Poland has sharply increased its gold holdings, with the National Bank of Poland now sitting on around 550 tonnes of bullion worth more than €63 billion. The move reflects a long-standing strategy to strengthen the country’s financial resilience at a time of growing global uncertainty.
Why Gold Matters to Poland’s Central Bank
For years, National Bank of Poland president Adam Glapiński has stressed the unique role gold plays in national reserves. Unlike currencies or bonds, gold carries no credit risk, is not influenced by the monetary policy of other countries, and tends to hold its value during periods of economic stress.
That thinking has driven a dramatic shift in Poland’s reserve structure. In 2024, gold made up less than 17% of foreign exchange reserves. By the end of December 2025, that figure had surged to more than 28%, one of the fastest increases among central banks worldwide. Much of the buying happened in the final months of 2025, during a spell marked by market volatility and rising geopolitical tensions.
The central bank’s ambitions go further still. Its long-term target is 700 tonnes of gold, with total bullion reserves valued at around PLN 400 billion (€94 billion). Earlier this year, Glapiński confirmed he would push for a formal decision to continue increasing holdings.
A Global Rush Back to Bullion
Poland’s strategy mirrors a wider global trend. According to the World Gold Council, 2025 saw central banks around the world continue to add to their gold reserves, treating bullion as a safeguard against currency instability and financial crises. In fact, 95% of central banks surveyed expect global gold holdings to rise further over the next year.
Marta Bassani-Prusik from the Mint of Poland explains that independence from monetary policy and credit risk is a major attraction. Diversification also plays a key role, with many countries looking to reduce their reliance on the US dollar and other major currencies.
Some experts believe official figures may not tell the whole story, pointing to countries such as China and Russia, which are often suspected of buying more gold than they publicly disclose. For some observers, this signals early steps toward a financial system in which gold plays a bigger role than it has in recent decades.
More Gold Than the ECB — And What Comes Next
One striking milestone is that Poland now holds more gold than the European Central Bank, whose reserves stand at roughly 506.5 tonnes. While the ECB oversees eurozone monetary policy, responsibility for gold holdings largely sits with national central banks. Against that backdrop, Poland’s 550 tonnes significantly boosts its standing within Europe’s financial landscape.
Not everyone is convinced the strategy is ideal. Critics argue that money spent on gold could instead be invested in bonds or other assets that generate regular income. Gold, after all, does not pay interest.
The buying spree has also coincided with record gold prices. While price growth may slow in 2026, major banks remain optimistic, with forecasts ranging from just over $4,000 to more than $5,000 per ounce under strong demand scenarios.
For the National Bank of Poland, gold is a cornerstone of long-term financial security rather than a short-term trade. Reaching 550 tonnes is a significant milestone, but with further purchases already signalled, it is clear Poland sees bullion as a key asset in an increasingly uncertain world.
