At the end of July 2025, the reserve assets of Poland expressed in euros amounted to EUR 223.5 billion and were EUR 12.5 billion higher than a month earlier. In terms of year -on -year, growth reaches almost EUR 33 billion, which means an increase by 17.3 percent. In terms of dollars, American assets have grown by $ 8.4 billion for a month to $ 255.9 billion.
In our native currency, the reserve assets of the Central Bank have grown by over PLN 58 billion for a month to PLN 953.6 billion. Per year, growth reaches PLN 135.2 billion, which means increasing assets by 16.5 percent. In the coming months it is possible to exceed the threshold of PLN 1 trillion of reserves (this could be favored by the weakening of the gold and the increase in gold prices).
Gold is filled with the NBP treasury
An important element of NBP reserves is gold, which President Adam Glapiński devotes a lot of attention. Our central bank has been shopping for this ore for several years. At the end of July, gold reserves were worth $ 54.8 billion, i.e. PLN 204.1 billion (an increase of almost PLN 8 billion per month and over PLN 83 billion for a year).
The increase in the value of gold in the NBP treasures is the result of two factors – rising gold prices, which recently set new records regularly (for a year the price of this metal has gone up by 42 percent in terms of dollars, and from the beginning of the year by 29 percent) and purchases conducted by the NBP.
At the end of July, the share of gold in the reserve assets of Poland was 21.4 percent, i.e. for a month it decreased by 0.5 percentage points. For a year, this indicator has grown by 6.6 percentage points. For comparison, at the beginning of 2010 it was only 5 percent.
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NBP, own calculations
The National Bank of Poland recently reported that it ranks 12th in the world among central banks with the largest ore resources. He reported that at the end of May 2025 he had already accumulated 515.5 tons of gold.
“The National Bank of Poland in investing foreign exchange reserves is mainly guided by the security and liquidity criterion. Only after meeting these conditions strives to achieve the highest rate of return in the long run. Central in a message.
We also read in it that the NBP also invests in debt non -governmental securities, as well as in units of investment funds participation, thanks to which it “obtains diversified exposure to the global stock market”. The NBP also stated that a small part of the reserves is kept in the form of short -term deposits in banks with high creditworthiness.
More shares and bonds in reserves
A few days ago, the NBP in response to PAP's questions said that as part of the diversification of foreign exchange reserves, after increasing the ETF portfolio, it also assumes an increase in the exposure to the US corporate bond market, and the achievement of 20 %. The share of gold in the NBP reserves does not exclude further bullshit purchases.
“Aiming to further diversify reserves and increasing their profitability in the long run in 2024. A portfolio of investment funds (ETF), passively replicating the main stock indexes was built and at the same time offering the exposure to the Global US market, euro area, Great Britain, Canada and Australia. (…) Wi quarter of 2025. His share was increased to approx. 10 percent. foreign exchange reserves, which was the implementation of one of the main assumptions of the strategy updated in 2024. In addition, it is assumed to increase the NBP exposure to the US corporate bond market, “the Central Bank said.
“Reserve management strategy also involves maintaining a significant share of gold in reserves, with this share, depending on the size of the reserves, changes in exchange rates and gold prices. Achieving the level of 20 percent does not exclude further purchases, depending on the current assessment of market conditions” – added. The participation of non -governmental securities in the NBP reserves (excluding gold) at the end of 2024 amounted to 8.8 percent.
