Poland Surpasses the UK in Gold Reserves

Poland's Gold Reserves Increase

Adam Glapiński, the president of the National Bank of Poland, recently announced in a press conference that the bank now possesses 420 tons of gold. This achievement places Poland in the "exclusive club of the largest holders of gold reserves in the world," according to a report by Do Rzeczy.

Glapiński praised the method and pricing of the gold purchases. He stated, "We managed to do it very successfully," and noted that the National Bank of Poland saved or earned several dozen billion złoty during its accumulation. A significant portion of the gold reserve stocks is attributed to the previous conservative government of Law and Justice (PiS), which initiated a massive gold buying spree while in power.

Poland's Inflation Rate and Gold Reserves

Meanwhile, Poland's inflation rate is on the rise. "We have symbolically exceeded the resources of Great Britain, which has always been a kind of reference point," the NBP head said. He also stated that the gold purchases would continue and emphasized the importance of gold reserves as an economic stabilizer and state reserve.

"In accordance with the resolution of the board, we are striving for 20 percent of our currency reserves to be in gold. Then, we will find ourselves in such a close, exclusive club of the best economies in the world," Glapiński added.

Poland's Currency Reserves

While noting that "the best economies in the world are usually not frontline economies with war zones," referring to the war in Ukraine, Glapiński also highlighted that Poland has some $200 billion in currency reserves. He assured, "None of our trading partners and investors can doubt our credibility and solvency, even when a dramatic situation is unfolding around us."

Bottom Line

Poland's strategic move to increase its gold reserves, surpassing the UK, is a significant step towards economic stability. This move not only boosts the nation's credibility but also positions it among the world's top economies. What are your thoughts on this development? Do you think other countries should follow suit? Share this article with your friends and discuss. Don't forget to sign up for the Daily Briefing, which is available every day at 6pm.