We know the details of SAFE 0 percent. The President of the NBP indicated a specific amount

A week ago, President Karol Nawrocki and the President of the National Bank of Poland (NBP), Adam Glapiński, announced the idea of ​​”Polish SAFE 0 percent”. According to this proposal, a Polish Defense Investment Fund would be established at BGK, financed from the central bank’s profit.

Glapiński about SAFE 0 percent.

The head of the NBP, Adam Glapiński, spoke about the details of the idea during today’s press conference. – We operate in a situation of higher raison d’état. We act in a situation where there is a need to strengthen the rapid security of Poles. Public opinion is not intimidated by those in power, including me, but I think everyone clearly sees that there is a very urgent need to finance armaments in Poland on the part of those in power, the president and prime minister and everyone else, as well as myself. Not in 10, 20 years. Within three years. We must have a strong army within three years – said Glapiński at the beginning, quoted by Money.pl.

The President of the NBP announced that at the end of February the bank had foreign exchange reserves worth PLN 1.095 trillion, of which gold is the equivalent of PLN 340 billion. The ore resources increased to 570 tons, and the target set by the National Bank of Poland is 700 tons.

– We didn’t expect gold to rise in price so much. And that the so-called unrealized revenues from the gold price will be so great – said Glapiński. – This is currently approximately PLN 197 billion. This is a side effect of the fact that we bought so much gold and the price of gold rose so much – he added.

Getting to the point, the head of the NBP said that the unrealized profit on gold could be used “for the country’s defense and the rapid construction of the armed forces.” – Operations performed by NBP on reserves will be real business transactions, not artificial accounting procedures. They will be implemented as part of the management of foreign exchange reserves. The NBP will not reduce foreign exchange reserves because the value of the reserves will remain absolute and only the composition of the reserves will change – explained Glapiński, adding that other central banks carry out similar operations.

The head of the central bank emphasized that the proposal does not involve using the entire accumulated surplus value of gold in one move. – We only wanted to partially, gradually and slowly use this value to support the construction of the armed forces. We believe that this is a one-time opportunity because the situation where we bought such huge amounts of gold, which then increased significantly in value, will not happen again – explained the president of the National Bank of Poland.

– We believe that the profit that arises from the use of gold is not an ordinary bank profit, but an extraordinary, one-time historical opportunity that should be used for a national purpose, such as building a strong army. There is not much money that can be allocated for this purpose, and our proposal would generate funds without any side effects – he added.

Polish gold in three countries

Glapiński reminded that Polish gold is currently located in three countries: Poland, the USA and Great Britain. – We are proceeding with a physical inspection of our gold in London, New York. This is happening all the time here and our special team goes and inspects these bars, checks their numbers, etc. Our team goes to do this, not because we have any lack of trust or suspicion, but we routinely do it – informed the president of the National Bank of Poland.