February 4, 2023


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The euro exchange rate fell below 4.70 zlotys, says Morawiecki

2021-11-22 14:30

2021-11-22 14:30

Morawiecki strengthened the zloty.  The euro exchange rate fell below 4.70 PLN
Foot. Swimming pool / / Reuters

– We will do everything in communication and in our real actions to make the zloty a little stronger – The Polish Prime Minister said. The zloty is still weak, but has recovered some losses.

The Prime Minister’s words slightly lowered the EUR/PLN rate, which today set a new maximum above 4.72 PLN. We wrote more about the morning situation in the currency market in the article “The exchange rate of the euro is above 4.70 PLN. Franc at 4.51 PLN”.

After Morawiecki’s statement, the euro fell to PLN 4.697. Still more than it was at the close on Friday. Less than in the morning, but the dollar is still more expensive (up to PLN 4.16). In the afternoon, the measure of increase in the rates of the pound (to 5.594 PLN) and the Swiss franc (4,491 PLN), which previously cost more than 5.62 PLN and 4.51 PLN respectively, also slowed.

On Friday, about the exchange rate of the zloty The President of the National Bank of Poland spoke. According to economists They indicated that the central bank is ready to intervene in the market.

“The exchange rate of the zloty is floating, and if market factors speak in favor of changes in the exchange rate, especially if they are not very strong, then it is difficult to anticipate our reaction. Changes in the exchange rate are normal. However, we reserve not ruling out other central banks, especially In smaller, open and developed economies the right to make foreign exchange interventions, but we don’t make them without currency interventions. NBP. He argues that we work for weak zloty or we prefer weak zloty “- Glapiński wrote.

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Today’s statement by Prime Minister Moraviki is consistent with his statement In words since the beginning of October, when he expressed hope that NBP will respond appropriately to rising inflation. On the same day, the monetary authorities made their first rate hike in 9 years. In November, the move was repeated (and on a larger scale), meaning that the reference rate in Poland rose from 0.1 percent in two months. Coming to 1.25 percent on the back of the region, this is still much lower – higher rates are in effect in the Czech Republic (2.75 percent) or in Hungary (2.1 percent).