The National Bank of Poland revealed how much gold it has. Another threshold in NBP reserve assets has been exceeded
Until 1936, the Polish zloty was based on parity. From 1924, it was exchangeable for 0.2903 g of gold, then it was devalued in 1927/28 to 0.1688 g. After 1936, convertibility was abandoned. And recently we have a situation where, as a result of purchases by the National Bank of Poland, reserve assets that support the strength of the zloty are increasingly based on gold.
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Although the Polish currency is not officially exchangeable for gold, gold does participate in the foreign exchange reserves of the National Bank of Poland at the end of November it was 27.5 percent. In nominal terms, there was as much as 543.4 tons of gold, the National Bank of Poland said in a statement.
“The National Bank of Poland has been increasing the share of gold in official reserve assets since 2018. In November 2025 NBP purchased 12.4 tons of gold“- we read further.
In addition to Poland, gold was also purchased in large quantities in November by: Brazil (11.3 tons) and Uzbekistan (9.6 tons). Throughout 2025 until November, the National Bank of Poland was the world record holder, purchasing 95.1 tons, while second place Kazakhstan increased its resources by 49 tons, according to data from the World Gold Council.
The value of gold in the NBP treasury at the end of November was PLN 266.5 billion, i.e. USD 72.8 billion. and EUR 62.9 billion. A few days ago, the National Bank of Poland published data on reserve assets from the end of December and it follows that share of gold in reserves at the end of last year increased to as much as 28.2 percent, and its value increased to PLN 276 billion (USD 76 billion, EUR 65.2 billion).
The NBP Management Board decided in September last year about increasing the share of gold in foreign exchange reserves from 20%. up to 30 percent Looking at the ratings, it is possible that we have already reached this threshold.
There was also a purchase of gold in December
In December, the dollar price of gold increased by 2%. compared to November, and the dollar value of the precious metal in NBP reserves by 5.1%. up to USD 76.5 billion This means that there were further purchases in December, which we will probably find out in a month.
Either way, a large amount of rising gold strengthens the Polish currency. The world of finance knows that there is something to defend against possible attacks on it and values the zloty higher accordingly. Despite the announced high budget deficits, there is no capital leaving the Polish market and investments are being maintained. The purchasing power of Polish earnings around the world is also improving.
