The Monetary Policy Council (RPP) on Wednesday announced a decision to cut interest rates by 0.25 percentage points. The main rate is now 4.75 percent. Traditionally, the day later, the NBP president and chairman of the Republic of Poland Adam Glapiński spoke about the economic situation in the country.
One of the topics raised by him was gold in the NBP treasury.
“As at 3 September, the gold resource at the NBP is 515 tons and 300 kg. The current price is $ 3490 per ounce. The value of gold in the NBP 57 billion $ 823 million reserves is over PLN 204 billion” – summed up Adam Glapiński.
He emphasized that the NBP began to buy this gold much earlier than other central banks. He added that at the moment central banks and investment funds are the main buyers, because gold is “valuable raw material, one of a kind”.
“His resources are limited. All they are enough for less than 20 years. The whole resource extracted from the beginning of humanity creates a cube with a side of 22 meters. This is very little” – pointed out Adam Glapiński.
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