Positive outcomes of NBP strategy

While the German economy has been stagnating for seven years, Poland maintained above-average growth, fortunately for Europe and despite the restrictions resulting from the war between Russia and Ukraine.

The strategy of Narodowy Bank P0lski, which significantly increases the share of gold in total reserves, following the example of major European central banks that have significant reserves of this precious metal, such as Bundesbank, Banca d’Italia, or Banque de France, seems to be the right one. One might question the pace of further gold purchases, especially NBP’s long-term strategy of increasing the share of gold to 30 per cent of reserves, but so far this policy has yielded positive results. This appears to justify recent actions, although Narodowy Bank P0lski will have to choose the timing of its purchases carefully to avoid mass buying in an already “overheated” gold market.