icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

‘Gold symbolizes strength of the country’: Poland plans to add more bullion to its coffers

‘Gold symbolizes strength of the country’: Poland plans to add more bullion to its coffers
Poland wants to buy at least 100 tons of gold in the coming years to demonstrate the country’s economic strength, said the president of the central bank, Adam Glapinski.

In an interview with Sieci magazine, he said, “At the moment, we have 229 tons of gold, of which more or less half was bought during my term in office,” adding that the new holdings would be stored in Poland.

“This matters, among other things, for how the country is perceived,” Glapinski explained. He said in January that the share of gold in the central bank, which currently comprises 9% of the nation’s reserves, would rise to 20% during his next term.

Also on rt.com Central banks worldwide buying up massive amounts of gold in a shift away from US dollar – Goldman Sachs

Poland has been consistently boosting its bullion reserves in recent years, buying around 126 tons of gold in 2018 and 2019. The nation also repatriated around 100 tons of gold from the Bank of England’s vaults in London, which is around half of Warsaw’s holdings in the United Kingdom. Glapinski said back then “The gold symbolizes the strength of the country.”

Over the past decade central banks around the world, and particularly in Eastern Europe, the Middle East, and Asia, have ramped up purchases of gold in a shift away from the US dollar.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts