Poland’s Central Bank Plans to Purchase 100 Tonnes of Gold

In an effort to demonstrate the country’s strength and reduce its dependence on the US dollar, Poland’s central bank has revealed it intends to purchase at least 100 more tonnes of gold over the next several years.

In an interview with conservative magazine Sieci, governor of the National Bank of Poland Adam Glapinski announced that the central bank intends to continue expanding its bullion reserves, and buy an additional 100 tonnes of gold in the coming years— a price tag of over $5.5 billion at current gold prices. “This matters, among other things, for how the country is perceived,” he said.

Glapinski has been a strong supporter of boosting the country’s gold reserves, which have nearly doubled to 229 tonnes under his term. The institution has already purchased approximately 126 tonnes of bullion between 2018 and 2019, while also repatriating an additional 100 tonnes from the Bank of England. According to Glapinski, who is also making a bid for a second term, the central bank’s share of gold reserves will increase from the current 9% to at least 20% in the event that he is re-elected.

A number of central banks— especially those in Eastern Europe, Asia, and the Middle East, have been increasing their gold purchases as a means of reducing their reliance on other assets including the US dollar.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Kingman Minerals Releases Historical Data On Mohave Project Underground Mine

Kingman Minerals (TSXV: KGS) this morning provided shareholders with their second update in a three...

Tuesday, May 5, 2020, 08:21:55 AM

Fosterville South Indicates Strong Gold Assays In Rock Chip Samples, Provides Little Detail

Fosterville South Exploration Ltd. (TSXV: FSX) today reported the discovery of multiple high-grade gold assays...

Friday, July 2, 2021, 10:24:00 AM

Exploits Identifies Three High Priority Targets At True Grit

Exploits Discovery (CSE: NFLD) has defined three high priority drill targets at the True Grit...

Thursday, March 18, 2021, 08:16:44 AM

Sassy Resources To Dividend Out 8.8 Million Shares Of Gander Gold

Sassy Resources (CSE: SASY) this morning indicated that it intends to dividend out a portion...

Friday, October 15, 2021, 08:48:07 AM

Great Bear Intersects 16.56 G/T Gold Over 11.00 Metres At Dixie

Great Bear Resources (TSXV: GBR) this morning released assays from twenty two drill holes at...

Wednesday, January 13, 2021, 07:58:55 AM