Poland's Central Bank Gold Hoard Hits Record as Household Deposits Reach 1.5 trn zł

The National Bank of Poland disclosed that its gold reserves have risen to more than 613 tonnes, valued at about 324.2 billion zloty. The central bank aims to increase holdings to 700 tonnes, placing Poland among the ten countries with the largest gold stockpiles.

Polish households now hold a record 1.5 trillion zloty in bank deposits, an amount the analyst compares to the combined value of apartments in Warsaw, Kraków and Toruń. The average return on these deposits is roughly 2.6 % before tax, translating to about 2 % after the 19 % withholding tax, meaning the massive sum is generating very modest earnings.