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Poland's central bank adds 60,000 ounces of gold, contemplates more

Section: Daily Dispatches

From the Warsaw Business Journal
Tuesday, June 22, 2021

The National Bank of Poland has increased its gold reserves to 230.54 tonnes. It pointed to the possibility of introducing a strategy that provides for the purchase of 100 tonnes of gold to the domestic reserves over the next few years. 

"This is the first purchase of the precious metals by the National Bank of Poland in almost two years, and the decision is in line with the trend of increasing interest in investments in precious metals, including gold ore," Aleksander Pawlak, president of the Tavex Management Board, said.

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Increasing gold resources can be seen as strengthening the security of national finances and accumulating a safe asset. The current movement of the bank and the purchase of an additional 60,000 ounces may seem like a small investment by central bank standards. For comparison, the Tavex Group sells an average of a similar amount of gold metal during the quarter. 

However, this is the first significant increase in Polish gold reserves since July 2019, when they increased by 100 tonnes, raising the total gold reserves to 228.7 tons. Poland also increased its gold reserves by 25.7 tonnes in 2018, according to the data of the World Gold Council. ...

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