2026-03-05 15:42
publication
2026-03-05 15:42
The increase in gold prices creates a potential profit on the NBP balance sheet; two paths allow it to be turned into a real transfer to the Armed Forces Support Fund – says Leszek Skiba, advisor to the President of the Republic of Poland, Karol Nawrocki, in a presentation available on the X platform.
The presentation indicated two variants:
“Option A – Sale and repurchase: NBP sells part of the gold at the market price and immediately buys it back from foreign exchange reserves. The status of the bullion remains unchanged – the realized cash profit appears in the books,” it was written.
“Option B – Accounting revaluation: The amendment to the Act on the National Bank of Poland allows for the reclassification of differences from the valuation of gold directly to the financial result – without the physical sale of the precious metal,” it added.
The presentation indicated that the estimated profit from the revaluation or conversion of part of the metal reserves in the first year could amount to PLN 60 billionin turn, the total potential, i.e. the amount that can be obtained from the successive revaluation of subsequent portions of reserves – with growth potential with rising gold prices – is PLN 185 billion.
As added, an accompanying bill would have to redirect 95 percent. NBP profit directly to the Social Insurance Fund – not to the state budget.
👇What is Polish sovereign SAFE? pic.twitter.com/Ukf1Uy2zhK
— Leszek Skiba (@leszekskiba) March 5, 2026
“The funds may be transferred to the Armed Forces Support Fund successively until 2032-2033, eliminating the pressure of a rigid 2030 date.” – it was written.
On Wednesday, at a joint conference with the President of the Republic of Poland, NBP President Adam GlapiÅ„ski ruled out the possibility of using NBP reserve assets to finance “SAFE 0 percent”. He added, without giving details, that the idea was, for example, to increase the Armed Forces Support Fund, also based on current legal possibilities, and if necessary, a legislative initiative would be necessary.
Last week, the Sejm accepted the Senate's amendments to the act implementing the EU SAFE armament loan program. The SAFE Act reached President Karol Nawrocki's desk. The president has not yet announced whether he will sign the bill. He has until March 20 to do so.
The act assumes the creation of a Financial Security Enhancement Instrument managed by Bank Gospodarstwa Krajowego, through which the government will be able to use money from SAFE. Poland is the largest beneficiary of the EU SAFE program – it can obtain approximately EUR 43.7 billion, or almost PLN 200 billion. According to the government's declaration, 89 percent funds from SAFE are to go to Polish arms companies. (PAP Business)
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