Opposition MPs asked NBP what it does with Polish gold

Three Left-wing MPs, Przemyslaw Koperski, Rafal Adamczyk and Zdzislaw Wolski, asked in their joint NBP interpellation what our [...] https://www.pinterest.com/pin/1085437947660215829/

In their joint interpellation, the three Left-wing deputies, Przemysław Koperski, Rafał Adamczyk and Zdzisław Wolski, asked the NBP what the central bank does with Polish gold in times of crisis. Isn't it selling it to finance e.g. the country's social policy? Polish gold in the Polish treasury As we know, in the autumn of 2019. NBP brought to Poland more than 100 tons of gold, which was previously stored in a vault in the UK. Today our reserves are almost half in our country. In total, the NBP holds 228 tons of gold. 100 tons are in Poland and the rest is still stored in the treasury of the Bank of England in London. The part of the bullion which is located beyond the LaManche Canal is to be "invested in the present way". What does this mean in practice? "In 2019, interest income from gold deposits amounted to PLN 5,960,163.80. The amount of interest income in 2020 will depend on market conditions, in particular the development of deposit rates." - The amount of interest income in 2020 will depend on market conditions, particularly the development of deposit rates," the NBP document, prepared in response to an interpellation by the Left-wing MPs, reads. Opposition MPs: What are you doing with gold? The parliamentarians were interested, however, in what the NBP is currently doing with the gold that is in Poland. They were interested, among others, in what the gold resources are now, what income they bring and whether it is planned to use the gold bullion to save the Polish economy from the effects of a pandemic. We already know the answers to the questions concerning the amount of the "yellow metal" held by NBP and the income it generates in the UK. But 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 held by NBP and... nothing more happens with it. The central bank boasted in its answer to the question from three MPs that it had lowered interest rates and conducted as many as four operations of buying treasury securities. Probably NBP is counting on the fact that the gold rate will continue to grow in the coming months. The purchase was made at the right time, will it be the same with the eventual sale? Tags Left NBP politics Sejm gold