The euro exchange rate dropped below PLN 4.70 in the words of Morawiecki

2021-11-22 14:30

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2021-11-22 14:30

Morawiecki strengthened the zloty.  The euro exchange rate dropped below PLN 4.70
Morawiecki strengthened the zloty.  The euro exchange rate dropped below PLN 4.70
photo: Pool / / Reuters

– We will do everything in communication and in our real actions to make the zloty a bit stronger – said the head of the Polish government. The zloty remains weak, but has recovered some losses.

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

After Morawiecki’s statement, the euro dropped to PLN 4.697. It’s still more than at Friday’s closing. Less than in the morning, but the dollar is also still more expensive (to PLN 4.16). In the afternoon, the scale of the increase in the rates of the pound (to PLN 5.594) and the Swiss franc (PLN 4.491) also slowed down, which previously cost over PLN 5.62 and PLN 4.51, respectively.

On Friday, the president of the National Bank of Poland spoke about the zloty exchange rate. According to economists, they indicated that the central bank was ready to intervene in the market.

“The zloty exchange rate is floating and if the market factors speak in favor of changes in the exchange rate, especially if they are not too strong, it is difficult to expect our reaction. Changes in the exchange rate are natural. However, we reserve the right to conduct foreign exchange interventions, but we do not conduct them without Currency interventions are not ruled out by other central banks, especially in smaller, open and developed economies. They also often exercise their right to intervene, sometimes much less restrainedly than the NBP. argue that we are acting towards weakening the zloty or we prefer the weak zloty “- wrote Glapiński.

Today’s statement by Prime Minister Morawiecki corresponds to his words from the beginning of October, when he expressed the hope that the NBP would adequately respond to the rising inflation. On the same day, the monetary authorities made the first interest rate hike in 9 years. In November, this step was repeated (and on a larger scale), which resulted in an increase in the reference rate in Poland from 0.1% within 2 months. up to 1.25 percent Against the background of the region, it is still not much – higher rates are in force in the Czech Republic (2.75 per cent) or in Hungary (2.1 per cent).

MZ / PAP

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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