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Central Banks Shift Gold Reserves: Poland Buys, Russia Sells
3 Apr
Summary
- National Bank of Poland purchased 20 tonnes of gold in February.
- Turkiye and Russia were notable sellers of gold reserves.
- Uzbekistan continues its gold buying trend for the fifth month.
In February, central banks exhibited varied approaches to gold reserves, with Poland and Uzbekistan emerging as key buyers. The National Bank of Poland (NBP) spearheaded these purchases by acquiring 20 tonnes, its most substantial buy since February 2025. This move increased Poland's gold reserves to 570 tonnes, representing 31% of its total reserves, with a target of 700 tonnes.
Conversely, Turkiye and Russia were significant sellers, reducing their gold holdings by eight and six tonnes, respectively. These reductions marked the largest declines observed in February. While Turkiye's sales may relate to Treasury holdings, the central bank was reportedly active in March, utilizing approximately 50 tonnes for liquidity and FX operations, often through gold-currency swap futures.
Other central banks maintained consistent buying patterns. China's net purchases continued for the 16th month, and Uzbekistan added eight tonnes, marking its fifth consecutive month of acquisition. The Czech Republic also reported its 36th straight month of net buying, acquiring two tonnes, alongside Malaysia's two-tonne purchase.
