Foreign media have taken notice of the exceptional gold reserve policy pursued by the National Bank of Poland (NBP). The German news portal n-tv.de called it a “world-scale phenomenon,” while Italian outlets described Poland as the most active gold buyer of 2024.
Poland Leads in Gold Purchases
The German portal n-tv.de characterized the strategy of the National Bank of Poland as a “world-scale phenomenon,” emphasizing that no other country is currently purchasing as much gold as Poland, according to Interia. The Italian site money.it added that Poland was “the most voracious gold buyer in 2024,” expanding its reserves by 89.5 tons of the precious metal.
The National Bank of Poland, headed by President Adam Glapiński, has been consistently increasing the share of gold in its reserves for several years. According to data from the end of September, the country’s gold holdings exceeded 520 tons, now accounting for 25 percent of NBP’s total reserves. During a press conference, Adam Glapiński announced the continuation of this strategy, stating that “the Management Board of the National Bank of Poland has accepted my proposal and made a strategic decision to increase gold holdings, raising the share of gold in our reserves to 30 percent.”
Experts cited by n-tv.de suggest that the actions of Poland’s central bank may serve as a model for other Central and Eastern European countries. Increasing the share of gold in national reserves, analysts note, strengthens a country’s financial stability and reduces its exposure to currency fluctuations. Foreign media also highlighted that Poland’s process of converting its foreign currency reserves into gold has been ongoing without interruption since 2018. N-tv.de writes of a “revolution in the global gold market,” in which Poland plays a significant role, driving the trend of gold purchases among central banks.