Polish Central Bank approves plan to buy 150 tons of gold, lifting reserves to 700 tonnes

National Bank of Poland said the move will place Poland among the “elite 10 countries” with the largest gold reserves in the world.

The headquarters of the National Bank of Poland in Warsaw.Photographer: Damian Lemanski/Bloomberg

Warsaw: The National Bank of Poland approved a plan to buy as much as 150 tons of gold, which would increase the country’s holdings to 700 tons, the central bank said on Tuesday.

“This will place Poland among the elite 10 countries with the largest gold reserves in the world,” according to a statement.

Governor Adam Glapinski last week announced that he wants the central bank’s management board to raise the ceiling for gold holdings to 700 tons from 550 tons it held as of Dec. 31.

Until now, the NBP could allocate as much as 30% of its overall reserve assets to bullion. He said there’s no set date to reach the new target.

Disclaimer: This report is auto generated from the Bloomberg news service. ThePrint holds no responsibility for its content.