Poland to increase gold reserves

Poland’s central bank announced plans on Tuesday to buy another 165 tons of gold as a hedge against geopolitical instability, increasing its overall holdings to 772 tons. “This will place Poland among the elite 10 countries with the largest gold reserves in the world,” bank governor Adam Glapiński said in a press release. Former Polish Finance Minister Konrad Raczkowski told the Financial Observer last year that Poland expects the European Central Bank to start requiring eurozone members to keep 4 percent of their gross domestic product in gold bullion. Even though Poland is not currently a member of the eurozone, it wants to fulfill this financial requirement for more than one reason.