Central Bank Gold Statistics: Central banks stay the course on gold in February
2 April, 2026
February Highlights
- February buying: Central banks bought a net 19t in February, with activity driven by Poland (20t), a marked rebound after a lull in January. Uzbekistan entered its fifth consecutive month of net buying (8t), followed by Czech Republic (2t), Malaysia (2t), China (1t) and Cambodia (1t). Net sellers this month were Turkey (8t) and Russia (6t).
Notable takeaways
- Poland was the primary buyer for the month with net recorded buying at 20t, this is its highest purchase since February 2025, which was 29t.
- Track record of net buying maintained across some central banks with Czech Republic reporting its 36th consecutive month of net buying. China is on its 16th consecutive month of net purchases, followed by Uzbekistan tallying five consecutive months.
- A growing number of African central banks have been reported to turn to gold as a strategic diversification tool, to boost reserves and manage risks to the economy in international financial markets.
Central banks remain firm on gold accumulation in February, having bought a net 19t. This was a rebound from the lull we saw in January, though lower than the monthly average of 26t reported in 2025. Just two months into the year, central banks have bought 25t, a pace much slower than the same period last year (50t).
Chart 1: Central banks buying firm up in February
Monthly reported central banks activity, tonnes*
*Data to 28 February 2026, where available.
Source: IMF, respective central banks, World Gold Council
Reported activity in February was concentrated in:
- The National Bank of Poland drove much of this month’s buying activity, having bought 20t. This brings its total gold reserves to 570t, lifting its share of total reserves to 31%. The bank has set a target of 700t of gold, as announced by its Governor Adam Glapiński. In a recent development, Governor Glapiński had also proposed generating US$13bn through potential sale of gold reserves to finance defense spending, with the intention to “generate profits and to then buy it back”. Details on this proposal, though, remain unclear.
- Central Bank of Uzbekistan bought 8t of gold this month, lifting its gold reserves to 407t or 88% of its total reserves. Y-t-d, Uzbekistan bought 16t so far this year.
- Bank Negara Malaysia’s renewed interest continued into February, its second month of net purchases, adding 2t during the month. Y-t-d net purchases total a modest 5t. Czech National Bank’s modest but consistent net purchases brings its gold reserves to 75t ot 7% of total reserves. A similar story for the People’s Bank of China, its 16th consecutive month of buying saw gold reserves grow to 2,308t or 10% of its total reserves.
- Turkey (8t) and Russia (6t) saw the biggest declines in gold reserves in February. In Turkey’s case, the reduction appeared to be reflective of a decline in Treasury holdings, rather than central bank reserves based on our calculations. In March, however, the central bank was highly active, with our estimates indicating it utilised around 50t of its gold reserves for liquidity purposes and FX operations.1 Governor Fatih Karahan noted that: “a significant part of these transactions are in the nature of gold-currency swap futures. In other words, when it matures, the gold in question will return to our reserves.”2
Chart 2: Year-to-date central bank gold activity
Central bank net purchases and sales, tonnes*
*Data to 28 February 2026, where available.
Source: IMF, respective central banks, World Gold Council
African central banks look towards gold for diversification
The Bank of Uganda launched its domestic gold buying programme two years ago, with active buying commencing in March 2026. The bank aims to purchase at least 100kg of gold between March and June this year from artisanal, medium and large-scale domestic producers. The move is aimed to bolster reserves and cushion the economy from risks in international financial markets. Uganda is not alone in this shift. Kenya's central bank Governor Kamau Thugge signalled similar intentions at a news conference in early February, which alludes to a broader trend of African central banks turning to gold as a strategic diversification tool.
Conclusion
February seems to indicate a rebound in central bank buying after a quiet January, highlighting commitment to gold’s role in reserves. At the same time, central banks may be prudently price sensitive in their accumulation. Poland's contribution this month highlights continued appetite from established buyers, with persistent buying streaks from Czech Republic, China and Uzbekistan signalling sustained demand. New entrants from Southeast Asian and African central banks suggest that the emerging market story continues.
Footnotes
1Based on data to 20 March 2026.
2Statements from CBRT Governor Karahan on gold-based transactions, Bloomberg HT, March 2026.
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