The scale and pace of further gold purchases will depend on the dynamics of the increase in the foreign exchange reserves of the National Bank of Poland (NBP), as well as on future macroeconomic and market conditions, informed the President of the National Bank of Poland, Adam Glapiński.
“One of the pillars of our investment strategy is the gradual increase in the central bank’s gold resources, which effectively diversifies the risk associated with other investments. In 2018-2019, NBP already purchased 125.7 tons of gold, increasing its gold stock to 228.7 tons, i.e. approx. 8% of official reserve assets The scale and pace of further gold purchases will depend on the dynamics of the NBP’s foreign exchange reserves, as well as future macroeconomic and market conditions,” wrote Glapiński in an article published today in the French daily L’Opinion.
He emphasized that the value of reserve assets reaches EUR 133.4 billion (data as at the end of May 2021).
“Thanks to the wise management of foreign exchange reserves, the NBP generated profits in the years 2016-2020, the total payment of which to the state budget exceeded PLN 32 billion, which corresponds to nearly 5 percent of the balance sheet total of NBP at the end of 2020,” added the head of the central bank.
At the beginning of June, the NBP informed that the official reserve assets amounted to EUR 133.38 billion in May 2021. In annual terms, they increased by 11.7% y / y (and increased by 3.6% in monthly terms). Later, the central bank announced that the amount of gold in reserve assets amounted to 7.412 million ounces at the end of May (against 7.352 million ounces a month earlier).
Source: L’Opinion and ISBnews
