On 30 September, the Polish zloty (PLN) traded at 4.41 per EUR, which represented a 6.0% nominal depreciation compared with the previous month, the biggest loss since December 2008. On a year-on-year basis, the zloty depreciated 9.6% versus the EUR. The zloty weakened even more versus the USD in nominal terms, depreciating 11.9% over the previous month and 10.2% over the same month last year. The sharp currency depreciation prompted the National Bank of Poland (NBP) to intervene in the FX market on 23 September. According to the NBP's laconic press release statement, the Bank ?sold a certain amount of foreign currency for zlotys.? This was the Central Bank's first intervention since 9 April 2010, when it attempted to curb the zloty's appreciation by selling it on the foreign exchange markets. A weaker zloty is viewed negatively by the policy makers, as continuing decline in value of the domestic currency could push public debt above the legal debt-to-GDP threshold of 55% of GDP, and thereby trigger mandatory austerity measures.
Poland Exchange Rate
Polish zloty weakens, triggering Central Bank intervention
September 30, 2011
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Poland Economic News
October 12, 2016
According to the Central Statistical Office (GUS), consumer prices recorded flat growth over the previous month in September, which followed the 0.2% decrease recorded in August.
October 5, 2016
As anticipated by market analysts, the National Bank of Poland (NBP) decided to keep the reference rate at the record low of 1.50% at its 4–5 October monetary policy meeting.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI) rose from August’s 51.5 to a six-month high of 52.2 in September, according to IHS Markit.
September 30, 2016
According to a preliminary estimate released by the Central Statistical Office (GUS) on 30 September, consumer prices recorded flat growth over the previous month in September, which followed the 0.2% fall recorded in August. In annual terms, consumer prices dropped 0.5% in September, which was a less pronounced decline than the 0.8% fall recorded in August.
September 30, 2016
The manufacturing sector business climate index decreased from 4.8 points in August to 3.3 points in September, according to the Central Statistical Office’s Business Tendency Survey (GUS-BTS).