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Governor Outlines Contingency Measures For Addressing Potential Crisis Situations

NBP
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Governor Glapinski begins his press conference by discussing the NBP's ongoing gold purchases, says that Poland now has the 15th largest gold reserves in the world. The central bank will keep buying gold until it constitutes around 20% of all reserves, in line with the Management Board's decision. Just like during earlier pressers, he links this to geopolitical factors (i.e. being a "front-line NATO member state"),

  • The Governor says that the central bank drew lessons from the pandemic and Russia's invasion of Ukraine and has taken measures to ensure that there would be ample supply of physical cash in the event of a crisis, such as a large-scale cyberattack which could precede kinetic military action. He refuses to reveal any details, noting that "the enemy is listening."
  • On that note, much of the Governor's opening remarks is devoted to contingency measures related to the ongoing war in Ukraine. The Governor warns that there are reasons to expect that the front line in Ukraine may soon move slightly closer to Poland, hence the need for greater caution.
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Governor Glapinski begins his press conference by discussing the NBP's ongoing gold purchases, says that Poland now has the 15th largest gold reserves in the world. The central bank will keep buying gold until it constitutes around 20% of all reserves, in line with the Management Board's decision. Just like during earlier pressers, he links this to geopolitical factors (i.e. being a "front-line NATO member state"),

  • The Governor says that the central bank drew lessons from the pandemic and Russia's invasion of Ukraine and has taken measures to ensure that there would be ample supply of physical cash in the event of a crisis, such as a large-scale cyberattack which could precede kinetic military action. He refuses to reveal any details, noting that "the enemy is listening."
  • On that note, much of the Governor's opening remarks is devoted to contingency measures related to the ongoing war in Ukraine. The Governor warns that there are reasons to expect that the front line in Ukraine may soon move slightly closer to Poland, hence the need for greater caution.