Appreciation of gold massively boosts Polish central bank’s assets

The National Bank of Poland (NBP), which has been accumulating large amounts of gold in recent years, added 32 billion złoty (€7.45 bln) to the value of its assets in 2024 due to the appreciation of its reserves of the precious metal.

Over the past five years, the central bank has almost doubled its gold reserves, from 229 to 448 tons. The share of gold in the bank's assets has increased from 9 to 15%.

his is not profit in the strict sense, since it does not boost the bank’s earnings. Instead, it is simply a rise in the value of the assets the bank holds, business news website Puls Biznesu noted.

The NBP's accumulation of gold stands out because few other central banks in developed countries have made such moves on a similar scale.

By comparison, the Czech central bank holds about 3% of its assets in gold, the Hungarian 8%, and the Romanian 10%.

The price of gold has risen by 15% in złoty terms since the beginning of the year, Puls Biznesu reported.

Source: https://tvpworld.com