Poland's central bank reaches 700 tonnes of gold, reserves worth about 356 billion zloty

Gold target reached

The National Bank of Poland (NBP) now holds 700 tonnes of gold, its governor Adam Glapiński told a press conference on Thursday, 5 November 2026, held after a Monetary Policy Council (RPP) meeting. He said the goal had been adopted on his initiative and that the stock has risen by 598 tonnes since the start of his term, almost sevenfold.

Glapiński presented the achievement as a milestone for the central bank and for the country's standing.

“This is a historic achievement of the Polish central bank.”

According to Glapiński, the country has placed itself among the ten nations with the largest gold reserves in the world, and owning its own currency adds to the stabilising effect of the holdings on the financial system.

Value and unrealised profit

The value of the gold held by the NBP is given as 355.7 billion zloty in one account of the press conference and as close to 356 billion zloty in another. The unrealised gain, meaning the difference between the market price of the reserves and the average price the bank paid for them, is about 140.5 billion zloty. Glapiński warned that the gold price fluctuates, so the unrealised profit moves with it.

In March that unrealised profit had served as the basis for a presidential proposal for an alternative to the European Union's SAFE defence financing programme. The bank's board had set the 700-tonne level as its target in mid-January.

Rates and inflation outlook

The Council kept interest rates unchanged, including the NBP reference rate of 3.75%. Glapiński said the discussion at Wednesday's meeting had been quite lively. The decision came even though the NBP's economists project average inflation next year at 3.1-5.3% with a 50% probability, a range whose centre of 4.2% year on year lies clearly above the upper edge of the 2.5% target band plus or minus one percentage point.

That is a large upward revision from the July projection, which put the 2027 average at 2.7% year on year.

2026-09

4.1 %

2026-10

3.5 %

Data from the article text

Glapiński also pointed out that the flash estimate from Statistics Poland (GUS) shows inflation falling to 3.5% year on year in October, from 4.1% in September, which puts it back inside the target band.

Why the bank links gold to credibility

Glapiński argued that gold strengthens the credibility of Poland and its finances, and that it helps the country withstand turbulence on international markets.

“Gold strengthens Poland's credibility.”

The comments came as the bank reported its holdings, the rate decision and the new inflation projection together at the same briefing.