Polish Zloty Rallies on Central Bank Statements

The Polish zloty has been one of the best emergent market currencies since the world start to post its first signs of economic improvement in the first semester of this year, and today after a central banker affirmations regarding the future of the Polish currency, the zloty rallied further among its Eastern European rivals.
National Bank of Poland policy maker Andrzej Slawinski affirmed today that the zloty may experience gains as high as those witnessed in the period between 2005 and 2007 when the Polish currency was extremely bullish against the euro and reached a record high of 3.6 to one euro, record which has not yet been reached. The zloty already rose 17 percent versus the European common currency and Slawinski’s statements provided support for the Polish currency to extend its gains today as remain as the best performing currency among the Central and Eastern European members of the EU.
Poland has been one of the fastest countries to recover from the economic crisis that touched Eastern nations of the European block in a more severe way than most of its Western members, and a consequence of this resilient characteristic is a stronger national currency, according to analysts. The Zloty, as suggested by the central banker, may extend its gains towards the end of the year, at least regionally.
EUR/PLN closed today’s session at 4.1872 from an opening rate of 4.2056.

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