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I UNDERSTAND
English Section

Poland repatriates 100 tonnes of gold from UK

26.11.2019 01:00
The Polish central bank says it has brought into the country around 100 tonnes of gold from safekeeping in the Bank of England.
Polands gold reserves have increased to 228.6 tonnes, growing by 125.7 tonnes from last year, the countrys central bank has said.
Poland’s gold reserves have increased to 228.6 tonnes, growing by 125.7 tonnes from last year, the country’s central bank has said. Photo: nbp.pl

The gold transferred into the country is worth some PLN 18.3 billion (EUR 4.26 bn, USD 4.69 bn) and is part of Poland’s official gold reserves, Polish central bank chief Adam Glapiński told reporters on Monday.

He added that the gold transfer operation had been carried out by air, chiefly through airports in Warsaw and the western city of Poznań, by several hundred qualified employees.

“The entire process required detailed preparations and complete discretion," Glapiński added.

He also said there are “a dozen or so places in Poland … where our reserves are safe.”

Monday’s announcement came after Glapiński in the summer revealed to reporters that his National Bank of Poland (NBP) was preparing to repatriate a significant portion of the country's gold reserves to its own vaults from the Bank of England.

The Polish central bank said in July that Poland’s gold reserves had increased to 228.6 tonnes, growing by 125.7 tonnes from last year.

The National Bank of Poland also said at the time that the country had moved up from 15th to 11th place in Europe in terms of gold reserves, and from 34th to 22nd worldwide, thanks to a series of purchases.

(gs/pk)

Source: PAP