Polish Central Bank Chief Weighs Gold Sales to Fund Defense

Poland’s central bank chief laid out a proposal to generate as much as 48 billion zloty ($13 billion) from the sale of gold reserves to finance defense spending as part of a plan backed by the nation’s president, according to people familiar with the matter.

Governor Adam Glapinski outlined the proposal in a meeting with President Karol Nawrocki on Wednesday as the head of state announced he’d seek an alternative to a European Union program that’s opposed by the US. Nawrocki and his aides have criticized the EU’s €150 billion ($174 billion) loans-for-weapons project as a costly endeavor that would jeopardize ties with Washington.