Poland's central bank amasses over 613 tons of gold, joining world’s top ten

The National Bank of Poland (NBP) has accumulated more than 613 tons of gold, placing the country among the ten largest gold holders worldwide. The bank’s long‑term target is 700 tons. In 2024 Poland bought 90 tons, in 2025 another 102 tons, and by early 2026 it led global net purchases, adding over 62 tons in the first five months of the year. The gold stock is valued at about 324 billion zloty, with unrealised gains of over 150 billion zloty, roughly the annual budget of many European states. Gold now accounts for around 30 % of Poland’s total reserves, shifting the composition of the nation’s assets.

The rapid accumulation is being linked to the domestic debate on euro adoption. If Poland entered the euro zone, it would have to transfer a proportion of its gold to the European Central Bank, estimated at several dozen tons worth billions of zloty. Officials argue that the size of the gold reserve makes such a transfer politically more complex than a decade ago. Experts stress that the move reflects broader global trends of central banks increasing gold holdings after the Russian invasion of Ukraine and the freeze of Russian reserves.