Poland central bank says gold reserves hit 700 tonnes

Poland's central bank has increased its gold reserves to 700 tonnes, bank head Adam Glapinski said Thursday, up from 550 tonnes in January.

Glapinski said the holdings strengthen Poland's credibility and security and help ensure the stability of the zloty. He described the total as a historic achievement for the National Bank of Poland.

According to Glapinski, the gold is worth 355.7 billion zlotys, about $91 billion. He said Poland has consolidated its place among the 10 countries with the largest gold reserves in the world.

Glapinski said the bank's management board decided to hold one third of the gold in New York, one third in London and one third at the National Bank of Poland, citing security reasons.

Poland is an EU member that has not adopted the euro. It is also a NATO member bordering Russia and Ukraine. Glapinski said Poland's gold reserves should continue to grow.