The National Bank of Poland is buying record amounts of gold. President Adam Glapiński about the purchases of precious metal
At the end of March 2026, the National Bank of Poland had a total of 18.7 million ounces, or approximately 581.6 tons of gold in its vaults – according to data published by the central bank on Tuesday afternoon. These are the largest stocks of this precious metal – counted in bars – in the history of the National Bank of Poland.
Compared to the end of February, the central bank increased its gold resources by PLN 360,000. ounces, or nearly 11.2 tons. However, these were not the largest purchases in recent months, e.g. in February, the National Bank of Poland purchased an additional 650,000. ounces, and in November 400 thousand.
The value of gold held by the NBP was slightly over PLN 319.5 billion at the end of March. Converted into euro, it was almost EUR 74.5 billion, and when converted into American currency – just over USD 85.4 billion.
The NBP gold stock in ounces has been systematically growing since the beginning of 2023, according to data from the central bank.
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NBP, own study
The value of NBP gold expressed in dollars decreased by 10% in a month, i.e. USD 9.5 billion, which results from the depreciation of gold that occurred on world markets in March as a result of the US attack on Iran. At the end of March, the price per ounce was $4,667.3, or 11.3 percent. less than at the end of February. However, year-on-year, the value of our gold reserves increased significantly: by 71%, or USD 35.6 billion.
NBP data also shows that total reserve assets amounted to PLN 1.087 trillion, which means a slight decrease compared to February (0.7%) and a significant increase year-on-year (18.5%). Due to the depreciation of gold on the markets, the share of the precious metal in the NBP reserve assets decreased slightly for a month by 1.7 percentage points, to 29.4%. Year to year it grew by 8.4 percentage points.
The president of the central bank, Adam Glapiński, said at the beginning of April that the NBP increased its gold resources in March and that it already has approximately 580 tons of this metal.
— Our goal, in accordance with the resolution of the NBP management board, is to achieve 700 tons. We buy gold, nothing changes here, we decided to take advantage of the drop in gold prices after the outbreak of the conflict in the Middle East. We have come to the conclusion that no political agreement is being prepared regarding the use of NBP reserves, the president noted three weeks ago.
— Since nothing will come from the SAFE 0 percent program, we will continue to buy gold. We secure Poland's security by accumulating reserves and gold, which is the most valuable form of reserves, he added.
The share of gold in reserve assets decreased slightly due to the fall in the price of the metal in March.
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NBP, own study
He then assessed that Polish currency reserves were adequate. — They're certainly not very big, all things considered. They should be much, much bigger than they are now. Poland does not intend to deplete its reserves, including gold, or get rid of them in part or in whole, said Prof. Glapiński. He added that large reserves are required to ensure the stability of the currency and credibility of Poland, especially considering its geographical location.
President Glapiński on a visit to the USA
A few days ago, the NBP announced that President Glapiński – during his stay in the USA at the meeting of the G20 countries – inspected part of the Polish gold reserves deposited in the vault of the Federal Reserve Bank in New York.
— I have personally verified the way in which part of our national reserves are stored. I confirmed that Polish gold resources are safe, complete and properly stored — emphasized the president of the National Bank of Poland.
See also: Historic photos from Washington. “Poland at the G20 table”
