Poland's central bank intervenes on FX market again

The National Bank of Poland resorted to selling foreign currencies on Wednesday after a similar move on Tuesday as the Polish zloty slid to its lowest level against the US dollar in two decades due to the Ukraine war.

It took PLN 4.30 to buy one US dollar at 4 pm on Tuesday, a level last seen during the dot.com bubble downturn in 2000.

This compares to just PLN 3.96 per dollar only two weeks ago.

The EUR/PLN rate reached 4.77, GBP/PLN went up to 5.74 and CHF/PLN was unchanged at 4.66 at 4 pm on Wednesday.

Two weeks ago, the rates were 4.50, 5.36 and 4.28, respectively.

"Today, the NBP sold some amounts of foreign currencies for zlotys," the bank said in a Wednesday afternoon press release, a copy of its statement issued on Tuesday.

Central and Eastern European currencies have been hit hard in recent days as sentiment about the region soured amid uncertainties surrounding the war in Ukraine.