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Poland’s National Bank (NBP) announced in September that it had increased its gold reserves to 10.729 million ounces, valued at 87.746 billion Polish Złoty (PLN), showing a significant uptick from August when the reserves stood at 10.108 million ounces, worth 80.718 billion PLN.
Impressive Growth in Value
In terms of US dollars, the gold was valued at 20.081 billion, and in euros, its value reached 18.929 billion by the end of September.
This surge in gold holdings showcases the NBP’s strategic move to strengthen its financial position and diversify its assets. Gold, as a tangible and universally accepted store of value, plays a crucial role in stabilizing a central bank’s portfolio.
A Steady Trend
As of the end of 2022, the NBP held just over 7.35 million ounces of gold. The central bank’s commitment to increasing its gold reserves indicates a consistent trend of bolstering its monetary assets.