Three left MPs, Przemysław Koperski, Rafał Adamczyk and Zdzisław Wolski, asked in their joint interpellation of the NBP about what our central bank is doing during the crisis with Polish zloty. Does it accidentally sell to finance, for example, the state’s social policy?
Polish gold in the Polish treasury
As we know, in autumn 2019, the NBP imported over 100 tonnes of gold to Poland, which had previously been stored in the treasury in Great Britain. Today our reserves are almost half in our country.
In total, the NBP holds 228 tonnes of gold. 100 tonnes are in Poland, while the rest is still stored in the Treasury of the Bank of England in London. The part of the ore that is behind the LaManche Canal is to be “Invested in the current way”. What does this mean in practice?
“In 2019, income from interest on deposits in gold haughty PLN 5,960.163,80. The amount of interest income in 2020 will depend on market conditions, in particular the development of deposit rates. “
– we read in a document prepared by the NBP in response to an interpellation by left-wing deputies.
Opposition MPs: what are you doing with gold?
However, MPs were interested in what the NBP is currently doing with the gold that is in Poland. They were interested in, among others this. what are the current gold reserves, what income they bring and whether it is planned to use the metal to save the Polish economy from the effects of a pandemic.
We already know the answers regarding the amount of “yellow metal” that NBP has and the income it generates in Great Britain. Does the bank intend to use gold to save the Polish economy? It turns out that the matter is still not clear.
Currently, gold is owned by the National Bank of Poland and … nothing else happens to it. In turn, the central bank boasted in response to an interpellation of three MPs that it had reduced interest rates and carried out as many as four buying operations of treasury securities.
Probably the NBP counts on that course gold will continue to grow in the coming months. The purchase was made at the right time, will it be the same with a possible sale?
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