At the end of January, the NBP had almost 326 tons of gold worth €22 billion. At the end of August it was at the level of about 363 tons, the central bank said in a statement on Friday.

President of the bank, Adam Glapinski said: “Our decision to increase gold reserves is part of a long-term plan to safeguard Poland’s financial stability. We are aiming to raise gold’s share to 20% of our reserves in the coming years.”

According to American financial services company Morningstar, “gold now constitutes 14.7% of Poland’s foreign currency reserves.”

Poland's central bank started increasing gold reserves in 2019.