NBP investing its gold reserves again

The National Bank of Poland has resumed placing gold deposits on the interbank market, the Ministry of Finance said in response to an MP’s query. It has earlier kept all of its gold reserves at the Bank of England. “An improvement of the global financial sector’s situation and a change of market conditions has allowed for the resuming of placing gold deposits on the interbank market in January 2014,” the ministry was quoted as saying by the Polish Press Agency. Some 80 percent of the central bank’s gold is still kept at the Bank of England, the ministry also said. In mid 2008 the NBP made a number of decisions aimed at limiting exposure to credit risk, including that on withdrawing gold from deposits in commercial banks. The NBP’s official reserve assets include 103 metric tons (3,309 ounces) of gold. As of the end of May 2014, their value was $4.1 billion.