Zloty is another fateful day. Since Wednesday morning it has depreciated against the most important currencies by about 6 groszy. The state at 11:05 is euro PLN 4.80 each, dollar PLN 4.34 each, francs PLN 4.72. And there were times when the price of these currencies was still 1-2 grosze higher.
EUR / PLN exchange rate
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USD / PLN exchange rate
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Today’s morning brings a further depreciation of the Polish currency, but we see the same “effect” on the Czech crown or the forint. It is clearly visible that investors are increasing risk aversion in relation to the entire region due to the development of the dramatic situation in Ukraine. Without seeing the end of hostilities, increasing determination and the complete unreal and brutality of the Russian invaders, it is not known what else they may go to. The market increases the risk premium for the materialization of blacker scenarios, hence the rather panicky exit from the currencies of the entire region, which at the moment seems difficult to control
– says Jacek Rzezniczek from the stooq.pl portal.
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Gold on a swing
Only from mid-February the zloty depreciated against the franc by almost PLN 0.45, against the dollar by approx. PLN 0.04, and against the euro by approx. PLN 0.30.
The zloty recorded particularly dramatic losses on Tuesday, March 1, when during the day it lost even over PLN 0.10 against the most important currencies. Then he stepped into action Narodowy Bank Polski, which made a currency intervention.
“Today, the NBP sold a certain amount of foreign currencies for zlotys,” it said on Tuesday Polish central bank. In an earlier announcement, in turn, he assured that he had “an adequate level of foreign exchange reserves and an appropriate set of instruments to counteract the negative tendencies on the financial and currency markets.”
The depreciation of the zloty observed in recent days is not consistent with the foundations of the Polish economy, nor with the direction of the NBP’s monetary policy (…) The NBP is ready to react at any time to excessive fluctuations in the zloty exchange rate, which could disrupt the smooth functioning of the currency, financial or financial markets. also have a negative impact on financial stability or the effectiveness of the monetary policy implemented by the NBP
– wrote on Tuesday, March 1, the National Bank of Poland.
According to Wojciech Stępień, an economist bank BNP Paribas, Tuesday’s NBP intervention went in the right direction, but the sale of foreign exchange reserves is not sufficient. According to the economist, a more systemic solution involving EU funds is needed. The point is for the government to exchange funds flowing from the EU to Poland on the free market, and not through the National Bank of Poland. It would be a zloty strengthening action. This possibility was signaled by the president of the Polish central bank, Adam Glapiński, during a press conference on February 9 this year.
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The Russian war against Ukraine continues. There is information about houses destroyed, wounded and killed. Needs are increasing hour by hour. That is why Gazeta.pl joins forces with the Polish Center for International Aid (PCPM) Foundation to support humanitarian aid for Ukrainians and Ukrainians. Anyone can join the fundraiser by paying via Facebook or pcpm.org.pl/ukraina. More information in the article.
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