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CommoditiesMedium•6 March 2026•

1 min read

Poland Central Bank Governor Proposes Gold Sales to Fund Defense Spending

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Key Facts

1Poland's central bank governor, Adam Glapinski, proposed selling gold reserves to generate 48 billion zloty ($13 billion) for defense funding.

Adam Glapinski, the Governor of the National Bank of Poland (NBP), has proposed selling a portion of the nation's gold reserves to finance increasing military expenditures. The plan aims to generate approximately 48 billion zloty ($13 billion) to bolster defense capabilities while avoiding reliance on European Union loan programs. Poland currently holds about 550 tons of gold, and this move would represent a significant shift from the central bank's recent trend of aggressive bullion accumulation. However, the initiative faces substantial legal hurdles, as the central bank is constitutionally prohibited from directly financing government spending. Furthermore, Prime Minister Donald Tusk has expressed opposition to the plan, highlighting a growing rift within the Polish leadership over sovereign asset management. The prospect of a major central bank shifting from a buyer to a significant seller has weighed on precious metals, putting immediate downward pressure on XAU/USD prices.