Glapiński wants more gold in reserves. Conference of the President of the NBP after the decision of the MPC

At the September meeting, the Monetary Policy Council reduced interest rates by 25 PB. The commentary of the decision and the latest assumptions of the state budget is presented at the press conference of the NBP prof. Adam Glapiński in the current assessment of the economic situation in Poland.

The article is updated on a regular basis.

https://www.youtube.com/watch?v=ujibsxktrb0

I have said many times that the independent Polish Central Bank and Polish Golden as its own currency create a basic foundation on which the permanent economic development of our country and the economic security of every citizen is based – began the NBP president Adam Glapiński.

This inflation was reduced to controlled levels in accordance with central goals – he says.

Ladies and gentlemen, interest rates are high when it is needed to bring inflation to a low goal. What's more, interest rates are sometimes significantly higher than ongoing inflation. Because interest rates are aimed at, like other monetary policy tools, influence the situation in the following quarters, and even in the following years – says the president.

I also wanted to provide one more important information. At the moment, the NBP gold resources are 515 tons and 300 kilograms. The current price is $ 3,490 per ounce, so The value of gold in the NBP reserves is 57 billion 820 million dollars. It is PLN 204 billion. We accumulated such gold resources – said the president of the NBP.

We began to buy this gold earlier than other central banks, also exposing ourselves to unjustified, non -substantive, purely political criticism. As it turned out, most banks went this way.

In the near future I will present to the NBP Board a proposal to increase this ceiling, to which we are heading from the previous 20 percent. (currency) reserves at 30 percent What next, we'll see.

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The annual dynamics of the Polish economy accelerated to 3.4 percent, mainly due to faster growth of consumption. In addition, data on the dynamics of retail sales, industrial production and construction and assembly production was in the plus. However, the pro -wage increase in salaries remained increased. Most importantly, the annual CPI inflation rate in August 2025 was 2.8 as a result, by the decision of the Monetary Policy Council published on September 3, 2025. The interest rates of the National Bank of Poland will be as follows:

• Reference rate 4.75 percent on an annual basis;
• Lombard rate 5.25 percent on an annual basis;
• deposit rate 4.25 percent on an annual basis;
• Redskonta rate of bills of exchange 4.80 percent on an annual basis;
• Discount rate of bills of exchange 4.85 percent on an annual basis.

In recent days, the government has published a draft budget for 2026, informing that the deficit was planned at a level of nearly PLN 271 billion. From important reports that may affect the future RPP decisions, it is worth recalling the Minister of Energy's message that in 2026 there will be no freezing energy prices, because they will be in a tariff for households lower than today. The decision made at the September meeting of the MPCs and forecasts for the future along with the assessment of the current economic situation in Poland at a press conference, comments on the president of the NBP prof. Adam Glapiński.

Mku

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