Politics
Polish central bank governor pitches $54 billion gold profit for defence spending
Poland’s central bank governor has stated that the country has a unique opportunity to allocate unrealized profits from its gold reserves toward defence spending, though he noted the government has shown no interest in the proposal.
On Wednesday, National Bank of Poland (NBP) Governor Adam Glapi?ski confirmed that the unrealized gains from the surge in gold prices currently stand at 197 billion zlotys ($53.75 billion). He characterized the potential use of these funds for military purposes as a "one-off chance."
The remarks follow an announcement last week by Polish President Karol Nawrocki, who proposed financing defence equipment purchases through central bank reserves rather than utilizing funds from the European Union's Security Action for Europe (SAFE) programme. This initiative marks an escalation in the ongoing tensions between the president, who is backed by the nationalist opposition, and the pro-EU government.
While Warsaw is the largest designated beneficiary of the EU's €150 billion SAFE programme, the nationalist opposition argues that the initiative would restrict arms purchases from Poland's key ally, the United States, and increase Brussels' involvement in defence policy—a move they oppose.
In response, Poland's liberal government has been urging President Nawrocki to approve a law that would establish a mechanism enabling the country to access €43.7 billion in EU loans aimed at strengthening its military capabilities.
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