Poland's currency is one of the sources of its economic success and giving it up would be a grave mistake, the governor of Poland's central bank said in an interview for Monday's Dziennik Gazeta Prawna newspaper.
Polish prime minister Mateusz Morawiecki said the government would continue to support the zloty exchange rate amid rising inflation.
Close to 1.5 million Ukrainian refugees have crossed the Polish border escaping the war in their country, creating additional pressure on banks as Ukrainians have rushed to exchange their national currency, the CEO of Poland's largest lender has said.
Inflation in Poland will stay at record-high levels throughout 2022 amid global supply chain bottlenecks and economic shocks caused by Russia's invasion of Ukraine, the National Bank of Poland's rate-setting body has warned.
Polish interest rates might be increased on Tuesday by at least 50 basis points, with some economists expecting a 75-bps or even a 100-bps hike, as the Polish zloty suffers from unprecedented losses and volatility.
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.
The National Bank of Poland resorted to selling foreign currencies on Tuesday in an emergency move as the Polish zloty slid to its lowest level against the US dollar in two decades over the Ukraine crisis.
Poland’s central bank, the National Bank of Poland (NBP), has said it is ready to intervene to counteract excessing fluctuations in the value of the Polish zloty.