nearly doubling its reserves.
So, why did Poland decide to significantly increase its gold hoard? In a nutshell, to shield itself from geopolitical risk. In its statement, the bank said:
Gold is the ‘most reserve’ of reserve assets: it diversifies the geopolitical risk and is a kind of anchor of trust, especially in times of tension and crises.”
Now the Poles want to add another 100 tons to their reserves over the next several years. During an interview Monday, National Bank of Poland Governor Adam Glapiński said the bank currently holds 229 tons of gold, about half purchased during his term in office.
Over the course of a few years, we want to buy at least another 100 tonnes of gold and keep it in Poland as well.”
Glapiński has made increasing gold reserves a centerpiece of his tenure as National Bank of Poland governor. In January, he said that gold’s share of the central bank’s reserves should rise to 20% during his next term. Currently, the Polish central bank holds about 9% of its reserves in the yellow metal.
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