Poland’s central bank has reached its target of accumulating 700 tonnes of gold, making the country one of the world’s ten largest national holders of the precious metal. National Bank of Poland (NBP) governor Adam Glapiński announced the milestone on Thursday, 5 November, placing the reserves’ market value at approximately PLN 355.7 billion. The bank is also modernising and expanding its vault facilities in Warsaw as part of a longer-term strategy to store a larger share of Poland’s gold domestically.
The announcement marks the completion of an accumulation target approved by the NBP’s management board in January 2026.
Glapiński confirmed the new figure during a press conference following the Monetary Policy Council’s November meeting.
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According to Reuters’ report of the governor’s announcement, the central bank has reached its stated target but is considering whether further purchases would be appropriate.
The governor described the milestone as a significant achievement for Poland’s financial reserves and argued that substantial gold holdings can strengthen confidence in the country’s economy.
However, he also acknowledged that gold prices fluctuate, meaning the value of the reserves can rise or fall even when their physical quantity remains unchanged.
Poland’s gold holdings rise from 673 to 700 tonnes
The latest announcement follows several years of rapid gold accumulation by the Polish central bank.
At the end of 2025, NBP held approximately 550 tonnes of gold.
In January 2026, the bank announced a new target of 700 tonnes, representing a further increase of 150 tonnes.
By the end of September, its reserves had reached approximately 672.9 tonnes, according to figures published in NBP’s reserve statistics and reported by PAP.
The latest 700-tonne figure implies an increase of approximately 27 tonnes since the end of September, assuming the same measurement basis.
Reuters also reported that the change suggested approximately 27 tonnes had been acquired in October.
The full October figure has not yet been independently reconciled against the bank’s detailed month-end gold-holdings statistics.
NBP has been one of the most active central-bank gold buyers internationally.
In its November assessment of central-bank purchases, the World Gold Council identified Poland and China as leading buyers in September.
The organisation’s data also show that Poland has been among the largest reported buyers during 2026.
Gold reserves valued at PLN 355.7 billion
Glapiński said Poland’s 700 tonnes of gold were worth approximately PLN 355.7 billion at the valuation used for his announcement.
He also reported an unrealised valuation gain of PLN 140.5 billion.
That figure represents the difference between the estimated market value of the holdings and their historical acquisition cost.
It is not equivalent to the central bank having received PLN 140.5 billion in cash profit.
Nor does it mean the government has that amount available to spend on public services, defence or infrastructure.
Gold forms part of the central bank’s international reserve assets, which are managed separately from the government’s ordinary budget.
Its valuation changes with international bullion prices and movements in exchange rates.
For example, the NBP’s published gold price for 5 November was PLN 507.95 per gram, illustrating how the market price can be used to value physical holdings.
Although gold is frequently regarded as a defensive asset during periods of uncertainty, it is not protected against short-term price declines.
It also differs from interest-bearing reserve assets, such as government bonds, because physical bullion does not itself generate interest income.
Warsaw vault being modernised to hold more gold
A second important element of the announcement concerns where Poland’s gold is stored.
The NBP intends eventually to distribute its holdings across three locations: Poland, London and New York.
The target is to keep approximately one-third of the reserves in each location.
That would mean substantial holdings in domestic vaults, with the remainder stored at the Bank of England in London and the Federal Reserve Bank of New York.
The current distribution is different.
Glapiński said most of the gold is presently held in London, partly because many of the central bank’s recent purchases were completed there.
To increase domestic capacity, the NBP is expanding and modernising its vault facilities at Plac Powstańców Warszawy in central Warsaw.
According to PAP reporting published by RMF24, the renovated facility is intended to become Poland’s largest and most modern central-bank vault.
Once completed, it is expected to provide sufficient capacity for approximately one-third of the country’s gold holdings.
The bank has not disclosed a confirmed completion date or a detailed public cost estimate for the expansion.
The announcement also does not establish that a transfer of the intended quantity of gold to Warsaw has already taken place.
Why Poland stores gold abroad
Although keeping gold overseas might initially seem unusual, it is common among central banks.
London and New York are major international centres for trading, storing and transferring bullion.
Holding reserves in those locations can make gold more readily available for transactions, while distributing assets between several jurisdictions can reduce exposure to risks associated with relying on one storage location.
The World Gold Council has examined how central banks diversify gold storage, including transfers between domestic vaults and major international financial centres.
Its research highlights a balance between domestic control, access to liquid markets and geopolitical risk.
Poland’s planned distribution follows that approach.
Glapiński has argued that keeping gold in three countries provides an additional safeguard against extraordinary circumstances.
The decision also reflects Poland’s historical experience of war and the evacuation of national gold reserves during the Second World War.
However, the governor said the NBP retains confidence in the security of its gold held at the Bank of England and the Federal Reserve Bank of New York.
The Warsaw expansion should therefore not be interpreted as an announcement that Poland intends to withdraw all its gold from foreign institutions.
Poland enters world’s top ten gold holders
With 700 tonnes, Poland is now among the world’s ten largest national holders of monetary gold, according to the ranking referenced by Glapiński and World Gold Council data cited by Reuters.
It represents a considerable change in the country’s international position.
The NBP began substantially increasing its reserves in 2018, when Poland’s holdings were much smaller.
Further major purchases took place in subsequent years, particularly from 2023 onwards.
By the end of September 2026, gold represented approximately 31% of Poland’s total international reserves, according to World Gold Council data reported by Reuters.
The growing share illustrates the importance the NBP now places on bullion within its reserve-management strategy.
Gold can help diversify a portfolio that also contains foreign currencies, government securities and other financial assets.
Unlike a bond or bank deposit, physical gold is not another institution’s promise to repay money.
That characteristic can make it attractive during periods of geopolitical or financial disruption.
Nevertheless, its usefulness depends partly on market conditions, liquidity and the wider composition of the central bank’s assets.
A higher gold allocation can increase exposure to changes in the bullion price.
Further purchases remain possible
Reaching 700 tonnes does not necessarily mark the end of Poland’s gold-buying programme.
Glapiński told reporters that he saw no reason for the NBP to stop purchasing the precious metal.
He suggested that gold reserves should continue to develop alongside the central bank’s overall international reserves.
However, no new formal purchasing target above 700 tonnes was announced during the press conference.
Any further accumulation would depend on decisions by the NBP and changing financial conditions.
For now, the achievement of the existing target and the expansion of storage capacity represent two important developments in Poland’s management of its financial reserves.
The central bank has substantially increased the amount of gold it owns, while preparing to bring a larger proportion of that gold into domestic storage.
The next questions are how quickly the Warsaw vault expansion can be completed and whether the NBP will adopt another formal target for increasing its holdings.
