(Kitco News) After boosting its gold reserves for the past two years, Poland is bringing its gold back home.
In its latest move, Poland repatriated 100 tons of gold from the Bank of England’s storage in London to show the strength of the country’s economy, said the National Bank of Poland (NBP) on Monday. “The gold symbolizes the strength of the country,” Poland’s central bank Governor Adam Glapinski told reporters.
Poland’s precious metals will now be stored in the central bank’s treasury, NBP noted. Also, the trend of bringing the precious metal back home will continue if the “reserve situation is favorable,” with at least half of Poland’s gold reserves to be stored at home, Glapinski added.
Poland has stepped up its gold buying as it purchased 125 tons during the past two years, increasing its reserves to 228.6 tons, NBP said. Total gold reserves are now worth around $10.8 billion, with half of the reserves still stored in England, said Glapinski.
The country now holds the 22nd spot as the biggest bullion holder in the world, the central bank added. If Poland chose to sell its gold, it would have “multi-billion” profits, but it does not plan to do so, Glapinski pointed out. The central bank’s governor did not rule out more gold purchases in the future.
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