Poland Repatriates 100 Tons of Gold from Bank of England

Poland Repatriates 100 Tons of Gold from Bank of England

Poland repatriated approximately 100 tons of gold from the Bank of England to demonstrate the strength of the nation’s $586 billion economy, according to central bank Governor Adam Glapinski.

The institution also brought 126 tons home in 2018 and 2019, increasing its gold reserves to 228.6 tons. The country is now the 22nd largest bullion holder in the world and holds the biggest reserves of the metal in the European Union’s east, according to the central bank.

If the “reserve situation is favorable,” Glapinski said the central bank plans to keep repatriating gold.

“The gold symbolizes the strength of the country,” Glapinski told reporters on Monday, signaling the country has no plans of selling the metal.

Poland is no special case, as Hungary’s and Serbia’s central banks also bought gold in the first half of 2019, leading to three-year high gold demand, according to data from the World Gold Council. Central banks have added to reserves as economic growth has slowed, and trade and geopolitical tensions have risen, with authorities looking to diversify away from the dollar. Russia, China, and Turkey remain the top bullion purchasers.

Poland enjoyed $121.9 billion in official reserves, including gold, starting October 31.