Polish central bank head to propose raising gold reserves
Adam Glapinski, the governor of Poland's central bank NBP, has announced that he would submit a proposal to the NBP management board to increase the share of gold in foreign exchange reserves to 30 percent.
"I intend to present in the near future a proposal to raise the threshold (of gold share in the bank's total reserves – PAP) we are aiming for – previously it was 20 percent of reserves – to 30 percent. What happens next, we shall see," Glapinski said at a press conference on Thursday, following the Monetary Policy Council meeting.
As of September 3, the NBP’s gold holdings stood at 515.3 tonnes, valued at USD 57.8 billion, or over PLN 204 billion, according to Glapinski. He said that the NBP had started purchasing gold ahead of other central banks, and pointed out that gold had recently become the second-largest reserve asset after the dollar in central bank portfolios.(PAP)mj/aj
