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Poland’s National Bank to keep increasing gold reserves

The National Bank of Poland (NBP) is promoting its recent operations of importing gold to the country and new purchases of this fine metal. In recent years, the institution has doubled its gold reserves to 230 tonnes.

“One of the pillars of our investment strategy is the gradual increase of resources in gold. Gold effectively diversifies the risk associated with other investments. It is a sort of an anchor,” Adam Glapiński, the head of the NBP said.

He also announced that he would buy another hundred tonnes of gold to enhance the strength of the Polish economy after the COVID-19 pandemic.

“We protected our economy against the effects of the pandemic, therefore it is time to think about the future. Although the pandemic continues, we can already see that it will not have the same destructive effects as before,” Mr Glapiński stressed.

Congress 590 this year is held under the slogan “new opportunities.” Currently, the Polish economy is entering the stage of new opportunities with healthy public finances and higher economic growth as opposed to many Western countries which are still struggling with the effects of the crisis.

Surprisingly, despite the worsening economic situation, Poland managed to increase trade with many partners, such as Germany or Austria, whose president was a guest at the event.

“I am pleased with the considerable activity of Austrian investors in Poland. I am also counting on a further increase in the number of investment projects of Polish entrepreneurs in Austria,” President Andrzej Duda said.

“During the pandemic, trade between Poland and Austria not only was maintained, but even increased, which I emphasise. This is rare when it comes to bilateral relations,” Alexander Van der Bellen, his Austrian counterpart, emphasised.

On Wednesday during the second day of Congress 590, Prime Minister Mateusz Morawiecki addressed the participants of the event.

“I am convinced that each subsequent Congress 590 will open a new chapter in the history of Polish development. I believe that this year’s edition will allow us to develop new solutions that will soon become a new, ambitious plan for the development of Poland,” he said.

The Congress 590’s main goal is to “release the potential of the Polish economy and to promote Polish products and services,” as stated on its web page. The name Congress 590 comes from the barcode prefix used to mark goods manufactured or distributed by Polish enterprises.

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