At the end of 2025, Poland’s gold reserves amounted to 550 tonnes. This means that over the past year, the National Bank of Poland added 102 tonnes of bullion, making Poland one of the world’s largest buyers of gold.
At the same time, gold’s share in the central bank’s foreign exchange reserves is increasing, although in the recent period this growth has largely resulted from the dynamic rise in gold prices rather than solely from an increase in volume. Therefore, in January 2026, Prof. Adam Glapiński, President of the NBP, put forward an initiative to further increase gold reserves in quantitative terms – to a level of 700 tonnes. The target level was formally adopted by a resolution of the NBP Management Board on 20 January 2026. As a result, Poland will join the elite group of ten countries with the largest gold reserves – alongside countries such as the United States, Germany, Italy, France, Russia, China, Switzerland, India, and Japan.
To be precise, on the last day of December, gold accounted for 28.2 percent of reserves, that is 550 tonnes worth more than PLN 275 billion (at the exchange rate of 31 December 2025). Over the past year, 102 tonnes of gold were added – at the end of 2024, the NBP’s bullion reserves amounted to 448 tonnes with a then value of PLN 156.5 billion, representing 17.6 percent of all reserves. It is therefore clear that gold’s share in the central bank’s reserve assets is rising not only due to regular purchases but also because of the increase in the price of bullion. Gold is becoming more expensive, which in times of crises and uncertainty is normal.
The National Bank of Poland’s reserve assets are held not only in gold but mainly in foreign currencies. The largest shares are in the key currencies used in global settlements, led by the US dollar and the euro. However, certain amounts are held in the British pound, Australian dollar, or Canadian dollar. All of this is aimed at greater diversification and – consequently – security.
The total value of foreign exchange reserves is approaching a TRILLION zlotys – at the end of December, Poland’s official reserve assets managed by the NBP amounted to PLN 976,456.4 million. This astronomical sum corresponds to roughly one quarter of Poland’s annual gross domestic product or half of the public sector debt. In other words, it is about PLN 26,000 per every Pole (including newborns).
The expansion and diversification of foreign exchange reserves, including toward gold, are the result of a consistent, long-term strategy of the National Bank of Poland. The accumulated reserves strengthen the country’s financial credibility and also ensure the ability to support the stability of financial markets or the banking sector in the event of significant disruptions. This supports the stability of the Polish currency.