The zloty fell today, but Polish officials are concerned that the currency may yet strengthen due to the extremely accommodative policy of the European Central Bank, threatening the nation’s economic wellbeing.
National Bank of Poland Governor Marek Belka said that the last week’s policy decision of the ECB “has a potential to strengthen the zloty”, and this is “not good as it could slow down our exports, slow down our economy”. Belka was not particularly worried about the potential rally, and it looks like the currency indeed is not in a hurry to appreciate. Talks about a possibility of an interest rate cut by the NBP reduce chances for zloty’s appreciation, though the Governor voiced hope that such measure will not be necessary.
USD/PLN was up from 3.0023 to 3.0062 as of 10:16 GMT today.
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