Polish president proposes selling part of gold reserves to fund military

Poland is considering selling part of its gold reserves to finance its armed forces, amid internal disagreements over defence funding, the Financial Times reports.

The debate has exposed divisions within the country’s leadership. Prime Minister Donald Tusk and Finance Minister Andrzej Domański favour using the European SAFE (Security Action for Europe) fund to support military spending.

In contrast, President Karol Nawrocki and central bank governor Adam Glapiński advocate selling a portion of the country’s gold reserves.

Earlier in 2026, Nawrocki vetoed Poland’s participation in the SAFE programme, highlighting the growing rift over how best to fund defence priorities.

By the end of 2025, Poland had increased its gold reserves to nearly 550 tonnes, with Glapiński previously setting a target of raising them to 700 tonnes. However, he later backed the idea of partially selling gold to support military financing.

Domański has warned that such a move could trigger currency volatility and introduce uncertainty into the country’s financial system.