Poland's central bank gold reserves see value fall as debate erupts over using profits for defence

The National Bank of Poland (NBP) remains one of the world’s top ten holders of gold, continuing to expand its bullion reserves despite recent market volatility. A sharp decline in gold prices has reduced the paper value of these holdings, prompting discussion about the feasibility of financing military procurement with gold earnings – a proposal dubbed the “Polish SAFE 0 %”. The idea, advanced in March by President Karol Nawrocki and NBP governor Adam Glapiński as an alternative to EU defence funding, failed to gain governmental support and has resurfaced amid the price drop. Critics warn that relying on gold profits for armaments introduces financial instability, especially given the metal’s price swings tied to US monetary policy and Middle‑East tensions. The NBP maintains that its gold purchases are a strategic, long‑term hedge rather than a short‑term profit venture and continues to add to its reserves, emphasizing national security over immediate market gains.