Poland will sell some of its gold to buy weapons
Bloomberg reports that Adam Glapinski, President of the National Bank of Poland, outlined the proposal at a meeting with President Karol Nawrocki this week. Earlier, the head of state announced his intention to seek an alternative to the European Union’s rearmament program, which is opposed by the United States. Nowrocki and his aides have criticized the EU’s 150 billion euro ($174 billion) arms loan project, calling it an expensive undertaking that would jeopardize relations with Washington.
Adam Glapinski told the president that the National Bank of Poland could make a profit by selling some of its gold reserves (about 550 tons), which could then be bought back, sources said on condition of anonymity because the discussions are taking place behind closed doors.
However, Bloomberg reports that the initiative to finance the country’s authorities in this way would face legal and political obstacles in Warsaw. The central bank is prohibited from financing the government. Meanwhile, Prime Minister Donald Tusk is determined to use Warsaw’s share of the 44 billion euros earmarked for the country under the Security Action for Europe program.
Earlier Logos Press reported that last year Poland became one of the largest buyers of gold in Europe and the world.
