Jakarta, CNBC Indonesia – In a surprising move, Poland is considering selling off portions of its gold reserves to fund a significant increase in military spending. The decision marks a departure from the country’s recent trend of accumulating gold, and comes as geopolitical tensions escalate in Eastern Europe.
Data from the World Gold Council (WGC) indicates that Poland’s central bank has been the largest purchaser of gold among central banks globally over the past two years.
The country had been a key driver of the recent rally in gold prices. Although, with the conflict between Russia and Ukraine entering its fourth year and the future of the NATO alliance uncertain, Poland is now contemplating a previously unthinkable step: liquidating its gold holdings to bolster its defense budget.
The move comes amid further instability with the outbreak of conflict in Iran on Saturday, February 28, 2026.
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Governor of the National Bank of Poland, Adam Glapinski, has proposed raising up to US$13 billion, or approximately Rp 219.7 trillion (US$1=Rp 16,900), through the sale of the nation’s gold reserves to finance a planned doubling of the defense budget. This plan has the backing of the President.
Glapinski presented the proposal during a meeting with President Karol Nawrocki on Wednesday, June 4, 2026. The President expressed a desire to seek alternative funding sources beyond a European Union program opposed by the United States.
Nawrocki and several government officials have voiced concerns about a US$174 billion loan program from the European Union for arms purchases, deeming it expensive and potentially damaging to relations with Washington.
According to sources, Glapinski told Nawrocki that the National Bank of Poland could realize a profit by selling a portion of its approximately 550 tons of gold reserves, with the possibility of repurchasing it later. Approximately US$3.25 billion could be generated from other revenue sources through the central bank, bringing the total additional defense financing this year to US$16 billion.
In the long term, the total value of the plan could reach around US$50 billion, roughly equivalent to the proposed SAFE loan for Warsaw from Europe, according to the Polish President.
Sources also indicated to Bloomberg that another option being considered is amending legislation to allow the central bank to revalue its gold reserves to realize profits from their increased value, and to enact legislation requiring those funds to be allocated to defense spending.
Glapinski has confirmed he is working on a plan based on gold reserves but has not disclosed further details.
Selling gold reserves would represent a significant shift in the country’s policy. The Polish central bank has been one of the world’s largest official gold buyers in recent years, adding more than 100 tons to its reserves in both 2024 and 2025.
In September of last year, Glapinski stated that the Polish central bank planned to increase its gold holdings to 30% of its total reserve assets to strengthen the country’s financial security.
“In difficult times with global turbulence and the search for a new financial order, gold is the only safe investment for a country’s reserves,” the Governor of the National Bank of Poland said at the time, adding that the scale and pace of gold purchases would depend on market conditions.
WGC data shows Poland’s gold reserves at 550 tons, ranking it 13th largest globally.
The United States has urged its allies in the Asia-Pacific region, including Japan, to increase defense spending to 5% of their Gross Domestic Product (GDP).
Poland’s defense budget currently stands at 4.2% of GDP.
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